Press Releases and Media Advisories

AFI Grantee Partner Receives National Award for Financial Education Services

SALT LAKE CITY, UT, AUGUST 14, 2009 – The AAA Fair Credit Foundation partners with the Utah State University (USU) Cooperative Extension to provide financial education to individuals participating in the Utah Individual Development Account Network (UIDAN) matched savings program. USU Extension was recently selected for the National Extension Association of Family and Consumer Sciences (NEAFCS) award for its first-rate financial education.

USU Extension offers a financial education curriculum with four sections: Budget Development, Money Management, the Wise Use of Credit, and Consumer Information. Each section includes handouts, an online pre-test given before classes commence, and an online post-test given at the end of classes. These pre- and post-tests are used to evaluate the effectiveness of the program as part of a longitudinal study in partnership with Westminster College. "On behalf of USU Extension we are honored to receive this award. The classes we teach as part of the IDA program strengthen families, change behaviors, teach real life skills, build confidence, and are truly life-changing," said Ann House, USU Extension Family Financial Area Agent.

The demand for Individual Development Accounts (IDAs) continues to grow and savers are successfully purchasing homes in this troubled economy, furthering their skills through education and starting or capitalizing existing small businesses. So far, 40 families have already purchased a home through the program. For every dollar an UIDAN participant saves up to $1,500, UIDAN matches $3. That means those who complete the program can walk away with as much as $6,000 towards a productive asset. ""The success of the program is it proves that even the most low-income Utah families can and will save money when connected with the right resources. Ninety-five percent of our savers are saving as contracted. This program gives people the competence, capital, connection and confidence," said Martha Wunderli, UIDAN Statewide Director.

To get the match from UIDAN, savers must complete a series of personal financial management classes, and the money must go to a specific savings goal such as buying a house, paying for post-secondary education, starting or capitalizing an existing a small business or assistive technologies for work related activities. AAA Fair Credit Foundation, the nonprofit organization who administers the statewide program, uses IDAs, as an asset-building tool first outlined in "Assets and the Poor," a book by Michael Sherraden, founder of the Center for Social Development at Washington University in St. Louis.

AAA Fair Credit Foundation raises funds to support the program operations and match dollars. "With the support and generosity of many community partners, corporations, and foundations, we can continue to expand our work and provide even more IDA accounts to eligible Utah residents," said Preston Cochrane, President and CEO of AAA Fair Credit Foundation.

Since 2004, when USU Extension first partnered with AAA Fair Credit Foundation, the USU Extension team has taught dozens of classes and helped nearly 400 individuals and families apply for the matched savings in the IDA program. Classes have been taught at Native American Reservations, subsidized housing complexes, community centers, churches, libraries, universities, and county office buildings. When teaching to ethnic groups a translator or native speaker assists to deliver the lessons with cultural sensitivity.

The National Extension Association of Family & Consumer Sciences is an organization whose mission is to educate and recognize Extension professionals throughout the country. The name of the award that USU Extension will receive is the Dean Don Felker Financial Management Award.

For more information about the Utah Individual Development Account Network, please visit http://www.uidan.org or call 877-787-0727 (English) or 800-341-5977 (Spanish).

Press Contact:
Jennifer Rohn
Public Relations Manager
800-351-4195 ext. 301
jenniferr@faircredit.org