All Nebraska families deserve the opportunity to live “the good life,” but for many years, policies that encourage families to build & sustain assets as a means of financial security have left lower income families out. New ways to help families build assets have demonstrated success and are a potential tool in helping more families become financially secure.
Over the last couple of decades, evidence has emerged that helping lower income families build and sustain assets has the potential to help more families and ultimately communities to greater financial stability. Research has demonstrated not only that lower income families can save but also that incentivizing asset building in public policies and programs for lower income families – in the same way that we do for higher income families with things like mortgage deductions – can lead to better outcomes.
This issue brief explores Individual Development Accounts (IDAs) as a promising model for helping more families attain greater financial stability: