savingsPLAN is a matched savings program (aka, an “individual development account”) offered as part of Welcome Inn Community Centre of Hamilton’s programming.

savingsPLAN is open to individuals and households who are living with incomes at or below 120% of the low-income cut-off (LICO). Participants strengthen their money management skills in a series of “core” financial literacy workshops (assets, budgeting, credit, debt, and banking/investing), as well as several asset-specific workshops. At this time, there are three eligible asset goals for program participants: post-secondary education (for self), small business start-up or expansion, or a downpayment on a first home.

As participants build their money management skills through a combination of workshops and active saving (in a high interest savings account established in their name only at a partnering bank); Welcome Inn Community Centre facilitates attaining the asset goal by allocating “match dollars” at a ratio of $2 or $3 dollars (depending on the asset goal) for each eligible $1 saved by the program participants.

Matched savings programs/IDAs have a long history in central and western Canada, as well as throughout the US. They are a proven tool for poverty reduction, as they result in increased knowledge and skills, as well as access to leveragable assets. See the “links and further reading section” for resources regarding the success of matched savings programs, and other money management information.

For direct program inquiries, please visit the Welcome Inn Community Centre website, and complete an “information request” form.