What are Individual Development Accounts?
Individual Development Accounts (IDAs) are matched savings accounts for individuals interested in saving for a change-making asset—like a home or home repair, business, vehicle, or post-secondary education. We created our IDA initiative to help empower hardworking families through financial capability training to save, invest, and accumulate assets—to enhance their household’s long-term socioeconomic health and wellbeing.
As part of our IDA initiative, IDA holders (future savers!) are required to complete a financial education program offered through our network of local, community-embedded nonprofit organizations, which are part of the New Mexico Assets Consortium.
Assets like a home, degree, or small business can promote long-term financial solvency and bridge generations.