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The Future of Matched Savings

The Future of Matched Savings. September 2010. 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. The Field’s Current Focus is Unscalable. The Truth Hurts.

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The Future of Matched Savings

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  1. The Future of Matched Savings September 2010

  2. 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 www.facebook.com/earnorg www.twitter.com/earn www.earn.org

  3. The Field’s Current Focus is Unscalable The Truth Hurts. • 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? www.facebook.com/earnorg www.twitter.com/earn www.earn.org

  4. EARN serves 2,000 Clients with 5 FTE Is this the best use of nearly half a billion dollars? I’d rather see that money in clients’ bank accounts. • 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 www.facebook.com/earnorg www.twitter.com/earn www.earn.org

  5. 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 www.facebook.com/earnorg www.twitter.com/earn www.earn.org

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