WVIDA Program Launch - A new resource for domestic violence victims

Tomorrow morning marks the launch of an initiative that could change the lives of countless domestic violence victims and their families in West Virginia: the West Virginia IDA (WVIDA) savings match program. Both the media and the general public are invited to join us tomorrow (Thursday, October 1) at 10:00 am at BB&T Bank on Summers Street (6th floor dining room) to celebrate this groundbreaking opportunity to economically empower domestic violence victims in our state. Below we've answered some frequently asked questions about this new WVIDA initiative, as well as how it relates to our mission and programs.

What is an IDA savings match?
Individual Development Accounts (IDAs) are special matched savings accounts designed to help families and individuals of modest means establish a pattern of regular saving and ultimately purchase a productive asset – something of value that is likely to return substantial long-term benefits to its owner, like security, stability and opportunities for more income. A savings match is a promise to supplement a WVIDA participant’s savings deposits at a specific rate. For example, a 3:1 savings match means that for every dollar a WVIDA participant saves, he or she will have another $3 added to his or her total account balance.

What does an IDA have to do with domestic violence?
Economic abuse is a tactic commonly used by abusers to control their victims' finances and prevent them from leaving the relationship. Many people associate domestic violence with physical attacks, but damage to your credit score and being cut off from access to money create lasting scars that make it hard, if not impossible, for abuse victims to recover. Many victims stay in abusive relationships due to lack of resources to stand on their own two feet.

How does the WVIDA program fit into YWCA Resolve’s services?
The YWCA Resolve Family Abuse Program is the pilot domestic violence agency in the state to launch this initiative. Our ability to offer the WVIDA savings match to qualified program participants is a valuable tool in our overall Keys to Financial Freedom financial literacy program, which enable domestic violence survivors to fully understand their financial circumstances and how to engage in short-term and long-term financial planning to accomplish their personal goals.

What can the WVIDA savings match be used toward?
The WVIDA savings match can specifically be used for the following productive assets: homeownership, home repair, small business development, and post secondary education.

Is there more to the WVIDA program than just savings matches?
Absolutely. Most people need more than just cash to become economically independent. For this reason, WVIDA participants must attend both a 10-part personal finance and money management workshop series, and a special asset-specific preparation program. These workshops are designed to help participants acquire or polish personal and financial skills that are essential for long-term success – skills like long-range planning, household budgeting, credit repair and savvy consumer habits.

What is required of IDA participants?
IDA participants are asked to commit to make monthly savings deposits of at least $25 for at least 12 months, attend a personal finance and money management workshop series, participate in asset-specific ownership preparation training (homeownership and business plan development) and support one another through on-going peer support meetings.

How is the WVIDA program made possible?
The WVIDA program is made possible through a partnership between KISRA, the West Virginia Coalition Against Domestic Violence, and the YWCA Resolve Family Abuse Program. The 3:1 savings match is funded by a grant from The Greater Kanawha Valley Foundation and from the DHHS Administration for Children and Families.