Foster Youth Individual Development Account
United Way’s Women United raises funds to help foster youth prepare to be self-sufficient once they leave the foster care system. Our local United Way’s foster youth program includes case management, life skills training and financial support through the Individual Development Account (IDA) program.
Individual Development Accounts (IDAs) are matched savings accounts that help cover basic necessities and education-related expenses for emancipated foster youth.
Last year, United Way’s Women United supported 145 foster youth with Individual Development Accounts.
For every dollar a foster youth saves, an additional dollar is placed into the account and can be used to purchase specific items such as transportation, education, computers, rent and health insurance. While saving, foster youth take financial literacy classes and learn how to build a savings account, comparison shop and budget. Each foster youth also receives tutoring, mentoring, life skills classes, and career and education planning to help with their transition. Foster youth who participate in United Way’s program earn credits toward these matched savings accounts (IDAs). The average teen in the program receives about $750 per year in their IDA to increase their economic self-sufficiency when transitioning to independent living.
Learn more about Women United and their work to support foster youth.