Credit Union Social Responsibility Tool
MATCHED SAVINGS PROGRAM TOOLKIT
DECEMBER 2013
ACKNOWLEDGEMENTS
Credit Union Central of Canada would like to acknowledge Affinity Credit Union,
Assiniboine Credit Union, Vancity Credit Union and Social and Enterprise Development
Innovations for their contributions of best practises and resources to this toolkit. Their
generosity in this way is an investment in the continued strength of Canada’s credit
unions and the communities they serve.
Prepared By:
Kate Martin
Policy Analyst, Cooperatives and Government Relations
Credit Union Central of Canada
[email protected]
613-238-6747 ex. 2350
TABLE OF CONTENTS
Why this toolkit? .............................................................................................………………….1
What is a matched savings program? .........................................................................3
Matched savings program profiles ................................................................................5
Affinity Credit Union’s Individual Development Account
Assiniboine Credit Union’s matched savings programs
Vancity Credit Union’s matched savings programs
The learn$ave® program
Developing a matched savings program……………………………………………….12
Planning
Implementation
Administration
Measurement
Appendices………………………………………………………………………………………………27
Appendix A: Matched savings program steering committee protocol
Appendix B: Recruitment pamphlet
Appendix C: Financial literacy training curriculum
Appendix D: Skills training curriculum
Appendix E: Participant Program Guide
Appendix F: Metrics matrix
Appendix G: Cost benefit analysis
© 2013 Credit Union Central of Canada.. All Rights Reserved.
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WHY THIS TOOLKIT?
As this toolkit is being developed, Canadians are marking the third annual Financial Literacy Month.
Financial Literacy Month works to raise awareness of the many financial literacy programs available
to Canadians that are intended to deliver the knowledge, skills and confidence needed to make
responsible financial decisions. And yet, research indicates that there’s still a great deal of work to
do: 25 per cent of Canadian households never, or very rarely make savings contributions1; 29 per
cent of Canadian households are living paycheque to paycheque never, or very rarely, never having
money left over after paying essential expenses2; consumers carry an average of $27,000 of nonmortgage debt,3 and an average of $3,500 in credit card borrower debt.4
Considering this, are financial literacy initiatives effective in delivering the necessary information to
empower individuals to make responsible financial decisions?
In 2012, the credit union system undertook a project to determine the best practises for enhancing
financial literacy. In the absence of empirical evidence that points to what works best in financial
literacy, the credit union system turned to leading financial literacy research to develop five criteria
that would be used to measure programs against the project’s own objectives.5 More than 60
programs were assessed based on their targeted audience or life event; interactivity; accessibility;
scalability; and effectiveness. In particular, this research focused on the fifth criteria: what makes a
program effective so that it is capable of shifting individuals’ financial behaviours?6
During this process, matched savings programs were identified as a best practise because the
approach delivers financial information and encourages participants to apply what they learn by
rewarding responsible financial decisions, in this case, by matching their savings. Because the
program bridges the gap between intention and action by directing behaviour in subtle ways,
matched savings programs are capable of driving “choice in desired directions as defined by
1
Certified General Accountants Association of Canada, Money Talks: Emphasizing Wealth in Household Finances, 2013. As featured
in Financial Consumer Agency of Canada, “Financial Understanding. It Just Adds Up.” http://www.fcacacfc.gc.ca/Eng/financialLiteracy/initiativesProjects/FLM/PublishingImages/FLM-InfoGraphic_e.jpg
2
Certified General Accountants Association of Canada, Money Talks: Emphasizing Wealth in Household Finances, 2013. Financial
Consumer Agency of Canada, “Financial Understanding. It Just Adds Up.” http://www.fcacacfc.gc.ca/Eng/financialLiteracy/initiativesProjects/FLM/PublishingImages/FLM-InfoGraphic_e.jpg
3
TransUnion, Personal Debt Levels Push Back Higher in Q2 After Dropping to Start Year (2013). Financial Consumer Agency of
Canada, “Financial Understanding. It Just Adds Up.” http://www.fcacacfc.gc.ca/Eng/financialLiteracy/initiativesProjects/FLM/PublishingImages/FLM-InfoGraphic_e.jpg
4
TransUnion, Personal Debt Levels Push Back Higher in Q2 After Dropping to Start Year (2013). Financial Consumer Agency of
Canada, “Financial Understanding. It Just Adds Up.” http://www.fcacacfc.gc.ca/Eng/financialLiteracy/initiativesProjects/FLM/PublishingImages/FLM-InfoGraphic_e.jpg
5
Credit Union Central of Canada, Financial Literacy System Brief: What’s Best and What’s Next, (November 2012, 9):
http://www.cucentral.ca/Publications1/System%20Brief-Financial%20Literacy06NOV12.pdf.
The credit union financial literacy project had three objectives:
1. Determine what the best practises are in existing financial literacy programs;
2. Identify programs that could fill gaps that exist within current financial literacy programs; and based on the findings of the first
two objectives,
3. Identify specific approaches that are worthy of being promoted within the wider credit union system and could be adopted
easily and cost-effectively by credit unions regardless of size.
6
To learn more about the criteria used to assess financial literacy best practises, see: Credit Union Central of Canada, Financial
Literacy System Brief: What’s Best and What’s Next, (November 2012): http://www.cucentral.ca/Publications1/System%20BriefFinancial%20Literacy06NOV12.pdf.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
experts,” making it an effective financial literacy program.7
This toolkit was developed with the generous assistance of Affinity Credit Union, Assiniboine Credit
Union, Vancity Credit Union and Social and Enterprise Development Innovations (SEDI). Drawing
on their experiences with matched saving programs, these organizations shared best practises to
help develop what is hoped will be a useful guide for credit unions interested in developing, or
partnering on their own program.
This toolkit first provides an orientation to matched savings programs, including their potential to
improve the overall economic and social well-being of participants and profiles ongoing and
completed matched savings programs. The second component of this toolkit is a useful list of best
practises, broken down to correspond with each development phase of a matched savings program.
The best practises are linked to questions for credit unions to consider when planning the
development of their own program.
7
Morris Altman, Behavioural Economics Perspectives: Implications for Policy and Financial Literacy, Research Paper prepared for the
Task Force on Financial Literacy (February 9, 2011): 3.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
WHAT IS A MATCHED SAVINGS PROGRAM?
Matched savings accounts emerged in the United States and Canada as anti-poverty strategies,
based on the idea that promoting both “savings and the accumulation of assets among low-income
families is an effective way to fight poverty and social exclusion and to reduce income inequality.” 8
Typically, matched savings programs combine mandatory financial literacy training with a reward of
matching the deposits saved over the course of the program at a generous ratio. Participants use
the accumulated savings to purchase equipment or pay tuition, for example, thereby building their
assets. While there are several different models that a matched savings program can take, common
elements include:
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Restricting participation to individuals and families with limited incomes and assets.
Requiring that participants take courses in financial management and participate in a
dialogue with a case manager on a regular basis while enrolled in the project.
Establishing various limits on the savings activity, including a maximum amount of personal
savings, a maximum savings period, and a minimum and maximum savings per month.
Administering or operating the program in a partnership: programs are typically run by
community-based organizations and accounts are held at local financial institutions.
Matching personal savings deposits made by participants with funds from government and/or
other sources. The matching deposits are typically provided at rates ranging from $1 to $5
for every dollar saved by participants.
Requiring that matched deposits be used for certain authorized purposes which most
commonly include purchasing a first home, establishing or expanding a small business, or
undertaking post-secondary education or training.9
Michael Sherraden, author of Assets and the Poor, is credited with the concept of matched savings
programs. He suggests that low-income, low-wealth individuals need to be provided with similar
opportunities and incentives to save and accumulate assets as those available to average and highwealth individuals. He acknowledges that saving for the purpose of building assets helps to
encourage a positive attitude towards personal development.10
As illustrated by Figure 1, matched savings programs work to lead people out of poverty by
encouraging participants to save so that they can accumulate assets, helping to correct financial
market inequalities that they experienced as low-income individuals, and enhancing individuals’
ability to access credits and deductions provided through the tax and transfer system.
Owing to the impacts that matched savings programs can have, these programs have gained
traction with community organizations and community-based financial institutions concerned with the
8
Paul Kingwell, Michael Dowie, Barbara Holler, Carole Vincent, David Gyarmati and Hongmai Cao, Design and Implementation of a
Program to Help the Poor Save, The learn$ave Project, (Social Research and Demonstration Corporation, August 2005): 5.
9
Paul Kingwell, Michael Dowie, Barbara Holler and Liza Jimenez, Helping People Help Themselves, An Early Look at learn$ave, The
learn$ave Project, (Social Research and Demonstration Corporation, May 2004): 2.
10
Paul Kingwell, Michael Dowie, Barbara Holler, Carole Vincent, David Gyarmati and Hongmai Cao, Design and Implementation of a
Program to Help the Poor Save, The learn$ave Project, (Social Research and Demonstration Corporation, August 2005): 5.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
economic and social well-being of low-income individuals.
Figure 1: Potential for matched savings to lead participants
out of poverty, adopted from Design and Implementation of a
Program to Help the Poor Save, The learn$ave Project, (Social
Research and Demonstration Corporation, August 2005).
ACCUMULATION
OF ASSETS
The savings that develop
over the course of the
SAVING
program and the
matched funds are used
Matched savings
by participants to
programs work by
matching savings of purchase assets,
participants over the capitalize small
course of a program, businesses or pay for
education, for example.
so that they are
These assets help to
encouraged, or
contribute to improving
"nudged," to make
participants’ overall and
changes to their
economic behaviour. long-term economic wellbeing and can also help
By matching
savings, participants to grow incomes.
are automatically
rewarded for
favourable economic
behaviour and
encouraged to
continue to practise
this behaviour.
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CORRECT
FINANCIAL
MARKET
INEQUALITIES
When attempting to
access capital and
savings opportunities,
financial institutions
have historically
considered an
individual’s assets,
credit history and
income in order to
determine whether they
are in good standing
and eligible for financial
services. In the
absence of assets,
income and/or a credit
score low-income
individuals have
difficulty accessing
these services, and in
some circumstances
can be denied access
altogether. Successful
participation in a
matched savings
program could establish
a basis for assessing
low-income individuals
in the absence of
assets, income and a
credit score, particularly
when financial
education is a
component of the skills
developed through
participation in the
program.
IMPROVE FAIRNESS
FOR LOW-INCOME
INDIVIDUALS
WITHIN THE
CANADIAN TAX
AND TRANSFER
SYSTEM
Contributions to retirement
savings plans, education
plans, or tax-free savings
plans receive preferential tax
treatment in Canada, which
in theory is available to
everyone. However, this tax
assistance only benefits
those people with a positive
tax liability.
Additionally, in order for
individuals to meet the test
for income assistance, there
are asset rules that act as a
disincentive to building
assets, requiring individuals
to turn their assets into cash
and live off these before they
are eligible for income
assistance.
Matched savings programs
help individuals build assets
that will grow their income
and in doing so, develop a
positive tax liability in order to
take advantage of tax credits
and deduction opportunities
broadly available.
© 2013 Credit Union Central of Canada. All Rights Reserved.
MATCHED SAVINGS PROGRAM PROFILES
Affinity Credit Union’s Individual Development Account
Affinity Credit Union’s matched savings program, known as an Individual Development Account
program (IDA), was designed as a financial education program to help vulnerable youth stay in
school and contribute to their local community. The program also helps youth develop employment
skills; learn how to manage their financial affairs; set financial and career goals; and save money
towards achieving their goals. In addition, the program helps participants find employment while
completing the year with active attendance in school.
Launched in 2003, to date 192 youth have participated in the IDA program. Participants who are
selected to be a part of the program agree to save a set amount of money per month in an account
over the duration of the program and do not withdraw the money until they reach their savings goal.
Once they accomplish their goal, their savings are matched and can be used towards a pre-defined
financial need or goal, such as helping to pay for further education or job training.
The IDA program is offered through the Affinity Foundation in partnership with inner city schools and
community organizations, aimed at disadvantaged students in Saskatoon who are interested in
saving toward education, developing financial capacity, and skills training.
In addition to agreeing to save $40 each month for the duration of the program, participants in the
IDA program commit to:

