Office of Economic Opportunity
# of Low-Income Vermonters participating in Individual Development Account Program
Current Value
168
Definition
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Story Behind the Curve
The Vermont Individual Development Account Program is a matched savings and financial education program for low-income Vermonters. Participants can save up to $1,000 of earned income, which is matched by federal and state funds, to help them invest in their first homes, a business, or post-secondary education.
In FY 2016:
- 168 people increased their savings
- 30 participants withdrew a total of $67,907 to invest in small businesses
- 7 participants withdrew a total of $20,889 to buy their first homes
- 22 participants withdrew a total of $52,657 to pursue education/job training
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