learn$ave -
A New Research Project
Many low-income Canadians wish they could
improve their financial situation and create a better life for
themselves. The question is how do people on a limited budget
put aside money for an opportunity to return to school, enrol
in job retraining, or start their own business?
learn$ave,
a new national demonstration project being tested in sites
across Canada, allows low-income adults between 21 and 65 to
open special accounts and have their savings matched at a 3:1
rate in Toronto. For example, if a participant saves $1, that $1
becomes $4. If a participant can save up to the maximum of
$1,500 within the time limit of three years, their savings grow,
with the matched savings credit of $4,500 to $6,000!
Eligible
participants are expected to save for at least 12
months before they can withdraw matching savings credits. This allows them to strengthen their financial
management skills and prioritize career and learning goals.
Eligible
applicants have a 2 in 3 chance of receiving matching savings
credits and a 1 in 3 chance of being part of a comparison group
that does not receive matching savings credits. Participants
also agree to take part in periodic research surveys about their
attitudes and behaviours towards savings, their work and
education, as well as their family composition and background.
learn$ave
works in partnership with Social and Enterprise Development
Innovations (SEDI) and Social Research and Demonstration
Corporation (SRDC). The project is funded by Human Resources
Development Canada (HRDC), and is supported by Royal Bank.
Information
sessions about learn$ave
for potential Toronto participants will be held in various
locations in Toronto in the fall. Spaces are limited, so apply
early! For more information about the learn$ave project and how
to apply, contact learn$ave
Toronto at 416-780-0673 or learnsaveinfo@fsatoronto.com.
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