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staying in the project for at least 10 months;
working as an employee or as a paid volunteer in the Saskatoon area;
setting a goal for the savings, such as education, job training, housing or other future
investments;
opening a credit union account if one is not already established;
attending financial literacy classes; and
receiving support from a mentor.
Once a participant’s savings reach $400 they are rewarded by having their savings matched at a
ratio of 2:1. The funds to match savings come from community grants and donations that the IDA
steering committee and the Affinity Foundation raise each year.
In addition to financial literacy training, students receive employment ready training that can include:
food safety, resume writing, job interview preparation, and public speaking, to help them become
employment ready, which is one of the goals of the program.
In 2012, the IDA program was highlighted as a best practise in Credit Union Central of Canada’s
System Brief: Financial Literacy, What’s Best and What’s Next, because it provides participants with
feedback to motivate financial behaviour and incentives in the form of matched savings. These
incentives act as type of “nudge” to encourage individuals to make decisions that are aligned with
their best intentions.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Assiniboine Credit Union’s work with SEED Winnipeg and the United Way Winnipeg on
AssetBuilders partnership
Assiniboine Credit Union (ACU) is one of the founders of the AssetBuilders Partnership, along with
Supporting Employment and Economic Development Winnipeg, (SEED Winnipeg), and the United
Way Winnipeg. Asset building programs are designed to help people living on low income save and
create opportunity for themselves. Since the launch of the first asset building program in 2000, the
number of participating community partners has grown from one to thirteen, including one in
Thompson, Manitoba.
Figure 2: The AssetBuilders Partnership
The AssetBuilders Partnership supports local non-profit
community organizations, like Macdonald Youth Services
and Ma Mawi Wi Chi Itata Centre in Winnipeg, to deliver
asset building programs to the communities that they
serve.
While the community organization partners oversee
money management training, (based on a curriculum
developed by SEED), and provide mentorship and
coaching for participants, each of the three founding
organizations has specific roles that they are responsible
for. SEED coordinates and measures the success of
asset building programs; the United Way Winnipeg provides the funding for matched savings; and
ACU is the financial services provider, opening specially designed Matched Savings Accounts for
asset building program participants as well as accounts for community partners so that they can
manage program funds.
There are three types of asset building programs offered through the AssetBuilders network of
community organizations:



General Individual Development Account (IDA) Program
Home Buyers IDA
Saving Circle Program
While each of these programs focuses on different savings goals (see Figure 3), all participants
select an asset savings goal; attend regular money management training sessions; follow a savings
plan; have access to coaching and mentoring support; and will have their savings matched at a 3:1
ratio upon graduation from the program.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Figure 3: AssetBuilders programs, adapted from SEED Winnipeg’s 2012-2013 Annual Report
AssetBuilders Programs
Savings goals
Program length
Maximum participants’ savings that
will be matched
Maximum match available
Total savings and match for
investment in asset
General Individual
Development
Account (IDA)
Program
Home Buyers
Individual
Development
Account (IDA)
Business start-up or
expansion, education,
children’s education
and disability supports
Down-payment for a
home and closing
costs
1 to 2 years
$1,000
1 to 2 years
$2,000
Flexible savings goals.
Assets that address
more immediate
needs. Examples:
furniture, education,
computers and
disability supports.
4 to 6 months
$250
$3,000
$4,000
$6,000
$8,000
$750
$1,000
Savings Circle
Program
To participate in an Individual Development Account program or a Saving Circle Program, individuals
must have a household income that is at or below Statistics Canada’s low-income cut off, live in or
near a community in Manitoba where a program is available, and have a strong desire to improve
their financial future.
Since the partnership began in 2000, a total of $1,141,279 has been saved by participants and
$1,757,058 contributed in matched funds to the 1520 graduates of the program.11
ACU also helps fundraise to support the AssetBuilders Partnership and augment funds provided by
the United Way. In 2012, ACU raised more than $91,500 for asset building programs through their
employee-led United Way Campaign. Nearly $500,000 has been raised for these programs since
2007.12
Vancity Credit Union’s partnerships for successful matched savings programs
Inspired by a commitment to enhance members’ financial literacy while also encouraging asset
building, Vancity Credit Union partners with several community organizations to support matched
savings programs throughout the Lower Mainland, Fraser Valley and Victoria regions in British
Columbia.
Support at the credit union for matched savings program began in 2001 when the Mennonite Central
Committee of British Columbia (MCC) in Abbotsford, British Columbia, approached Vancity with a
partnership opportunity for the MCC’s Future Foundations Program. The Future Foundations
program was run by MCC with funding support from Vancity. It helped low income people in the
Fraser Valley to improve their economic condition through asset development, including basic
financial management skills training and individual asset development through matched savings. In
11
SEED Winnipeg, Breaking Down Barriers: SEED Winnipeg’s Annual Report 2012-2013,
(http://seedwinnipeg.ca/files/SEED_2012_2013_ANNUAL_REPORT_FINAL.pdf): 9.
12
Assiniboine Credit Union, 2012 Annual Report, (http://annualreport.assiniboine.mb.ca/): 10.
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2007, Vancity also supported MCC’s New Foundations program which helps single mother refugee
claimants and newly arrived sponsored refugees in Vancouver with financial literacy, asset
development through matched savings, support for employment readiness, and offers an opportunity
to volunteer at a community kitchen and garden to help participants build a sense of community.
Over the past twelve years of support for matched savings programs, like New Foundations, Vancity
acknowledges that working in partnership with community organizations is a crucial element of a
programs’ success. In Vancity’s experience, community organizations help to:

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

Manage all the administration, selection, intake, orientation and ongoing support for
participants over the multi-year period of the program.
Connect with the community of need and identifying potential participants.
Refer participants to additional supports (housing, counselling etc.) in the community.
Remain sensitive to changing needs in community and react quickly.
Track outcomes longitudinally and speak with participants, their families and communities
long after the program is finished.
To designate roles and responsibilities for each partner, Vancity signs granting contracts with
organizations and meets with community partners approximately every three months to provide input
while the program is running.
The elements of the programs that Vancity supports are not entirely uniform. Programs have been
designed to assist women leaving domestic violence, working poor and low income individuals, new
immigrants and refugees (especially women), single parents in subsidized housing, people in
recovery from drugs and alcohol addiction and people living in shelters or whose housing is
precarious. Despite different audiences, the programs that Vancity supports have some elements in
common including:
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Mandatory attendance at all meetings.
A financial literacy curriculum that is delivered to participants, including setting savings goals.
Matched savings of generally 3:1 ratio.
The use of savings for education and training for themselves or their children, home
ownership savings, business start-up or expansion. Vancity has also supported programs that
provide matched savings for other purposes, such as to save or eliminate debt, or to save for
first month’s rent, but these programs are less common.
Access to coaching support from program staff.
In addition to providing input on program design and opening accounts for participants, Vancity will:


Lead the orientation around financial services and the banking industry as part of a larger
financial literacy curriculum.
Provide matched savings funding and, less commonly, program funding. Vancity will proved
matched savings funding or program funding when partner organizations have found it difficult
to obtain matched savings funding from other sources, such as government. In Vancity’s
experience, it has been easier for organizations to secure program funding from governments
or foundations, whereas these sources are more reticent to provide funding for the actually
matching of savings. When this has occurred, Vancity has made use of its granting program,
which is a percentage of net profit called Shared Success to make up the difference.
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© 2013 Credit Union Central of Canada. All Rights Reserved.

