January 24, 2008 | Read Time: 1 minute
NEW BOOKS
Families Saving and Building Hope: 2007 Report on Graduates of the Assets for All Alliance, discusses a wealth-building program for low-income families. The Assets for All Alliance began in 1999 to help poor families save money, buy property, and learn how to manage their money through individual development accounts, into which the foundation and nonprofit partners contributed $2 for every $1 the participants saved. At the conclusion of the program, which also included at least 20 hours of financial education, the families could use the money for education, a small business, retirement savings, or a home. The study shows that education was the most popular use, and that two years after they completed the savings program, 72 percent of participants had earned a degree and another 23 percent were still working toward one. The report makes several policy recommendations based on its findings.
Publisher: Silicon Valley Community Foundation, 2440 West El Camino Real, Suite 300, Mountain View, Calif. 94040; (650) 450-5400; fax (650) 450-5401; http://www.siliconvalleycf.org; 20 pages; available free for download on the foundation’s Web site.
