MatchSavings.org Connects People, Builds Savings

Center for Personal Finance editors

During both good and tough financial times, an ample savings account at a reliable financial institution can be a safe haven. But in poor, rural areas, people are more likely to have access to credit than to a savings account. And, accumulating debt does not help lift people out of poverty.

MatchSavings.org, launched in October 2008 by the World Council of Credit Unions (WOCCU), Madison, Wis., brings credit union savings opportunities to people in rural poor areas who have never before saved.

Here's how the program works:

1. "Savers" open their first savings account at WOCCU's partner credit unions and commit to a six-month savings goal toward housing, education, microbusiness, or health-care expenses.
2. "Givers" contribute a matching dollar amount to the savings area of their choice.
3. At the end of six months, savers receive their matching donation.

MatchSavings.org helps people help themselves—to build stable families, communities, and local economies.

MatchSavings.org is working with Caja Yanga Credit Union in the state of Veracruz, Mexico, and plans to expand to additional credit union and countries as the program grows. Visit www.matchsavings.org to learn more about the program, read savers' stories, and learn how to participate.

Published January 4, 2010