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SUCCESSMatched Savings for

by Riley Tuff, MSW
Community Impact Coordinator, United Way of Collier County

L ooking for a job can be a peculiar journey few measures of self-development.
for the workforce of the 21st Century. With The first of these is a series of Financial Literacy Trainings. Before
limited options and fierce competition for
non-degree required positions, earning a post- opening their accounts, participants must attend a program approved
secondary education is almost necessary to finding series of classes which cover a variety of financial topics.These include
gainful employment. budgeting, credit cards, loans, and savings and investments.

This is an especially pressing issue for single The second measure occurs after the accounts have been created.
family households. The figures in the most recent Before withdrawing their funds participants must attend four hours
ALICE report show that between 62 percent and of career and education counseling with their academic institution.
70 percent of single-parent households in Collier These sessions will help them formulate a specific plan on how they
County are earning less than what is required to will use their degree to achieve financial and professional success.
adequately cover living expenses. These numbers
are significantly higher for those of single mother A pilot for the program was launched in October of this year and
households. we are able to serve 40 prospective students. As the program grows
it is expected to significantly increase that number. Partnerships with
To address this rising concern The Women’s additional agencies in the community are expected to more than
Foundation of Southwest Florida, United Way double the current program’s budget and allow for an even greater
of Collier County, and Florida Community Bank number of participants to be served.
have joined forces to create our Matched Saving
Program. This is an initiative aimed at helping With opportunities like the Matched Savings Program, the
motivated individuals who are striving to earn path to personal and economic success will become clearer for the
their education, but find themselves impeded by workforce of Collier County.
financial limitations.

The Matched Savings Program operates by
offering participants who income qualify, a FDIC
secured savings account where every dollar saved
gets matched at a ratio of 8 to 1. Between a period
of six and twelve months, savers will be able
accumulate a total of $4,500 for their education
by saving $500 of their earned income and/or tax
returns.

However, while those are some pretty inspiring
numbers, the monetary benefit is not the main
focus of the Matched Savings Program.

The ultimate goal of any successful social
service is personal empowerment, which can
only be done through offering a hand up, and
not a handout. To accomplish this, the Matched
Savings Program requires participants to take a

14 Life in Naples | December 2016