Invest in College Success (ICS) was a pilot intervention, launched by Midas in fall 2014, designed to help students navigate college affordability and build financial capabilities in three Massachusetts community colleges. The two year pilot was supported by the U.S. Treasury Department’s Financial Empowerment Innovation Fund and additional funders.
- ICS Final Summary by The Midas Collaborative
- Final Evalution Report by Sarah Savage, The Federal Reserve Bank of Boston
23 percent of Massachusetts residents have debt in collections, with an average debt of $4,600. Abuses in the debt buying system have have left families financially unstable and unable to repay debts from job loss, medical emergencies, etc. We have to stop this debt trap and protect our state economy. Read our latest paper on this ballooning industry.
Studying impact, innovating asset-building, and increasing economic development; it’s what we do. Midas procured a longitudinal evaluation of our program that increases household financial security through the expansion of microenterprise. Over 300 participating businesses were studied, showing that cultivating diverse, low income entrepreneurs with long-term support, training, and capital --not debt-- is highly effective in increasing income and assets. Read overall outcomes and perspectives from individual businesses in the Executive Summary and Full Report.
Intergrating Financial Stability Strategies into Workforce Development Programs: An Implementation Pilot in Boston
With the partnership of Jewish Vocational Services Boston and the Asian American Civic Association, and the sponsorship of Citi Foundation, workforce development program staffers received training and tools in financial topics for the purpose of integrating them into their career services. Providers reflect on their experiences to better inform future efforts.
By Margaret Miley. The United Way of Pioneer Valley engaged for national research and local assessments, and recommendations for next steps in this critical region of the state.
Staying Afloat, Managing Your Finances in a Changing Economy: Nine ways to save your money, reduce your expenses, and protect your future.” Updated, Massachusetts-specific financial information for consumers, available in English, Spanish, Portuguese, and Haitian Creole.
The Effect of Matched Savings Programs on Low and Moderate Income Asset Development in Massachusetts”
Rachel Bogardus Drew. An evaluation report for The Midas Collaborative. Read about the changes in savings, credit, skills, social engagement, and economic effects from this program. Executive Summary. Full Report
Advancing the Fiscal Health of Low-Income Families: A Public and Community Health Approach
A working paper by Doreen Treacy.
"Expanding Financial Skills in Low-Income Communities: A Framework for Building an Effective Financial Education Program", Margaret Miley. Prepared by Midas for the Massachusetts Community & Banking Council, this report is a guide for non-profit executive directors. trainers, financial institutions, and others who hope to learn from research and best practices in financial education training methods for adults.
This study tracked 831 homebuyers in 17 states who purchased homes using IDAs between 1999 and 2007. Compared to other low-income homebuyers who purchased homes in the same communities and over the same time period, IDA homebuyers:
- Obtained significantly preferable mortgage loan terms, with only 1.5 percent of IDA homebuyers had high-interest mortgage rates, compared to 20 percent of the broader sample.
- Were two to three times less likely to lose their homes to foreclosure.
This study provides the first evidence available on loan terms and foreclosure outcomes of IDA homebuyers. The findings suggest that participation in an IDA program with its related services and restrictions can improve homeownership outcomes for low-income households.
Upside Down: The $400 Billion Federal Asset Budget is CFED's third report in its ongoing effort to track federal investments in asset building, to determine where the money goes and who benefits. It finds that in fiscal year 2009, $384 billion was spent to help Americans save and invest. The report also reveals that our current policies-or at least the 90 percent that operate as tax expenditures-are regressive, invisible and unregulated, and as such are of little help to low- and moderate-income households trying to become more financially secure.
The report is based on the experience of more than 1,171 children of all ages and their families who participated in pioneering CDA pilot programs in 12 states and communities. This pilot demonstration showed that, given the opportunity, families in some of the poorest communities in our country can and do save for their child's college education and future. The programs tested CDAs, savings or investing accounts that begin as early as birth, that allow parents and children to accumulate savings for college, homeownership or business initiatives.es.
A booklet authored by CFED that uses stories and pictures of SEED accountholders, along with some of the key lessons from SEED, to make the case for universal children's savings accounts.
For more research, please go to the CFED Knowledge Center where you can find the most recent publications and the Assets Research Library.
For financial education research, please go to the website of Mass Saves.