ERIC Number: ED465087
Record Type: Non-Journal
Publication Date: 2002-Apr
Reference Count: N/A
Encouraging Asset Development for Low-Income Workers.
Resources for Welfare Decisions, v6 n7 2002
Asset development is an emerging approach to promoting self-sufficiency for low-income workers. By promoting and rewarding savings, asset development strategies encourage individuals to set long-term economic goals. Asset development strategies can accomplish the following objectives: (1) give low-income workers the knowledge required to navigate issues related to asset building; (2) accumulate assets without disqualification from participating in income benefit programs; and (3) access savings mechanisms for which they are eligible (for example, housing-based accounts available to residents of public housing). A variety of resources regarding asset accumulation for low-income workers are available in print or on the World Wide Web. The following programs are among noteworthy asset accumulation programs: (1) the federal Assets for Independence Demonstration Program, which encourages low-income individuals to accumulate assets by matching individuals' savings with federal and private funds; (2) California's Worker Income Security Project, which offers individual development accounts and financial literacy training to low-income workers; (3) Massachusetts' Full Employment Program, which allows welfare-to-work clients to build savings by depositing $1 for every hour worked in their first year of employment; and (4) Oregon's program requiring employers to deposit $1 for every hour worked by their employees who are welfare-to-work clients. (Contains a list of 13 publications, electronic resources, and resource contacts.) (MN)
Descriptors: Adult Learning, Banking, Educational History, Educational Practices, Educational Resources, Federal Programs, Guidelines, Low Income Groups, Models, Money Management, Program Descriptions, Resource Materials, Retirement, State Programs, Welfare Recipients, Working Poor
For full text: http://www.welfareinfo.org/encouragingassetdevelopmentRN.htm.
Publication Type: Collected Works - Serials
Education Level: N/A
Sponsor: Annie E. Casey Foundation, Baltimore, MD.; Mott (C.S.) Foundation, Flint, MI.; David and Lucile Packard Foundation, Los Altos, CA.; William and Flora Hewlett Foundation, Palo Alto, CA.; Ford Foundation, New York, NY.; Administration for Children and Families (DHHS), Washington, DC.
Authoring Institution: Welfare Information Network, Washington, DC.
Identifiers - Location: California; Maryland; Massachusetts; Oregon