Investing in Individuals for Independence

Mark Carl Rom

Review of Policy Research, 2005, vol. 22, issue 3, 369-383

Abstract: Individual Development Accounts (IDAs) are tax‐protected, matched savings accounts designed to help those with low incomes and few assets buy a home, capitalize a business, or fund higher education. Originally authorized through the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA), IDAs are designed, implemented, and evaluated through public‐private partnerships. In January 2003 over 500 IDA programs had been created, with more than 10,000 low‐income individuals making contributions. This paper outlines the rationale for IDA as an asset building strategy for the poor, describes the design and operation of IDAs, and provides results of early program evaluations. It concludes by arguing that IDAs are a smart practice that can and should be expanded.

Date: 2005
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