Savings Program Overview
The Family Savings Account (FSA) Program is an innovative matched savings program for low income individuals to encourage self-sufficiency through savings, financial management education and asset accumulation.
Developed by WORC in partnership with the Commonwealth of PA, The Family Savings Account assists individuals whose income is below 400% of the federal poverty level, in building their personal financial strength by learning the value of saving money and developing a fundamental knowledge of financial opportunities.
WORC piloted the program in 1997, in Southeastern Pennsylvania with 100 account holders. WORC continues to operate the program in partnership with several community organizations.
Successful account holders can accumulate enough assets to put a down payment on a home; fully fund one year’s tuition (undergraduate level) at a Pennsylvania community college without supplemental grants or loans; or provide equity in a business to obtain a microloan. Participants will attend a group orientation, complete a budget and an individual savings plan agreement. They will complete four sessions of financial management training including budgeting, debt and credit building, banking products, and basic financial planning, and they will receive ongoing case management services.
FSA Enrollment Fee $50.00 (ORIENTATIONS ARE FREE)
(ENROLLMENT FEES ARE NON-REFUNDABLE)
Emergency Savings Enrollment Fee $20.00 (ORIENTATIONS ARE FREE)
(ENROLLMENT FEES ARE NON-REFUNDABLE)
FSA Graduation Fee $50.00
Monthly FSA Orientation and Money Management Class
Date: First Tuesday of every Month
Time: 6pm - 8pm
Location: WORC | 2010 Chestnut Street, Philadelphia PA 19103
Questions please call (215) 564-5500