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Provide additional micro-loans for business start-up and expansion when savings and
matched savings have been insufficient.
Work with participants to provide mortgages for home ownership after the program has
ended, if the goal of the program was to save for home ownership.
The learn$ave® program
Launched in June 2000, the learn$ave program was a $30 million, 9-year demonstration project
designed to test the effectiveness of Individual Development Accounts as a means of boosting postsecondary education attainment and successful small business formation by Canadians living in
poverty, as an effective means of building participants’ assets to improve their personal well-being.
Conceived by the national charity, Social and Enterprise Development Innovations (SEDI), the
learn$ave program was funded by Human Resources and Skills Development Canada (now
Employment and Social Development Canada), who contracted SEDI and the Social Research and
Demonstration Corporation (SRDC) to design and manage the project. SEDI was responsible for
the project implementation and SRDC was responsible for research and evaluations.
From 2000 to 2009, the learn$ave program was delivered at the following ten sites by local non-forprofit partners across Canada:
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United Way of Halifax Region in Nova Scotia
Family Service Association of Toronto in Ontario
New Westminster Community Development Society in Vancouver, British Columbia
MCC Employment Development in Calgary, Alberta
Western Valley Development Authority in Digby, Nova Scotia
Fredericton YMCA in New Brunswick
SEDI in Grey-Bruce, Ontario
Lutherwood Community Opportunities Development Association in Kitchener-Waterloo,
Ontario
YMCA Aurora Business Project in Montreal, Quebec
SEED Winnipeg Inc. in Manitoba.
The Royal Bank of Canada provided deposit and account services for all of the sites except
Winnipeg, which was served by the Assiniboine Credit Union, and Montreal, which was served by
Desjardins.
The learn$ave program was designed to test the feasibility of matched savings programs to
“increase the capacity of low-income Canadians to improve their economic and social
circumstances.” Individuals were eligible to participate in the program if they:




Lived within the boundaries of one of the sites.
Were the only person in an economic family seeking to participate.13
Held a valid social insurance number.
Were between 21 and 65 years old.
13
According to Statistics Canada, an economic family “refers to a group of two or more persons who live in the same dwelling and are
related to each other by blood, marriage, common-law or adoption. A couple may be of opposite or same sex. Foster children are
included.” (http://www.statcan.gc.ca/concepts/definitions/economic_family-familles_economiques-eng.htm)
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
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Had a pre-tax income below 120 per cent of the appropriate Statistics Canada low-income
cut-off (LICO).
Had financial assets that did not exceed the lesser of 10 percent of annual income or $3,000.
Were not enrolled in post-secondary education full time.14
A central element to the learn$ave® project was to demonstrate the benefits to participants over
time, in comparison with the impacts that they would have been expected to experience if they were
not participants in the learn$ave project. In order to track this comparison, at the Halifax, Toronto
and Vancouver sites, eligible applicants were assigned one of three groups. The first group was the
learn$ave-only group, which only received the matched benefits. The second group was the
learn$ave-plus group, which received financial literacy training and case management in addition to
matched credits. The third group was the control group, which did not receive any learn$ave
benefits or services.15
For participants enrolled in the learn$ave-plus group, the program itself consisted of three key
elements:



Financial literacy training
Case management
Matched savings
Participants at each site were expected to attend fifteen hours of financial literacy training designed
to enhance their knowledge and money management skills in the areas of budgeting, use of credit,
and spending. The curriculum applied Prior Learning Assessment and Recognition concepts, inviting
participants to recognize the skills and personal attributes that they possessed and could draw on to
help them achieve their goals.16
Participants also had access to case management support provided by the site host.
Participants’ savings were typically matched at a rate of $3 for every $1 saved, to a maximum of
$1,500, however, matching ratios and the maximum amount available for matching varied by site.
For example:

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
Montreal matched savings at a rate of 5:1, but only $900 in savings were eligible for matched
credits.
Kitchener-Waterloo matched savings at a rate of 2:1 but offered additional counselling
services to participants.
Digby matched savings at a rate of 4:1.
14
Norm Leckie, Taylor Shek-Wai Hui, Doug Tattrie, Jennifer Robson and Jean-Pierre Voyer, Learning to Save, Saving to Learn learn$ave Individual Development Accounts Project: Final Report, (Social Research and Demonstration Corporation 2010):
http://www.sedi.org/DataRegV2-unified/sedi-Publications/learnSave%20final%20report%20English.pdf.
15
Paul Kingwell, Michael Dowie, Barbara Holler and Liza Jimenez, Helping People Help Themselves, An Early Look at learn$ave, The
learn$ave Project, (Social Research and Demonstration Corporation, May 2004): 8.
16
To learn more about the financial literacy training curriculum, see Appendix C: Financial Literacy Training Curriculum. Social
Research and Demonstration Corporation, Learning to Save, Saving to Learn - learn$ave Individual Development Accounts Project:
Final Report, (2010): http://www.sedi.org/DataRegV2-unified/sedi-Publications/learnSave%20final%20report%20English.pdf, 119-120.
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
Grey-Bruce matched savings at a rate of 2.5:1 with an additional 0.5 available if participants
attended training sessions and met certain goals.17
From 2001 to 2009, the 3,600 low-income earners who participated in the learn$ave® program saved
over $3.2 million and leveraged more than $9.9 million in matched saving credits for investment in
post-secondary education, job training or a small business. Research results indicated that
enrolment in post-secondary education was 23% higher among participants than the control group.
Microenterprise start-ups were higher and business assets were also higher substantially higher for
participants in the learn$ave program.
17
Paul Kingwell, Michael Dowie, Barbara Holler, Carole Vincent, David Gyarmati and Hongmai Cao, Design and Implementation of a
Program to Help the Poor Save, The learn$ave Project, (Social Research and Demonstration Corporation, August 2005): ES-3.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
DEVELOPING A MATCHED SAVINGS PROGRAM
There are several different elements for your credit union to consider in the development of a
matched savings program. The following outlines the best practises at each phase of the process.
Accompanying the best practises are questions to consider that can guide your credit union through
the planning, implementation, administration and measurement phases of a matched savings
program.
At the end of the toolkit, you will find a host of resources from ongoing, or completed, matched
savings programs that have been provided to assist your credit union in the development of your
own program.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Figure 4: Overview of phases and elements for development of a matched savings
program
In the following pages, we lay out a description of elements that are involved at each phase of
planning, implementing, administering and measuring a matched savings program. Figure 4
provides a high level overview of each phase and associated elements, with additional details
of each element in the pages that follow.
Planning
• Determine program goals and objectives
• Choose an audience and savings goal
• Determine participant eligibility and criteria
• Determine elements of matched savings program
• Identify community partnerships
• Determine the source, ratio and maximum amount for matched savings funds
• Determine duration of the matched savings program
• Delegate partnership responsibilities
• Develop partnership agreement
Implementation
• Recruitment
• Application process
• Participant selection
• Orientation session
• Opening credit union accounts
Administration
• Credit union accounts
• Matching funds
• Financial literacy training
• Mentoring and Coaching
• Skills training
• Obtaining matched savings funds
• Determine what to measure
• Measuring impact
• Report on program
Measurement
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Phases and elements to consider in the development of a matched
savings program
Planning Phase
BEST PRACTISE
ELEMENT
Determine
Program Goals
and Objectives
Choose an
Audience and
Savings Goal
FOR CONSIDERATION
Matched savings accounts are about more than rewarding
participants with matching amounts for saving and participating in
financial literacy courses. These programs are designed to produce
positive outcomes that will be a benefit to both participants and to
greater society. Take, for example, Affinity Credit Union's approach to
matched savings. Affinity incorporates skills development so
participants are employment-ready with financial education
programming into a matched savings program for at risk students to
help them complete their high school education and plan for postsecondary education. The primary goal of Affinity's program is to
provide matched savings participants with the necessary skills to
prevent them from dropping out of school entering a life of crime, or
developing a habit of substance abuse.

The Task Force on Financial Literacy recommends tailoring financial
literacy programs to moments when people need the information
most. Identifying an audience that is in a position to focus on
accomplishing a savings goal is an effective approach for a successful
matched savings program. An audience can refer to a particular age
group, or it might refer to a life stage. Examples of such audiences
include:












What impact does your
credit union envision that a
matched savings program
could have in your
community?
Will your credit union
approach asset building
solely in the financial sense,
or will a matched savings
program be a tool for
building participants' social
and employability assets as
well?
Who is the intended
audience for the matched
savings program?
What goal(s) will
participants save towards?
Will participants be allowed
to change their goals as the
program progresses?
Students saving for post secondary education.
Young adults saving for retirement.
Women leaving domestic violence situations.
Working poor and low income people.
New immigrants.
Single parents in subsidized housing.
People in recovery from alcohol or drug addiction.
People living in shelters or in precarious housing.
A key component of the matched savings program is setting a savings
goal for the participant to accomplish. Typically, furthering education,
savings for retirement, or saving to purchase a home are savings
goals that participants agree to spend their matched savings on.
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Determine
criteria for eligible
participants
Matched savings programs are financial programs that are generally
designed to help those with low-income build their savings towards a
particular goal: a house, retirement fund, or further education.


Based on the intended audience and the savings goal for the
program, establishing a set of criteria for potential participants will
help to ensure the success of the program. Community partners who
understand the lived realities of a particular audience can help to
establish appropriate criteria.
Existing matched savings programs have considered items on the
following list as criteria.


Criteria to consider:







Determine
elements of
matched savings
program
The applicant's potential to complete the program.
The suitability of the applicant's savings goal.
Whether the applicant expresses a desire to be successful
and remain in the program.
Whether the applicant can commit to attending all meetings,
financial literacy training sessions and skills training sessions
(as applicable).
The applicant's income level and assets (as applicable);
Whether the applicant has positive familial or positive peer
supports (as applicable).
Whether the applicant is new to Canada and as the
resources or confidence to accomplish their savings goal and
other program requirements (as applicable).
Several existing matched savings programs are comprised of three
elements:
1. Matched savings.
2. Financial education.
3. Mentoring or coaching.


