Individual Development Accounts
Saving To Achieve Real Transformation (START)
START is a program delivered in partnership with the Ontario Housing Services Corporation, Causeway Work Centre in Ottawa, Yes! Employment Services in North Bay, and Youth and Family Resource Network in Windsor and Essex County.
It measures the impact financial education and savings incentives can have on the lives of low-income Ontarians who are in social housing or on waiting lists for it.
People in the program get help opening a bank account. They receive financial literacy education, case management support, and a savings incentive of $3 for every $1 they save (up to a savings level of $800 and matching incentive of $2,400).
Ninety-five participants enrolled in the project and they collectively saved over $20,000. This was matched by an additional $60,000 to support their savings goals. Their savings have contributed to exciting new beginnings, like starting a new business, moving to new, more suitable living situations or enrolling in post-secondary education.