2020 Impact Evaluation Report

The ongoing coronavirus pandemic and economic downturn have exposed the ways our systems, laws, and policies perpetuate inequality. The lack of housing, quality education, jobs, access to financial institutions, and other resources have historically disadvantaged members of Oregon’s Black, Native American, Latinx, Asian and Pacific Islander communities. The pandemic has put the same communities at the forefront of the financial fallout, putting into jeopardy their savings, goals, and opportunities, potentially for years to come.

As the State of Oregon considers resources to address the financial losses felt by many members of Oregon’s BIPOC communities, Neighborhood Partnerships is proud to announce its 2020 Impact Evaluation Report of the Oregon IDA Initiative, which presents data to assess the program’s reach and participant outcomes, with a focus on its impact from the last two years, from April 1, 2018 through March 31, 2020.

Individual Development Accounts (IDAs) have proven to be a crucial tool in leveling the playing field in the pursuit of economic opportunity. IDAs are matched savings accounts that build the financial management skills of qualifying Oregonians with lower incomes while they save towards a defined goal. IDAs build pathways of opportunity and create models of economic success in Oregon communities.

In the last two years, nearly 3,000 Oregon residents opened IDAs, with many more applying or expressing interest to participate at a later date. Among those savers, over half of participants reported living on incomes 0-50 percent of area median income (AMI). Over half of participants identified as Black, Indigenous, or Person of Color.

The results of access to savings is clear: regardless of the participant’s defined savings goal (homeownership, higher education, etc.), savings promotes financial stability as well as resilience in the event of an unforeseen emergency. This year’s Impact Evaluation Report clearly supports that IDAs provide a pathway to that stability and resilience. Particularly during a time of unprecedented challenge, the IDA program is well-positioned to get funding to communities across the State of Oregon.

The IDA Initiative was created in 1999 by the Oregon State Legislature to bring state agencies, private non-profit and tribal partners, and private contributors together to create opportunity in Oregon. In partnership with its fiduciary organization partners and the State of Oregon, participants enroll through one of the many partners located in all corners of the state, set a goal, and begin saving towards financial stability and economic opportunity.

Follow the link below to download the 2020 IDA Impact Evaluation Report in its entirety. You can also go here to view reports from previous years.

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