Some programs also employ a coordinator to oversee the
administration of the components of the program. Alternatively, an
employee of one of the partner organizations might be tasked with
overseeing the operation of the program. Coordinators typically work
with one of the community organizations.
Identify
community
partnerships
In order to reach intended audiences, organizations that have run
matched savings programs partner with local schools, or local nonprofit community organizations. There are several reasons for this
including that community organizations can:






How will the eligibility
criteria reflect the goals and
objectives of the program?
What eligibility criteria will
be used to determine
appropriate participants?
Will criteria be based solely
on participant's savings
goal, or will there be a
measure for assessing the
participant's income level?
What criteria will be used to
assess how committed the
potential participant will be
to completing the program?
Manage all the administration, selection, intake, orientation
and ongoing support for participants over the multi-year
period of the relationship.
Connect with the community of need and identifying potential
participants.
Refer participants to additional supports (housing,
counselling etc.) in the community.
Remain sensitive to changing needs in community and can
react quickly.
Track outcomes longitudinally and speak with participants,
their families and communities long after the program is
finished.
Provide funding for matching participants’ savings or take the
lead on applying for funding from other sources, such as a
community foundation or governments.


Will your credit union's
matched savings program
include all three of these
elements? Why or why
not?
Will the program require a
coordinator? Who will be
able to fulfill the role of
program coordinator?
Based on the intended
audience for the program,
which local organizations,
community groups, or
schools would be
appropriate to partner with
for this program?
Which roles and
responsibilities will each
partner be responsible for?
Examples of community organizations that have assisted with the
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delivery of matched savings programs in Canada include:









Determine the
source, ratio and
maximum
amount for
matched savings
funds
The United Way
YMCA and YWCA
Economic development agencies
Individual schools, or school boards
Community foundations
Family and children services
Employment agencies
Community development services
Federal, provincial and municipal government departments
One of the most challenging aspects of developing and running a
matched savings program is accessing the funds necessary to match
participants' savings and meeting the resource requirements needed
to run an intensive program. A combination of credit union
sponsorship dollars, grants from community organizations and/or
foundations, support from different levels of government, and
fundraising are methods used by credit unions who administer
matched savings programs.
Where possible, credit unions find ways to help offset the costs
involved with running a matched savings program, whether this
support is in the form of in-kind contributions, fundraising contributions
or funding directed through the credit union as community giving. For
example, Affinity Credit Union draws on partial funding support from
the Affinity Foundation, which channels funding from the credit union
to support community initiatives. Assiniboine Credit Union
encourages employees to contribute to the United Way, which helps
to support several matched savings programs in Manitoba.




What sources are available
to help fund the matched
saving program?
Based on knowledge of
funding sources, what will
the matching ratio be set
at?
How many dollars will
participants be able to have
matched each month?
How closely will the savings
goal be monitored after the
program has ended? What
mechanisms will be used to
do this?
Ratio of Matched Funds
The ratio for matching the savings of participants can be set based on
the available finances for the program and what is reasonable for the
goals that the program asks of participants, as well as the amount that
participants are likely able to save each month throughout the
program. Ratios can range anywhere from 1:1 to 5:1.
One consideration for setting the savings ratio may be how strictly
spending of matched savings funds will be monitored after the
program has been completed. In practise, for those programs with
higher ratios, spending towards savings goals is more heavily
monitored after the program ends.
Minimum and Maximum Amount for Matched Savings
Based on the available resources and the number of participants,
determining the maximum amount of savings to be matched should
be clearly outlined with participants before the program begins. In
some cases, participants are able to save as much as they like in their
savings accounts each month, but only the first $250 (for example)
saved each month over the duration of the program will be matched.
Or, in some other cases, participants are asked to save $40 a month
and the full $40 is matched each month over the duration of the
program.
Establishing a minimum savings amount encourages participants to
accumulate some savings over the course of the month in order to
have their savings matched. For some programs, a savings minimum
of $10 a month is required in order to receive matched funds.
Determine
duration of the
The duration of the program should correspond with the size of the
savings goal. For programs aimed at saving enough funds to
constitute a down payment for a home, two to three years of
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
Considering the savings
goal, how long with
participants be able to
© 2013 Credit Union Central of Canada. All Rights Reserved.
matched savings
program
participation in the program may be necessary. Whereas programs
designed to help students save towards post-secondary education, a
ten month program may suffice.
Delegate
partnership
responsibilities
Considering the elements involved in a matched savings program,
clearly outline which partner will be responsible for which element.
Roles and responsibilities for each partner are typically set out in
funding proposals/agreements and can be formalized in a steering
committee protocol. For existing matched savings programs, a
general outline of responsibilities look like:


Credit Union Responsibilities




Open savings accounts for all participants, typically without
any service charges.
Administer these savings accounts to ensure that the saved
funds are not used prior to the end of the program.
Deliver financial literacy training components.
Provide members with recruitment materials.

Community Partner Responsibilities




Identify potential applicants.
Provide recruitment materials to clients.
Provide mentoring or coaching to participants.
Administer skills training sessions.
access matched savings
funds?
Will participants be required
to reach their savings goals
each month, or will they be
able to skip a month of
savings and still be able to
qualify for the program?
The roles and
responsibilities of each
partner can be set out in
funding proposals and/or
established through a
partnership agreement. In
order to draft an agreement,
it is useful to consider:
which partner will handle
the operation of the
accounts. The financial
literacy training? The
mentoring or coaching?
If there will be other
components of the program,
such as skills training or
employment preparedness,
which partner will be
responsible for overseeing
these elements?
Matched Savings Steering Committee Responsibilities (Steering
Committee made up of representatives from community
organizations and credit unions)





Develop
partnership
agreement
Apply for grants and funding.
Provide final reporting and evaluation.
Develop materials for the matched savings program,
including all recruitment materials, application materials.
Select applicants.
Provide matched funds.
Matched savings programs are delivered in partnerships and typically
involve a steering committee with one or more members for each
partner organization.


The steering committee works to develop the program and selects
program coordinators to implement and administer the program. The
steering committee also establishes the roles and responsibilities of
the program coordinator and typically is responsible for raising the
funds needed to administer the program.

To outline the expectations, roles and responsibilities of members of
the steering committee a protocol agreement is developed.

Please note that the requirements of each individual grant received to
run the program can also work to bind partners in the agreement.
What will the partnership
agreement look like?
Will partners sign a
memorandum of
understanding or another
type of contract outlining
responsibilities for each
partner?
What will the roles and
responsibilities for the
program coordinator be?
What methods will the
steering committee consider
for fundraising?
For an example, please see Appendix A: Affinity's IDA Steering
Committee Protocol.
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Implementation Phase
BEST PRACTISE
ELEMENT
Recruitment
FOR CONSIDERATION
Recruitment Efforts
To accomplish the goals and objectives of the program it is
preferable to invite a sample of individuals from a known population
who would benefit from participation in a matched savings program.
Some credit unions acknowledge that during the recruitment process
it is important to educate the public that the program is legitimate
and not a scam. Recruitment efforts can take place both through the
credit union and through community partners.

Recruitment Methods
Depending on the desired number of participants, recruitment efforts
for matched savings programs have included:










Based on the intended audience
as well as the goal and objectives
of the matched savings program,
which recruitment methods will be
used?
Will one of the partners be
responsible for recruitment efforts,
or will there be recruitment efforts
made by all partners?
How many participants are needed
for the program to run?
What methods will be used to
recruit enough participants?
Public service announcements and news releases in local
newspapers and radio, particularly media outlets that have
specific reach to the target audience.
Brochures, flyers and posters in credit unions as well as
available through the community organization.
Postcards mailed to a target audience.
Transit advertisements and advertisements in transit
newspapers.
Community organization outreach to clients and word of
mouth recommendations to clients.
Seminars or one-on-one meetings at community
organizations for interested individuals.
Word of mouth from teachers and guidance counsellors at
schools (if the target audience is students).
Clearly outlining expectations for recruitment at the onset will assist
with making sure there are enough eligible participants to run a
successful and impactful program. For an example of a pamphlet
used to recruit participants, see the AssetBuilders Partnership
pamphlet in Appendix B.
Application
Process
To assist with the selection process, participants typically fill out an
application form and provide supporting documentation. Depending
on the goal for the program, the audience, the savings goal, and
eligibility criteria, prospective participants could be asked to report
on:












Contact information.
Date of birth.
Social insurance number.
Total income in the year prior to and the year of the
application.
Income assistance status.
Student status.
Liquid assets, including balances in savings accounts,
chequings accounts, GICs, stocks, bonds, mutual funds,
RRSPs, RESPs and other savings.
Whether they own a home and what the value of the home
is.
Savings goals and aspirations.
The applicant's explanation for their desire to take part in
the program. (A question with space for a response works
well to assess potential participants' motivations and
18 – CUSR Tool | MATCHED SAVINGS PROGRAM TOOLKIT

Based on the objectives of the
program, and the eligibility criteria
established during the planning
stage, what information will be
requested on the application form?
What methods will the matched
savings steering committee use to
get a sense of applicants'
motivations for participating in the
program and commitments to
completing the program?
Will prospective participants be
interviewed or asked to submit
detailed applications, for example?
© 2013 Credit Union Central of Canada. All Rights Reserved.

commitment to completing the program).
Where applicable and should enough resources be
available, an in person interview with a member of the
matched savings committee can assist with the application
process.
Debts and credit ratings are typically not included as eligibility
criteria, though depending on the type of account to be opened at
the credit union, credit ratings may impact the ability of individuals to
open accounts.
Participant
Selection
The steering committee will meet and decide who is most eligible to
participate in the program based on the list of criteria for participants
developed during the planning phase.
To do this effectively, committee members should receive
applications before the committee meets and rank applicants
according to how closely they meet eligibility criteria.


