Guide For Writing Testimony For Matched Savings
Option 1: This template is best for people/organizations Administering or Participating in a Matched Savings program
Joint Committee on Financial Services
Date: xxxxxxxxxxxxx
RE: Financial Services Committee Testimony, in support of S.737; H.1158: An Act to promote economic mobility through Matched Savings
Chairman Feeney, Chairman Murphy, and distinguished members of the Joint Committee on Financial Services:
Thank you for the opportunity to submit testimony on S.737; H.1158: An Act to promote economic mobility through Matched Savings. I strongly urge this bill to be reported favorably out of your committee.
{PLEASE INTRODUCE YOURSELF AND TELL A STORY FROM YOUR EXPERIENCE WITH A PROGAM. WHAT DID MATCHED SAVINGS HELP YOU, AN INDIVIDUAL OR FAMILY ACCOMPLISH? RECOMMEND 1-2 PARAGRAPHS ABOUT YOUR EXPERIENCE, AS AN ADMINISTRATOR OR A PARTICIPANT OF A MATCHED SAVINGS PROGRAM}
Matched savings is an innovative policy solution to increase economic mobility through asset building. An eligible participant, someone who is below 80% area median income (AMI) deposits regular savings that are then matched at a 4:1 ratio with a maximum total of $20,000 ($4,000 individual contribution, $16,000 match). While enrolled, participants receive financial coaching and education to learn strategies for building financial security and wealth. After graduating, participants can use the combined savings and match towards an allowable financial asset goal.
{SAMPLE CONCLUSION – PLEASE PERSONALIZE}. From the experience shared, matched savings programs help people with low-income build wealth and create financial stability for themselves and their families. This bill would expand access and expand the national best practices by providing participants with greater flexibility to invest their savings in a way that is most beneficial to their unique circumstances. There is an increasing appetite for matched savings programs in Massachusetts and other wealth building investments such as Baby Bonds, H.48. I strongly urge that S.737; H.1158: An Act to promote economic mobility through Matched Savings be reported favorably out of your committee.
Sincerely,
{NAME}
{ADDRESS}
{ORGANIZATION, IF APPLICABLE}
Option 2: This template is best for people/organizations who Want to Administer a Matched Savings program and/or Advocate for wealth equity and asset building
Joint Committee on Financial Services
Date: xxxxxxxxxxxxx
RE: Financial Services Committee Testimony, in support of S.737; H.1158: An Act to promote economic mobility through Matched Savings
Chairman Feeney, Chairman Murphy, and distinguished members of the Joint Committee on Financial Services:
Thank you for the opportunity to submit testimony on S.737; H.1158: An Act to promote economic mobility through Matched Savings. I strongly urge this bill to be reported favorably out of your committee.
{PLEASE INTRODUCE YOURSELF AND WHY MATCHED SAVINGS MATTERS TO YOU. WHAT IMPACT COULD A MATCHED SAVINGS PROGRAM HAVE FOR THE FAMILIES YOU SERVE? RECOMMEND 1-2 PARAGRAPHS ABOUT YOUR EXPERIENCE AND HOW A MATCHED SAVINGS PROGRAM COULD SUPPORT AND WHY THIS BILL WOULD HELP DO THAT}
Matched savings is an innovative policy solution to increase economic mobility through asset building. An eligible participant, someone who is below 80% area median income (AMI) deposits regular savings that are then matched at a 4:1 ratio with a maximum total of $20,000 ($4,000 individual contribution, $16,000 match). While enrolled, participants receive financial coaching and education to learn strategies for building financial security and wealth. After graduating, participants can use the combined savings and match towards an allowable financial asset goal including;
· Purchasing a home
· Capitalization of a small business
· Paying down debt
· Going to college or job training for themselves or a dependent
· Preparing someone under 18 for a college education or job training
· Paying rent or other costs associated with renting such as security deposit, first, and last month’s rent, and cost of moving
· Paying for improvement, repairs, or modifications to a home
· The purchase of equipment, adaptive technology or specialized training required to become competitive in obtaining or maintaining employment, or to start or maintain a business, or to increase economic mobility
· Purchasing or repairing a vehicle
· Saving for retirement
· The creation or improvement of a credit score by obtaining a secured credit-builder loan or a financial product that is designed to improve credit
{SAMPLE CONCLUSION – PLEASE PERSONALIZE}. Having a statewide commitment to matched savings would allow for more organizations and communities to access this proven strategy to help people with low-income build wealth and create financial stability for themselves and their families. This bill would expand access and expand the national best practices by providing participants with greater flexibility to invest their savings in a way that is most beneficial to their unique circumstances. There is an increasing appetite for matched savings programs in Massachusetts and other wealth building investments such as Baby Bonds, H.48. I strongly urge that S.737; H.1158: An Act to promote economic mobility through Matched Savings be reported favorably out of your committee.
Sincerely,
{NAME}
{ADDRESS}
{ORGANIZATION, IF APPLICABLE}
