There was an interesting article by Jackie Calmes in yesterday’s Wall Street Journal titled New Programs Spur Working Poor to Begin Saving (free). I’m all for that! I like programs that actually help people better their lives rather than just give them something.
According to the article, the new programs match the participant’s savings but only if they consistently save and agree to attend financial planning classes. FINALLY! I would love to volunteer to teach financial planning classes. Maybe I should find out about any local programs and volunteer my services.
One of the obstacles to getting the working poor to save has been the fact that households with $2,000 or more in assets, including retirement plans, are ineligible for basic welfare programs.
It is an interesting article. I urge EVERYONE to read it.