How will the steering committee be
asked to decide on participants?
How will the steering committee
take into account different
members' preferences regarding
who will be eligible to participate in
the program?
In cases where interviews are performed, each member of the
steering committee should be present at the interview to assess
potential participants' eligibility in addition to the information provided
in the application package.
Orientation
Session
Once participants are selected, and before they are eligible to open
a matched savings account, it is a best practise for each to attend an
orientation session. At this session, the following items should be
addressed:









Provide outline of program and calendar of events to
participants.
Overview of the rules and restrictions on savings activity,
including the matching ratio, minimum and maximum time
period within which participants savings will be matched.
Instructions on how to open an account and credit union
orientation, especially explaining the benefits of credit union
membership.
Overview of how to make deposits.
Explanation of when funds will be matched, how they are
matched and how they will be made available to the
participant.
Sanctioned uses for savings.
Overview of financial literacy training and skills training.
Overview of mentoring and coaching resources.
Overview of the impact that matched savings funds could
have on an individual's access to government programs like
income assistance benefits and student loans.
The orientation session is also a good opportunity to fill out
appropriate paperwork. Existing matched savings programs have
used a matched savings participant agreement form that participants
have to sign before they are eligible to open an account at a credit
union.




Determine what will be
discussed at the orientation
session and whether it will be
mandatory for participants to
attend an orientation session
before beginning the program.
Another consideration for the
orientation will be the
participation agreement.
What rules and expectations
will the program wish that
participants are aware of?
Depending on the
participants, it may be
necessary to consider
transportation arrangements,
childcare and potentially a
meal during the orientation
session.
A webinar through a local
library computer lab or school
computer lab might be
another way to deliver the
orientation session in more
remote areas, or in the case
that participants are spread
over great distances.
Matched Savings Participation Agreement: before participants
can open an account at the credit union, this document outlines the
program rules and expectations. This agreement also ensures
participants understand the impact that the program could have on
their access to government programs like income assistance
benefits and student loans.
Having signed the agreement, participants are given a letter of
introduction to open an account at the credit union.
Program Guide
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A program that contains all of the information outlined during the
orientation session, including checklists for each stage of the
program can help guide participants through the process. For an
example of the program guide used by Assiniboine Credit Union to
assist participants with every part of the AssetBuilders Partnership,
see Appendix E.
Opening
Credit Union
Accounts
Credit unions are responsible for overseeing the accounts,
monitoring activity and depositing matched funds. Credit unions can
also provide account holders with monthly updates about the status
of their accounts and accumulated matched funds.
Once participants have attended the orientation session and signed
a matched savings participant agreement form, they are in a position
to open a credit union account, for the purpose of matched savings.
For existing matched savings programs, financial institutions have
used their standard approval process and verification procedures for
matched savings program participants. Typically, no fees are
associated with deposits or monthly account administration.
However, fees might apply for withdrawals if participants are able to
access their accounts for this purpose.





What type of savings and/or
chequing account will be made
available to participants of the
matched savings program
What (if any) fees will apply?
Will your credit union cover
membership fees for new
members opening matched
savings accounts?
How will your credit union and
other partners monitor the
accounts?
What processes will be used to
determine if individuals are eligible
to open an account?
It is worth noting that some granting organizations will not provide
funding if the prospective program limits specific services. When
faced with this requirement, credit unions offering matched savings
programs must consider whether requiring participants to open
accounts at the credit union qualifies as limiting specific services,
and how the program could operate if accounts were held at other
loactions.
In the case that requiring participants to open an account at a credit
union is considered limiting specific services, it may be necessary to
give participants the option of opening an account at a financial
institution of their choice. Affinity Credit Union, for example, does
not require participants to open a credit union account, but does
highlight the advantages to credit union membership, as well as the
ability for the credit union to monitor and report on the status of their
matched savings account throughout the program. In their
experience, participants choose to open accounts at the credit union.
Membership fees
Credit unions have to consider whether participants will be expected
to cover the costs of purchasing membership shares. At Affinity
Credit Union, participants can decide whether a portion of their first
deposit will be directed towards covering a membership share, once
deciding that they will open their matched savings account at the
credit union.
Should the community organization oversee account
management?
Due to privacy legislation, community partners and financial
institutions cannot discuss members' accounts. A practise used by
credit unions to circumvent this situation is to provide participants
with a print out of their account statements and ask that they share
this information with case managers when they meet to discuss
progress in the program.
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Administration Phase
ELEMENT
Credit union
accounts
BEST PRACTISE
FOR CONSIDERATION
Managing Accounts
Matched savings accounts are typically operated without fees for
deposits or monthly account administration, but in some instances
fees have applied when withdrawals are made.

Monthly Statements
A best practise has been for credit unions to monitor and manage
the savings accounts and provide program participants with monthly
statements.

Privacy Concerns
For privacy purposes, credit unions are not able to disclose or
discuss member accounts with partner organizations without the
consent of the participant.

How will the credit union account
be monitored and administered?
Will monitoring and administration
differ from the processes used for
other accounts?
What processes will need to be set
up at the credit union so that
participants are provided with
timely account statements that can
be shared with the case manager?
When the program ends, will the
credit union continue to provide
the same services to participants
with the same fees associated?
In order to address these privacy concerns, some matched savings
programs require that participants take monthly account statements
to case managers (usually from community partners), when they
meet to discuss progress in the program. For some programs,
monthly meetings with case managers where account statements
are addressed are mandatory for remaining in the program.
Assiniboine Credit Union has an Agreement to Share document that
is signed by each participant. This document allows the credit union
to share information with the matched savings program coordinator,
SEED Winnipeg, (part of the AssetBuilders Partnership), for
reporting purposes, and to share information over the phone with
designated SEED staff as needed.
After the program ends
In most cases, participants keep their credit union accounts after the
program ends. Credit unions may also find a role in providing
additional micro-loans for business start-up or expansions when
savings and matched savings have been insufficient to accomplish
the entirety of the savings goal. If the savings goal was home
ownership, credit unions might consider financing the mortgage.
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Matching
Funds
During the planning process, it is necessary to determine the ratio
for matched savings as well as the frequency at which savings will
be deposited into accounts. Conventionally, matched funds are
assessed based on savings amounts each month. There are two
practises for granting matched savings to participants:
1. To deposit directly into the matched savings account. This
method has the credit union deposit the agreed ratio of funds into
participants' accounts each month. For the duration of the program,
it is a practise to 'freeze' the savings account against withdrawals so
participants' are unable to access their savings and the
corresponding matching funds until they have completed the
program.


2. To issue matched savings credits. This model requires that
matched savings credits are held in trust until participants have
completed the program and are ready to withdraw them for an
approved purpose. Unlike the first model, participants do have
access to their savings accounts throughout the program.
Will matched savings be deposited
directly into participants' accounts
each month as the program is
running? Or, will matched savings
be deposited directly into
participants' accounts after the
program is complete?
Will participants' have to apply for
matched savings funds proving
that they will use the funds for an
approved purpose? If so, how will
program administrators track
matched savings credits for
participants over the course of the
program?
For both of these models, account rules regarding the minimum and
maximum amounts that will be matched; the duration that matching
funds will be applied; participants' access to accounts for withdrawal
purposes; and approved use of savings - including matching funds-must be established in advance.
Financial
Literacy
Training
Financial literacy training is one of the three pillars of matched
savings programs. Matched savings programs focus on growing
individuals' asset base while teaching the skills and knowledge to
make informed financial decisions as a permanent way out of
poverty.

Attendance Requirements
It is a best practise that participants in the program attend all
financial literacy training sessions. In some instances, financial
literacy training sessions are offered on their own, and in others,
these sessions are paired with skills training sessions.

Content and Delivery
In keeping with the designated audience and savings goals, the
content of financial literacy training sessions is tailored so that the
program delivers applicable financial education at the point when
people are most receptive to it and in a way that is appropriate for a
particular audience, or savings goal, such as retirement, tuition for
education or home ownership. That being said, content for financial
literacy sessions for different matched savings programs show some
consistency, usually offering sessions on budgeting, savings,
investing and debt, for example.

How many financial literacy
sessions will be incorporated into
the program?
What will the topic of these
sessions be and how will they be
delivered?
Will it be mandatory that
participants attend financial
literacy sessions in order to
continue to qualify for matched
savings funds? If so, is this
requirement indicated in the
participation agreement?
Typically, credit unions help to design content for the financial
literacy seminars and in many cases have staff deliver different
sessions. In some instances, community partners and credit unions
will jointly deliver the sessions, depending on where expertise lies.
For examples of financial literacy curriculums that are a part of the
learn$ave® program and the AssetBuilders program, please see
Appendix C. For an example of joint financial literacy curriculum and
skills training curriculum from Affinity Credit Union’s Individual
Development Account program, please see Appendix D.
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Mentoring
and
Coaching
Mentoring and coaching is another pillar of matched savings
program, helping to build supportive relationships between
community organizations, financial institutions and participants.
Depending on the number of participants and the resources
available, mentoring and coaching is handled in one of two ways:

1.
2.

Regularly scheduled and mandatory one-on-one sessions.
Informal question and answer support when participants seek it.


Who is the mentor or the coach?
The mentor or the coach, is usually an individual from a community
partner organization trained to understand the realities that
participants are facing. For example, a mentor is posted at one of
the schools that participates in Affinity’s Individual Development
Account program. Working out of the school, the mentor has a good
understanding of the realities that students face throughout the
program and can also liaise with school administration and other
teachers to help determine solutions to challenges that arise. The
mentor is also accessible to students, which encourages the
frequency with which they meet. In Affinity’s case, the mentor also
takes on the role of program coordinator.
Will one of the community partners
take on the role of case manager?
What skills should the case
manager have to work with the
participants for successful
completion of the program?
How often will the case manager
meet with participants?
Will there be mandatory meetings
with participants, or will it be on a
needs-only basis?
Mentors and coaches offer support to participants when they have
questions and provide guidance to work towards completion of the
program. They are also able to recommend supports or services for
other challenges participants face that might impede their ability to
complete the program, such as access to affordable housing or
counselling services.
Where resources allow, it is a best practise for mentors and coaches
to meet regularly with each participant to review the participants’
progress and discuss challenges that could impact their successful
completion of the program.
Skills
Training
In addition to financial literacy training, some matched savings
programs offer skills training. If one of the goals of the program is to
find employment, like Affinity Credit Union's Individual Development
Accounts program or the New Foundations program supported by
Vancity, a skills development curriculum can be offered alongside
financial literacy training.



