Individual Development Accounts, or IDAs, are matched savings accounts that build the financial management skills of qualifying Oregonians with lower incomes while they save towards a defined goal. IDAs build pathways of opportunity and create models of economic success in Oregon communities.
The Oregon IDA Initiative invests in the personal and financial growth of individuals to build strong communities throughout Oregon. The Initiative was created in 1999 by the Oregon State Legislature to bring state agencies, private non-profit and tribal partners, and private contributors together to create opportunity in Oregon.
Oregonians with lower incomes enroll through one of the many partners located in all corners of the state, set a goal and begin saving. Once the saver’s goal is reached and all parts of the savings plan are completed, every dollar saved by a saver is matched by the program, typically $5 for every $1 saved.
Oregon residents twelve years of age and older who have low incomes and modest net worth may be eligible for the program. Residents work with a local partner to define and reach their goals.
The Initiative’s success depends on its many supporters and partners. Donors, public agencies and leaders, non-profit and tribal partners, financial institutions, community networks, and capable and motivated participants all have a crucial role to play.