the future of matched savings september 2010. earn ida outcomes over $15 million saved since 2002...
TRANSCRIPT
The Future of Matched SavingsSeptember 2010
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EARN IDA Outcomes
• Over $15 million saved since 2002
• Over 3,200 local families served with IDAs since 2002
• 2,000 active IDAs• 129 homes
purchased- Only 3 foreclosures
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The Field’s Current Focus is Unscalable
• What are the needs and demands we ought to be meeting?
• What should providers be doing in the asset building field?• High Touch Programs will limit how
many we can serve• Products may put us out of this line of
business
• What should we push to expand through policy?
The Truth Hurts.
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EARN serves 2,000 Clients with 5 FTE
• 20,000 clients?• 90 FTE
• 100,000 clients?• 500 FTE
• 500,000 clients?• 3,000 FTE
• 1 million clients?• 7,500 FTE• = $400m in admin/yr
Is this the best use of nearly half a billion dollars? I’d rather see that money in
clients’ bank accounts.
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EARN’s Path Forward
• Continue to grow our IDA program• Re-designing our SAFE accounts for scale• Making financial training optional – but with
incentives• Not verifying income upfront – using an audit
approach• Exploring “plain vanilla” savings• Strong data that savings alone sparks other positive
financial behaviors• Greater opportunity to “productize” this approach