Skills training can include resume preparation, interview training,
sessions on how to handle conflict in the workplace, goal setting,
and leadership seminars, for example.
For an overview of what is included in a program that includes skills
training curriculum, see Affinity Credit Union’s Individual
Development Accounts program calendar in Appendix D.
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Depending on participants, will the
program include skills training?
If so, what types of skills will the
program work to foster and what
will the goal of this skill
development be?
How will the program deliver skills
to participants? Will skills
development sessions and
financial literacy sessions be
delivered together at the same
time, or will they be delivered at
different times?
© 2013 Credit Union Central of Canada. All Rights Reserved.
Obtaining
Matched
Savings
Funds
For programs that are designed to provide matched savings funds at
the completion of the program once savings goals are met,
participants are required to submit a request form along with
necessary documentation outlining what the matched savings funds
will be used for. These same programs make it known to
participants at the beginning of the program that all matched savings
funds must be used for an approved purpose and they won’t be able
to be accessed until there is proof of how they will be used.


How will matched savings funds
be transferred to participants?
Will participants will need approval
from the steering committee for
what their matched savings funds
will be used for and how will the
steering committee determine if
the purpose is acceptable?
Participants submit their requests to the mentor or coach and the
mentor or coach shares these requests with the steering committee.
Once the request has been approved, the participant receives either
a cheque for the matched savings amount, or the amount of
matched savings funds are deposited directly into his/her account.
The documentation assists program administrators to measure the
outcomes of participants and to track how the funds are spent.
Depending on the amount of savings that will be matched, it may suit
the steering committee to design the program for monthly matched
savings deposits directly into participants' accounts. Programs that
take this approach typically do not request documentation of how the
funds will be spent before providing participants with the funding.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Measurement Phase
ELEMENT
Determine
what to
measure
BEST PRACTISE
Tracking and metrics to assess the success of the program are best
developed before the program launches. The metrics to assess the
success of the program should reflect the goals and objectives of
the program.

Examples of metrics used to measure matched savings programs
include:








Measuring
impact
FOR CONSIDERATION
The total amount of money saved and matched by
participants.
The rate of program completion.
The rate participants who realized their goals after having
completed the program, such as further education, ability to
purchase a house or an amount of savings for retirement.
The percentage of participants who meet the goal, or
goals, of the program.
The participants' level of fulfillment with the program.
Increased knowledge of personal finance topics.
How many participants maintain an account with the credit
union once the program has been completed.
Several programs will either survey or interview participants before
they began and again as they are exiting the program.





Information from the intake interview or survey can be used to
determine the baseline, or where participants were starting from in
relation to the goals and objectives of the program.
Based on the program’s goals and objectives, a target is set as a
percentage of participants who will meet the particular goal or
objective. Information learned from exit interviews and ongoing
follow-up, (if resources are available) are used to determine the
percentage of participants that meet their goal.


What are the goals of the
program?
What metrics will be used to
indicate the success of the
program?
Will the program consider baseline
measurements i.e. where
participants are starting from in
relation to the program’s goal(s)?
Will the program measure what
has changed for participants over
the course of the program?
What targets will be set that
indicate a successful program?
How will the baseline and targets
be assessed?
How often will the targets be
assessed?
What methods will be used to
collect measurement data?
Who is responsible for collecting
measurement data?
When determining what to measure and how to measure it is also a
best practise to outline how staff will establish the baseline and the
target, the frequency of data collection and who is responsible for
doing what.
For an example of metrics used and how they are applied for a
matched savings program, see Appendix F, Mennonite Central
Committee British Columbia Project Design Monitoring Action Plan,
used for the New Foundations program, supported by Vancity.
Report on
Program
Credit unions that are involved with matched savings programs have
included the outcomes of their program in annual reports, or a report
designated for social responsibility. Annual reports on the impacts
of matched savings programs are also used by those organizations
that run the programs in order to enhance it in coming years.
A cost-benefit analysis is one way of reporting on the impacts that
the matched savings program has for participants, the credit union,
and to society as a whole. For an example of a cost-benefit analysis
®
framework as used when evaluating the learn$ave program, see
Appendix G.
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

