Saving for a Bright Future
It is a proven fact that children who have savings accounts are seven times more likely to go to college. In today’s economy, having a degree or specialized training is essential to be competitive in the job market and provide for our families. Matched savings programs provide youth with the knowledge and resources to save for education and other asset-based financial goals.
Cheyenne River Reservation
Four Bands Community Fund offers a Youth Individual Development Account (IDA) Program for high school students. Participants in this program receive a match of $1 for every $1 they deposit and can use their savings for higher education, a first-time home purchase, or to start a business.
Crow Creek Reservation
Hunkpati Investments delivers a youth matched savings program for teens (ages 14-18) as well as for younger children (ages 6-13). The teen program enables program participants to achieve savings goals for education, a business, or other asset-based goals that enrich their lifestyle and improves educational or career opportunities. Teens save for at least six months and receive a 2:1 or 3:1 match, depending on their savings goal. Teen participants also complete a workforce development and financial skills class using The Real Money Experience curriculum.
The matched savings program for younger children is facilitated as a summer savings program in which children receive stipends for participating in entrepreneurial activities, such as car washes or lemonade stands. Children complete weekly entrepreneurship and financial education lessons, and celebrate at the end of summer with a party where they receive items based upon their savings goals.
Pine Ridge Reservation
Lakota Funds offers a matched savings, or Individual Development Account (IDA) Program to teach Lakota youth the value and benefits of saving money. Youth IDA Program participants combine personal financial skills and asset-specific training with group meetings and a savings plan that earns them two dollars for each dollar saved. Youth IDA Program participants can deposit up to $720, and Lakota Funds will deposit up to $2,160, for a grand total of $2,880 to be used for asset-specific asset purchases.
In addition, Lakota Funds launched a unique matched savings program for grade school children, the Child Development Account Program. The program is designed with age-appropriate lessons and also focuses on building the family core. Once a child has enrolled in the program and opened their savings account, Lakota Funds seeds each Child Development Account with a $50 deposit and matches the participating families’ deposits by a 3:1 ratio. If the child deposits the maximum amount of $100 each year, Lakota Funds will contribute $300. The account has the potential to grow to $3,200 if the child participates the full length of the program.