Province increases funding for asset-building programs
January 6, 2009 | Community News | Archive 2009
Manitoba's government has stepped up efforts to help families in low-income situations achieve financial stability and independence by committing an additional $800 000 annually to expand asset-building programs in the province.
"Especially in uncertain times, we not only have to help and encourage low-income Manitobans to save for emergencies, but also to enhance economic independence and create choices outside welfare through ownership opportunities," said Family Services and Housing Minister Gord Mackintosh, who announced the increase Friday, November 21, 2008.
United Way of Winnipeg has been involved in asset-building programs since 2000. In 2006, United Way formed the AssetBuilders Partnership with agency partner SEED (Supporting Employment and Economic Development) Winnipeg. The strong foundation established by this partnership has made scale-up of this magnitude possible, said Linda Brazier Lamoureux, United Way's Director of Community Investment.
"This kind of growth is a cornerstone of United Way's poverty reduction strategy and played a role in this decision by the province," said Lamoureux. "It's a great example of what happens when we all work together toward the same goals."
The new provincial funding is part of a $3 million anti-poverty initiative and represents the largest annual increase in asset-building opportunities since these programs were introduced in Winnipeg.
"We see evidence every day that supporting low-income Manitobans in their savings goals is an effective way to fight poverty," said Cindy Coker, executive director of SEED Winnipeg. "For example, it has been shown that for every public dollar invested to match savings accounts, $5 is generated for the community in new business and jobs, increased earnings and educational achievements, new and improved homes, higher tax receipts and reduced welfare."
At present, 240 individuals living in low-income situations are able to access asset-building programs through the AssetBuilders Partnership.
The Manitoba Saves! initiative will mean up to 700 Manitobans living in low-income situations will be able to enrol in money management training that will teach them how to budget, save and use financial institutions.
Up to 450 Manitobans in low-income situations who save for housing, education or small business development will be further encouraged by a three-to-one match on savings accounts up to a specified limit.
United Way of Winnipeg applauds the Province for its enhanced efforts to create opportunities for a better life for everyone!
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