In what ways will your credit union
report on the outcomes of the
matched savings program?
Is there room in your credit unions
annual report to provide
information about the some of the
impacts that this program has had?
© 2013 Credit Union Central of Canada. All Rights Reserved.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Appendix A – Matched Savings Program Steering Committee Protocol
The material in this appendix was shared by Affinity Credit Union as an example of the protocols used
to establish the relationship and responsibilities between matched savings program partners.
INDIVIDUAL DEVELOPMENT ACCOUNT COMMITTEE PROTOCOL
OVERALL STATEMENT OF THE INTENTION OF THE COMMITTEE:
The IDA Account Project is a financial learning tool to assist marginalized youth to stay in school and
contribute to their local community. The project teaches youth how to manage their financial affairs,
save money towards a goal or objective, gain employment skills, and build towards completing their
education or entering the workforce.
The youth in this project may be heads of households or have other family commitments that make it
difficult to complete a high school education. This project instills the concept that money must be
earned and youth can aid their local community.
PURPOSE:
To provide general oversight of the program and to make decisions based on recommendations and
experiences of the coordinator.
To identify candidates along with the coordinator and conduct interviews.
To represent IDA within the community and to investigate new opportunities for the program.
COMPOSITION/TERM:
In recognition of the evolution of the IDA program to its current state as a partnership between The
Affinity Foundation Inc., Affinity Credit Union, Education and various community stakeholders, the
committee will consist of a minimum of one (1) delegate from each partner. Including but not limited
to the following:
- Representative from The Affinity Foundation Inc.
- Community Development Committee Rep (District 3) from Affinity Credit Union
- Representative (1) from Quint Development Corporation
- Representatives (2) from Education
- Representatives (2) from the Greater Saskatoon Community
Quorum at any IDA Committee Meeting is deemed to be 50% of the committee members plus one.
The Term of this Committee shall be reviewed annually by the program partners.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
RESPONSIBILITIES OF THE COMMITTEE AND THE AFFINITY FOUNDATION INC.:
Responsibility
Administrate day to day activities of the
program
Review work of the coordinator
Identify opportunities
Interview candidates
Attend all events
Payroll of coordinator
Fundraising
Expansion of program provincially
Funding of program
Assist in the development of program and
activities
Accounting, bookkeeping and audit of program
Provide manpower (volunteer time)
Facilitate media exposure
Committee
N
Foundation
Y
Y
Y
Y
Y
N
Y
Y
N
Y
Y
Y
N
Y
Y
Y
Y
Y
N
N
Y
N
Y
Y
Y
AUTHORITY:
To provide supervision of the program coordinator.
To oversee funding and the distribution of program funds.
MEETINGS:
The committee shall meet on the second Wednesday of every month (excluding July and August).
MONITORING AND REPORTING:
The committee shall maintain accurate minutes and report to Board of The Affinity Foundation as
requested. The report will include recommendations for program improvements, etc.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Appendix B – Recruitment Pamphlet
The following is an example of a promotional pamphlet used to recruit participants into one of the matched savings programs offered by
the AssetBuilders Partnership. To learn more about the AssetBuilders Partnership, see: http://www.assiniboine.mb.ca/MyFinances/Banking/Access/Matched-Savings.aspx.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Appendix C – Financial Literacy Training Curriculum
learn$ave® financial management training curriculum
The following is an example of the learn$ave financial literacy training curriculum that was mandatory
for all participants to complete. For more information and to see the complete final report of the
learn$ave program, please see: Norm Leckie, Taylor Shek-Wai Hui, Doug Tattrie, Jennifer Robson
and Jean-Pierre Voyer, Learning to Save, Saving to Learn - learn$ave Individual Development
Accounts Project: Final Report, (Social Research and Demonstration Corporation 2010, 119-120):
http://www.sedi.org/DataRegV2-unified/sediPublications/learnSave%20final%20report%20English.pdf.
The curriculum combined the concept of Prior Learning Assessment and Recognition (PLAR) with the
more standard elements of financial management training. The PLAR element was intended to help
participants recognize existing skills and personal attributes that they possess and that would help
them achieve their goals. As part of PLAR, participants were asked to identify barriers that could
prevent them from achieving their goals as well as strategies to overcome those barriers. As for the
financial management component, several standard financial topics formed part of the curriculum,
including spending patterns and consumerism, household budgets, credit ratings and investing.
In most cases the curriculum was delivered in the form of five three-hour modules; however;
sometimes alternate formats were used — such as two modules presented together on a Saturday. In
such cases the order of the exercises was often reorganized to make them more appropriate for an
all-day session. In each of the modules the facilitators were expected to cover all of the topics but
there was some flexibility to adapt the module to the needs of their groups. For example, facilitators
could vary the amount of time on any given topic, engage guest speakers for given topics, and use
additional resources such as web sites.
In order to address concerns that site staff had about the curriculum, SEDI convened a workshop in
the fall of 2002. Based on the results of that workshop, the curriculum was revised. This summary of
the curriculum is based on the revised facilitators’ guide and exercises distributed in February 2003.
Module 1: Introduction to learning and learn$ave accounts
The first module introduced participants to some of the key concepts of PLAR, which emphasizes that
people learn much of what they know outside formal classrooms. Some of the exercises in the first
module were intended to help participants recognize the difference between formal and informal
learning. As well, the exercises helped participants to “evidence” informal learning and realize how
this learning can be transferred to different contexts. Evidencing means articulating and providing
proof of skills that have been learned — for example, a participant could show a pair of woollen
mittens to illustrate that they can knit.
During the first module facilitators introduced the learn$ave portfolio which participants were expected
to assemble after the course. The portfolio was meant to provide evidence of the participant’s past
learning efforts and achievements and to state the participant’s future goals. Participants were asked
to compile all of the relevant exercises that they had completed as part of the curriculum and include
them in the portfolio. They were also encouraged to add additional documents such as certificates
that would provide proof of their prior learning success. The first module included a review of the key
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© 2013 Credit Union Central of Canada. All Rights Reserved.
aspects of the learn$ave account protocols. Participants were also asked about their personal
financial situation as part of a “financial fitness quiz.” For a home assignment they were given a
template and asked to record all of their spending transactions for a period of one week. They were
also encouraged to obtain their personal credit report and were given information on how this report
can be obtained.
Module 2: Traits, passions, dreams, and goals
During the second module, facilitators asserted that money is a value-laden term. Participants
engaged in a discussion about the perspectives that their family, friends and society have on money
and how those views have influenced them. They also debated the relationship between spending
and making choices. A central issue that often arose in this discussion concerned the extent to which
many expenses are fixed or can be varied, i.e. postponed. These discussions led into a discussion
about budgeting: facilitators presented templates with which participants could record their income
and expenses and a template to summarize the important features of their budgets.
The other component of this module concerned personality type, values and goals. Participants
engaged in a series of exercises to help determine their personality type and values. During one
exercise, participants were told that they had been invited to six parties and they had to select three
of them. Each party was intended for one of the six Holland Code personality types:
Realistic/Practical, Investigative/Inquiring, Artistic/Creative, Social/Helping, Enterprising/Persuading,
and Conventional/Organizing. Participants were then asked to relate their personality type and values
to the skills necessary for their learn$ave® goal. It was hoped that by learning more about themselves
they would be in a better position to make better choices about possible learn$ave goals. As an
assignment, participants were asked to interview someone who could give them guidance that would
help them meet their savings goal. For example, this person could be an instructor at an educational
institution or someone who is working in the field that the participant preferred.
Module 3: Managing money
The third module focused heavily on consumerism. The first exercise asked participants to give
examples of some of the “consumerism trends” of the past five decades — for example, a TV set in
every home was a trend that began in the late 1950s.
Then facilitators discussed contemporary consumerism and the media — they talked generally about
the “buy, buy, buy” culture as well as some specific techniques that advertisers use to sell particular
products. Participants were in turn asked to think about how the media influences their own spending
decisions.
Another component of the module presented the topic of saving and investing. Facilitators handed out
a chart showing the amount participants had to save each month in order to meet certain learn$ave
savings goals. Facilitators usually discussed some of the basics of longer term investing such as rate
of return and the risk and return trade-off. As a home assignment, participants were asked to consider
several questions related to their learn$ave deposit plan such as how much they planned to deposit,
challenges that might prevent them from making those deposits, and changes they had to make in
order to meet their learn$ave savings goal.
Module 4: Managing your credit
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© 2013 Credit Union Central of Canada. All Rights Reserved.
One of the key components of the fourth module addressed credit. For this module, participants were
encouraged to bring their credit reports to the session — examples were also on hand for anyone
who had not obtained their own report. Facilitators spoke about the substance of credit reports and
credit bureaus. Facilitators also presented information about the length of time information was kept
on file, the credit rating system, how creditors used the information, finding errors on one’s file and
correcting errors. Participants discussed the smart use of credit — such as the types of credit
available and the amount of debt that people can reasonably carry.
Another component of this module helped participants to think about their educational and career
goals. Participants were asked to discuss what they learned from the interview about their savings
goal that they were asked to set after the second module. They were then asked to answer a series
of questions that helped to “evidence” that they have some of the general skills necessary to meet
their educational or small business goal.
Finally in preparation for the next module, participants were asked to think about what they had
learned so far from the training.
Module 5: Skills and savings — Looking forward and creating your learn$ave® portfolio
The facilitators usually began this module by discussing the things participants said they had learned
from the training. Participants were then asked to write down their learn$ave savings goal and their
interim goals. Facilitators listed four questions that participants should keep in mind when determining
their goals: (1) How realistic is the goal (within reach of the participant)? (2) Is attaining the goal
something they really want? (3) How can the goal and its attainment be measured? (4) What will be
the reward from attaining the goal?
Participants were then asked to look at some of the exercises from previous modules such as the
Holland Codes in order to determine what would help them meet their goals. They were also asked to
use previous exercises to identify gaps between their skills, values and abilities and their chosen
goal. They were asked to think about a plan to address these gaps.
During this module participants once again completed the financial fitness quiz that they had
completed during the first module to measure the progress in their financial management skills since
they started the course. Near the end of the module, facilitators presented a possible detailed outline
of the portfolio that participants were expected to complete after the course. They were also given a
chance to discuss the curriculum as well as what they had learned from other participants.
SEED Money Management Training Workshops
The following is an outline of topics covered by SEED’s Money Management training workshops,
which are a part of matched savings programs offered through the AssetBuilders Partnership. To
learn more about the matched savings programs offered through the AssetBuilders Partnership
please see: http://www.assiniboine.mb.ca/My-Finances/Banking/Access/Matched-Savings.aspx.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Appendix D – Skills Training Curriculum
This appendix shares a sample of Affinity Credit Union’s Individual Development Accounts Program
calendar. The calendar outlines topics of financial literacy training as well as the skills training
curriculum, demonstrating how the goals and objectives of the program are reflected in the curriculum
of the program.
Individual Development Accounts Program (IDA) Group Meetings 2012 – 2013
Meeting 1




