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.

Economic Abuse - Wall Street or Main Street?

A term commonly associated with Wall Street could apply on Main Street more often than you might expect. According to a new national poll released by The Allstate Foundation, 86 percent of Americans fail to see a connection between domestic violence and "economic abuse." In fact, when given a choice of definitions, the survey revealed that nearly eight out of 10 Americans link economic abuse to Wall Street woes or irresponsible spending.

On the contrary, economic abuse is a tactic commonly used by abusers to control their victims' finances and prevent them from leaving a dangerous relationship. Many victims stay in abusive relationships due to lack of resources to stand on their own two feet. In a recent press release by The Allstate Foundation, Jennifer Kuhn - manager of the Economics Against Abuse program - stated:

"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. For victims of domestic violence, economic abuse is much more personal - and dangerous."

The poll also found that more than 70 percent of Americans know someone who is or has been a victim of domestic violence. With millions of Americans touched by domestic violence in some way, here are some of the warning signs of financial abuse the Allstate Foundation has identified:

• Taking money, credit card or property from a partner without permission
• Racking up debt without a partner's knowledge
• Purposely ruining a partner's credit score
• Preventing a partner from earning money or attending school
• Being forced by a partner to hand over paychecks
• Canceling insurance or credit cards without the partner's knowledge
• Harassing a partner at work to negatively impact a job
  

Building financial skills is an important key to overcoming economic abuse. Now more than ever, it is important that domestic violence survivors build economic skills to overcome financial instability - the leading barrier to exit and stay out of an abusive situation. Here at the YWCA of Charleston, we empower domestic violence survivors with the tools to become financially self-sufficient by providing shelter, clothing, transportation to work, money management classes, education, and job readiness assistance. Furthermore, we offer individual counseling and support groups free of charge and assist victims with obtaining free court and legal representation so they can receive the support they desperately need.

Thanks to The Allstate Foundation and the "ClickToEmpower" Campaign, the YWCA USA has been selected as one of four national organizations to partner in friendly competition to raise national awareness about economic abuse – specifically, how it can impact the personal safety and financial security of domestic violence victims and their families. The organization receiving the most votes at the end of the two-month campaign period will receive $100,000 to support economic empowerment education for domestic violence victims.

How YOU can "click to empower" domestic violence victims through the YWCA:

From July 15 through September 15, visit www.clicktoempower.org and cast your vote for the YWCA each and every day. Also, tell everyone you know to do the same - especially those who know and love the YWCA. Also, please promote this contest on your web site, blog, Facebook, Twitter, or any way you can! We can win this competition, but only with your help. Let's get out there and Click to Empower!