Midas in Action: Breaktime

This is the second in a series, Midas in Action, of several blog posts detailing wealth inequality in Massachusetts and how the MIDAS Collaborative is partnering with several different nonprofit organizations to combat the myriad obstacles individuals of low to moderate income face in the pursuit of financial security.

Last week’s blog post focused on first-time homeownership, but, of course, there are preliminary steps towards wealth acquisition that must be made even before then. Breaktime, a Boston-based nonprofit and the newest Midas member, has identified unemployment as the single most significant barrier in the way of homeless young adults seeking stable living situations. The organization helps homeless young adults find employment, and then, through a matched-savings program, turn savings from those job opportunities into legitimate financial resources. Breaktime champions “purposeful transitional employment,” work experience in which the organization offers a knowledge base and support system for new employees as they transition into financial independence. Breaktime Associates have the opportunity to make up to $16 per hour and save up to $50 per week to be matched 1:1 by Breaktime. Associates are fully supported to begin the process of saving and, over 13 weeks, can amass up to $1300 in matched savings on top of earned wages from employment. Homelessness, to those who experience it, can be overwhelming in its all-encompassing nature. However, with a proper support system, such as Breaktime, and the opportunity for momentum created by the Midas matched savings program and the self-confidence it affords, young people can break free from these cycles of disempowerment.