The Social Research and Demonstration Corporation (SRDC) has released a report on the results of the learn$ave project. This project was designed to evaluate the effectiveness of Individual Development Accounts (IDAs) as a tool for encouraging low-income earners to save for and participate in adult education and training.
The learn$ave IDAs provided $3 in matched savings credits for every dollar put aside, up to $1,500 over a three-year period — meaning that participants could accumulate up to $6,000 to be used for education, training, or a small business start-up.
The results suggest that the learn$ave program helped to increase participation in adult education training beyond what would otherwise have been the case:
Enrollment in education and training programs leading to a credential was increased by 13 percentage points for the program group that received the matched saving credits and ancillary services of financial management training and enhanced case management. Close to 69% of that group enrolled in education programs, mostly in college and university, compared to 56% of those belonging to the control group. In relative terms, this translates into a 23% increase over what the participants would have done in the absence of learn$ave.
Download the full report
here in .pdf format.