SPEAKERS: Youth Launch, former student introductions
Affinity financial planning staff introductions
Program expectations, overview of IDA schedule
Photo permission, sign up WHMIS, CPR, Food Safe, Resume workshops
Meeting 2
 Resume preparation
Meeting 3
 SPEAKERS: Employers: Safeway, Co-op
 Group discussions – A Welcomed Outcome – Work Situations
Meeting 4
 Skill discussion, Interview Questions, applications forms
Meeting 5
 PROGRAM EVALUATIONS
 Application Forms, Telephone Calls, Cover Letter preparation
Meeting 6
 SPEAKER: How to build your own website
 Handling Conflict on the Job / Individual situations discussed
 Applying to jobs on line
Meeting 7
 SPEAKER: Budgeting – Affinity Credit Union representative
 Career Topic Assignment
Meeting 8
 ½ hour student career planning time if necessary
 Career Topic Presentations
 Work Discussion Questions presented by group members
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Meeting 9
 SPEAKER: Labor Standards
 Career Topic Presentations
Meeting 10
 SPEAKERS: Budgeting – Affinity Credit Union representative
 PROGRAM EVALUATIONS
 Career Topic Presentations - Work Value Development Questions
Meeting 11
 Video: Fish
 SPEAKERS: former students Jake and Evan
 Career Topic Presentations
Meeting 12
 SPEAKER: Urban Leadership
 Career presentations
Meeting 13
 SPEAKER: Labor Development
 PROGRAM EVALUATIONS
 Thank-you cards
 Goal plans
Meeting 14
 Committee Members: discuss goals and program
 Possible student presentation
*EXTRA SESSIONS OFFERED*
 CPR Level A
 WHMIS Training
 Food Safe Training
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Appendix E— Participant Program Guide
Created by Assiniboine Credit Union, the useful guide
helps participants to understand what is expected of
them, and what to expect, at every stage of their
matched savings program. Click here to open this
guide.
To learn more about the matched savings programs
offered through the AssetBuilders Partnership please
see: http://www.assiniboine.mb.ca/MyFinances/Banking/Access/Matched-Savings.aspx.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Appendix F – Metrics Matrix
The matrix shared in this appendix comes from the Mennonite Central Committee of British Columbia’s New Foundations program,
supported by Vancity. This matrix provides an example of what is measured and how it is measured, which allows the Mennonite
Central Committee of British Columbia and project partners to report on the impacts that the program has. For more information on the
New Foundations program, see: http://bc.mcc.org/whatwedo/newfoundations.
Project Design Monitoring Action Plan [PD MAP]
Summary of
Objectives
Project Goal
Newcomer single
parents
demonstrate
capacity to meet
basic nutritional,
employment, and
asset
management
needs
Outcomes
1. Newcomer
single parents
demonstrate
nutrition
management skills
Indicators
% of Newcomer single
parents who
demonstrate capacity
to meet basic
nutritional needs
% of Newcomer
single parents who
demonstrate capacity
to meet employment
needs
% of Newcomer
single parents who
demonstrate capacity
to meet basic asset
management needs
% of Newcomer
single parents
demonstrating quality
nutrition practises
Anticipated
# of
Participants
75
48
20
72
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Baseline
Target
(What will change?)
(Where did
participants start?)
Means of
Verification
(How will you
assess the
baseline and
target?)
Frequency of
Target Data
Collection
(How often will
you assess the
target?)
% of Newcomer
0% of Newcomer
Intake exit
single parents who
single parents
interviews
increase their ability
At exit interview
able to meet basic
to meet basic
nutritional needs
Ongoing follow-up
nutritional needs
0 of Newcomer
% of Newcomer
Intake exit
single parents
single parents who
interviews
able to meet
increase their ability
At exit interview
basic employment to meet basic
Ongoing follow-up
needs
employment needs
0% of Newcomer
% of Newcomer
single parents
Intake exit
single parents who
able to meet
interviews
increase their ability
At exit interview
basic asset
to meet basic asset
management
Ongoing follow-up
management needs
needs
0% of Newcomer
single parents
using Canadian
Food Guide
practises
% of Newcomer
single parents
increasing use of
Canadian Food
Guide practises
Intake/exit
interviews
At beginning/end
of session
Ongoing follow-up Every 6 months
© 2013 Credit Union Central of Canada. All Rights Reserved.
Who is
responsible?
(Staff/Volunte
er or
participants)
Staff
Staff
Staff
Staff
2. Newcomer
single parents
demonstrate
Canadian job
market readiness
% of Newcomer
single parents
demonstrating
Canadian job market
readiness
3. Newcomer
single parents
demonstrate
knowledge of
personal asset
management skills
% of Newcomer
single parents
practicing personal
asset management
skills
48
0% of Newcomer
single parents
demonstrating
Canadian job
market readiness
% of Newcomer
single parents who
Intake/exit
show an increase in
interviews
their Canadian job
market readiness
20
0% of Newcomer
single parents
using IDA
personal asset
management
skills
% of Newcomer
Intake/exit
single parents
interviews
At beginning/end
increasing use of
Staff
of session
IDA personal asset
Ongoing follow-up
management skills
End of every
session
Staff
Project Design Monitoring Action Plan [PD MAP] contSummary of
Objectives
Indicators
Outputs
1.1 Newcomer
families learn
healthy food intake
patterns
% of newcomer
families who learn
healthy food intake
patterns
2.1 Newcomer
single parents learn
Canadian job
market skills
% of newcomer single
parents who learn
Canadian job market
skills
2.2 Newcomer
single parents
access community
support structures
for families
% of Newcomer
single parents who
access support
structures
3.1 Newcomer
single parents learn
asset management
skills
% of Newcomer
single parents
practicing asset
management skills in
daily life
Anticipated
# of
Participants
Baseline
Target
0% of Newcomer
single parents
using Canadian
Food Guide
practises
% of Newcomer
single parents
increasing use of
Canadian Food
Guide practises
0% of newcomer
single parents
who have
Canadian job
market skills
% of newcomer
Intake/exit
single parents who
interviews
increase their
Canadian job
Training reports
market skills
30
0% of Newcomer
single parents
participating in
support structures
for families
% of Newcomer
single parents
receiving support
and mentoring
20
0% of newcomer
single parents
who practise IDA
principles of asset
management
% of newcomer
Intake/exit
single parents who
interviews
increase their
practise of IDA
Training reports
principles of asset
72
48
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Means of
Verification
Intake/exit
interviews
Frequency of
Who is
Target Data responsible?
Collection
Every 6 months
Saff and
volunteers
Ongoing follow-up
At beginning /end
of session
Staff
Every 6 months
Intake/exit
interviews
At beginning /end
Participants
of session
and
volunteers
Ongoing follow-up Every 6 months
© 2013 Credit Union Central of Canada. All Rights Reserved.
At beginning /end
of session
Every 6 months
Staff
management
Activities
1.1.1 Establish
community gardens
1.1.2 Establish
community kitchens
2.1.1 Provide job
market skills
training and job
search skills
# newcomer single
parents who
participate in
gardening roles
# newcomer single
parents who
participate in meals
preparation
# newcomer single
parents who
participate in
employability and job
search skills training
36
# training at
community
gardens
#
participating/training
Ongoing follow-up Every 6 months
in community
gardening
Staff and
participants
72
# of meal
preparation
lessons
# indicating
satisfaction with
Ongoing follow-up Every 6 months
community kitchen
Staff and
participants
48
# attending
training
# in training
Staff
Ongoing follow-up Every 6 months
Project Design Monitoring Action Plan [PD MAP] contSummary of
Objectives
Indicators
Anticipated
# of
Participants
2.1.2 Provide
Canadian work
experience
opportunities in
ESL environment
# newcomer single
parents who
participate in
volunteer work
experience positions
48
2.2.1 Host single
Women’s
Conference
# newcomer single
parents who
participate in
workshop
2.2.2 Facilitate
# of
mentoring/support
for newcomer single mentoring/support
groups established
parents
Baseline
Target
% of newcomer
single parents
with relevant
work experience
# in volunteer
positions
30
30 who register
# who attended
Conference
20
# who enrol in
# in
mentoring/support
mentoring/support
groups
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Means of
Verification
Intake/exit
interviews
Frequency of
Who is
Target Data responsible?
Collection
Every 6 months
Staff and
volunteers
Field reports
At beginning /end
Staff and
Conference Report of Conference
volunteers
Intake/exit
interviews
Field/group reports
© 2013 Credit Union Central of Canada. All Rights Reserved.
Every 6 months
Staff
volunteers
and
participants
3.1.1 Provide asset
building and
effective money
management
techniques.
# newcomer single
parents who
participate in FF
training
20
20 with savings
pattern/behaviour
and knowledge
relating to money
management
skills.
# in FF program
cycle
Intake/exit
interviews
Every 6 months
Staff
Ongoing follow-up
PD MAP CONTEXT:
How long is a project session?
(i.e. How long will it take an average participant to
achieve the project goal?)
How many participants per session?
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6
How many sessions will be run in 3 years?
months
12
How many participants will be assisted through the
project over 3 years?
© 2013 Credit Union Central of Canada. All Rights Reserved.
6
70
Appendix G – Cost-Benefit Analysis
This appendix outlines the cost-effective analysis versus cost-benefit analysis that the learn$ave®
program undertook in order to understand the total impact that the program had on individuals, on
government and on society. A cost-benefit analysis demonstrates the benefit of operating a matched
savings program, and may be of use to a credit union deciding whether to develop, or continue to run
a matched savings program as they are resource intensive initiatives. To learn more, see Norm
Leckie, Taylor Shek-Wai Hui, Doug Tattrie, Jennifer Robson and Jean-Pierre Voyer, Learning to
Save, Saving to Learn - learn$ave Individual Development Accounts Project: Final Report, (Social
Research and Demonstration Corporation 2010, 155): http://www.sedi.org/DataRegV2-unified/sediPublications/learnSave%20final%20report%20English.pdf
Cost-effectiveness analysis versus cost-benefit analysis
Cost-effectiveness analysis (CEA) does not take into account the values of the impacts nor any cost
other than the direct financial cost to deliver the program. From the perspective of the learn$ave
program, a CEA cannot take into consideration the increases in indirect costs incurred by
governments (e.g., increased expenditure in postsecondary education due to increased enrolment
induced by the program), by participants and their families (e.g., costs of forgone leisure and earnings
while in school), and by society in general. CEA assumes that the outcomes of the program are
beneficial to the society and its main objective is to find the most efficient way to achieve these
outcomes. Only a cost-benefit analysis (CBA) can weigh the dollar value of benefits and costs of a
program and determine a program’s viability. Although CEA and CBA have different objectives and a
cost-effective program does not necessarily imply a viable program or vice versa, results from a CEA
can yield fruitful results from perspective of costs saving.
If a CBA were to be done on the learn$ave project, the basic framework is presented in Appendix
Table G at the end of this appendix. This framework contains only components that the learn$ave
project had impacted on.1 The signs represent the expected impacts of the learn$ave project: net
costs are denoted by “–”, net benefits are denoted by “+”, and no impact by “0”. These impacts differ
from the perspective of the participants and of the government. In the case of transfer payments, like
the learn$ave matched saving credits, the gains/losses by the government are exactly compensated
for by the losses/gains of the participants and net gains to the society are zero, as the value to society
is the sum of the impacts for the participants and the government.
The framework corresponds to the program effects model. The government covered the cost of
program delivery of the matched saving credits and financial management training and case
management services; the program (the credits alone and in combination with the services) induced
participants to save and earn credits; and the beneficiaries (participants or eligible family members)
spent the credits on education, training or small business start-up. Indirectly, the program might
induce beneficiaries to work less while in the education or while establishing the business, and other
family members might need to work more to make up for the participant’s lost earnings. The changes
in work hours indirectly changed the amount that employers paid to the government in the form of
Employment Insurance/ Canada Pension Plan premiums. Government expenditures on education
institutions and loans and grants would also increase due to the increased enrolment. After the
program, participants (and family) could benefit from the increased earnings because of the growth in
human capital or the higher income from self employment. In turn, government revenues from social
program premiums and taxes would increase while payments to cover the matched saving credits
provided under the learn$ave program and their administration cost would fall.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
Components with the largest expected values are bolded in the table. The gains from the higher
productivity of family members during the program were expected to be smaller than the lost
productivity of the beneficiaries. EI and IA administration costs saved are expected to be small.
Therefore, it was expected that most of the net benefits to society would come from the increased
post-program earnings due to the returns to additional education acquired and the increased postprogram income from additional self-employment. The major components of costs to society are the
administration cost of the learn$ave program, the costs of education (tuition, education support,
grants, and expenses), and the costs of business start-up. The relative magnitudes of these
components would probably determine a program’s viability.
Two CEA outcomes that correspond to the two largest components of the program benefits to
participants and society are the post-program increase in earnings from employment and selfemployment (cells with asterisks in the Participants and Family column in Table G). The two highest
cost items from the perspective of government are the cashed-out credits and the cost of delivery
(cells with asterisks in the Government Budgets column in Table G). Data were available or
projections made for all these four items. There are of course other costs that cannot be estimated
and so the CEA cost figures substantially underestimate the total cost to society. Therefore, if the
dollar value of a program’s outcomes is less than the direct financial cost of its delivery, it is not
viable. In other words, the learn$ave IDA program is not likely to be viable if, at a minimum, the
present value of participants’ earnings increases resulting from enrolment in education programs
funded and induced under the learn$ave project is not greater than the direct financial cost of delivery
and the credits used, which represent, in effect, the breakeven point.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
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© 2013 Credit Union Central of Canada. All Rights Reserved.
151 Yonge Street, Suite 1000
Toronto, Ontario, M5C 2W7
www.cucentral.ca
208-350 Sparks Street
Ottawa, Ontario, K1R 7S8
®HANDS & GLOBE Design is a registered certification mark owned by the World Council of Credit Unions, used under license.
®learn$ave is a registered trade-mark owned by Social and Enterprise Development Innovations (SEDI),
All other trade-marks included herein are the property of their respective owners.