allies, inc. success of saving | 2009 allies, inc. 1262 whitehorse hamilton square road building a,...

ALLIES, INC.

Success of Saving | 2009

Allies, Inc.1262 Whitehorse Hamilton Square RoadBuilding A, Suite 101Hamilton, New Jersey 08690Office: 609.689.0136Fax: 609.581.4891Web: www.alliesnj.org

What Are Your Dreams?

Financial Goals

Short Term – Less than one year

Medium Term – Two years

Long Term – Five years or more

Helping Others Realize Their Dreams

SOS gives you the toolsso you can provide instruction and

guidanceto the people you support

so that they, too, can realize their dreams.

Disability is an Economic Problem

Many people with disabilities are able to maintain steady employment, but rely on Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) to afford expensive medications and adaptive equipment

If an individual’s personal net worth exceeds $2,000, they may become ineligible to receive these benefits

To remain eligible, people with disabilities limit workable hours, causing annual earnings to fall far below the poverty level

History-SOS (Success of Savings)

Action: First IDA (Independent Development Account) modeled program targeted for people with disabilities in NJ

Allies awarded the SOS grant through the Council on Developmental Disabilities

May 1, 2004-June 30, 2005 Results: 20 people with disabilities

participated in a financial literacy class through the grant and saved toward their goal

History-SOS (Success of Savings)

Action: Banking Partners recruited for instruction of community based curriculum, matching funds for savings goal

Results: Provident, Commerce (now TD Bank), Sovereign and NJ Federal Credit Union have been successful partners

History-SOS (Success of Savings)

Action: IDA modeled program targeted for people with disabilities in NJ

Council on Developmental Disabilities funds 40 more participants in SOS

September 30, 2006 Results: 40 more participants

reached their savings goals

History-SOS (Success of Savings)

Action: IDA-(Individual Development Account) “Project American Dream” award from Federal government

10 participants in a matched saving program saving toward their entrepreneurial, education, or homeownership goals.

September 05-10 Results: 10 participants will

participate in financial literacy program which will encompass specialty classes towards their specific goal

History-SOS (Success of Savings)

Action: IDA-(Individual Development Account) award from Federal government as part of a collaborative through the DCA (Department of Community Affairs)

Results: 15 individuals with disabilities and direct care staff will participate in financial literacy program through Allies. Allies was the only agency serving people with disabilities to be included in grant.

October 2008-June 2011

History-SOS (Success of Savings)

Action: Partnered with other agencies to promote financial literacy/IDA

Jewish Family and Children’s Services-Mentored to open their own financial literacy program in their organization Allies assisted with set-up, managed and maintained escrow accounts for participants and technical assistance.

OMRDD-Developed and wrote grant for OMRDD/NY to develop their own IDA program for people with disabilities

Results: Expanded the scope of SOS/Financial Literacy/IDA

History-SOS (Success of Savings)

Action: Developed original SOS curriculum for participants with special needs

Results: Curriculum will be packaged

What is Success of Saving?

Success of Saving (SOS) is a saving program engaged in the fight to reverse endemic poverty among people with disabilities in New Jersey. The program is modeled after Assets for Independence, a Federal program.

The goals of SOS are to: Reduce barriers to full participation in the

economy and increase personal economic self-sufficiency through the use of banking and other financial services among people with disabilities,

Establish integrated approaches to employment, wealth creation and asset management,

Evaluate the promotion of wealth creation and asset management among people with disabilities, and,

Reduce rates of poverty and reliance on public assistance by increasing overall access to capital to people with disabilities.

SOS Programs

SOS

Savings

Club

Project

American Drea

m AFI/IDA

Program

Allies, Inc. SOS Program

SOS Program

Success of Saving SOS Savings Club

Program offers matched savings accounts to provide an incentive for attending and completing financial literacy coursework with case management services provided by Allies, Inc.

Unlike AFI IDA programs, savers may save for any asset goal (furniture, television, vacation, engagement ring, etc.)

Savings accounts are opened jointly between Allies, Inc. and the saver. Because Allies, Inc. acts as the corporate fiduciary of these accounts, funds deposited are ineligible for consideration of Social Security benefits.

SOS Program

SOS Savings Club (Continued)

Following the savings plan, savers make monthly deposits from earned income toward their asset goal

Savers learn: what a budget is differences between a fixed and flexible

expense what a check card is and how to use it how to make a deposit

Coursework is delivered monthly by bank personnel at public libraries and at local banks.

Rutgers Process Evaluation

“At every level of participation (i.e., advisory council member, Success of Saving participant), the reaction to the Allies, Inc. Success of Saving (SOS) program was positive and encouraging.

Compared to results from other evaluations of IDA programs, this program equaled, and in some areas surpassed, those results. For example, in an evaluation of IDA programs conducted by the Center for Social Development (McBride, Lombe & Beverly, 2003), 59% of participants agreed that they were more likely to work, compared to 90% in the SOS group. Policy, Success of Saving Process Evaluation, 2005).

Common Misconceptions About Saving Money

Saving is complicated.

Common Misconceptions About Saving Money

It’s okay to be in debt.

Common Misconceptions About Saving Money

Saving means financial sacrifice.

Common Misconceptions About Saving Money

You don’t need to know about saving because you can simply ask a

professional.

Robin

35 Year old female Savings Club Goal – Trip to

Boston IDA Candidate – Home

Ownership

“ I like telling others about how I saved money to go to Boston. I hope to save enough to buy my

own home one day.”

Amy

34 year old female Savings Club Goal – Camp

Independence “I like learning about banks and

how to save my money.”

Jenny

32 year old female Savings Club Goal –

Computer/Home Ownership IDA Candidate – Home

Ownership

“I want to save enough money to buy a home. Homes are so

expensive.....”

Andrea

“Allies Success of Savings (SOS) program has been

a blessing. My credit cards were all maxed out and there was nowhere to turn to help me get back on my feet. Allies taught me to understand the

importance of being financially responsible and as a result of the SOS program, I have learned to live within

my limits. Allies gave me the opportunity

to get my life back together again.”

Key Points for Starting an SOS Program at your agency

Identifying the target population

Key Points for Starting an SOS Program at your agency

Locating an instructor

Key Points for Starting an SOS Program at your agency

Establishing the curriculum

Key Points for Starting an SOS Program at your agency

Creating activities

Key Points for Starting an SOS Program at your agency

Completing the intakes

Key Points for Starting an SOS Program at your agency

Marketing for matching funds

Key Points for Starting an SOS Program at your agency

Understanding escrow accounts/bank

statements

Future of the Program

Development of a strategic plan

to focus on the following goals.

Ensure the sustainability of the SOS Program through furthering foundation and institutional support.

Future of the Program

Increase the staff of the SOS Program to ensure its continued success.

Expand the services provided by the SOS Program.

Future of the Program

Project American Dream

To deliver financial literacy and wealth building strategies to

people with disabilities and the staff who support them.

Home ownership Business development

Higher education

What You Can Do Now

Enroll someone in an already existing savings

program

What You Can Do Now

Approach local banks about providing

instructors and/or matching funds

What You Can Do Now

Train administration and staff

at your agency on Financial Literacy program options

What You Can Do Now

Start a Financial Literacy program

at your agency

Financial Literacy Education

Savings Program

Savings Program with Matching Funds

Contact Information

Fran CurleyDirector of New Initiatives Allies, Inc.Madison Corporate CenterBuilding A, Suite 1011262 White Horse - Hamilton Square RoadHamilton, New Jersey 08690(609) 689-0136, ext. 131 (609) 689-0831 (fax)fcurley@alliesnj.org www.alliesnj.org