matched savings program
about the program
Matched Savings is a 12-month program designed to teach participants how to effectively manage their personal finances, while providing the opportunity to save money towards continuing education, starting a small business and more. Invest in yourself and see the results launch you towards a brighter future.
You are eligible for this program if you:
- Want to increase your skills, knowledge, ability and confidence to make effective decisions about personal finances
- Need help saving for education, an RESP or RDSP, purchasing tools or equipment for work, or advancing a small business.
- Are willing to learn new ideas and try them out
- Can commit to attending 10 monthly educational seminars
- Can save $25 – $50 per month for 12 months
Your annual income must be at or below the following per hour rate (for a 2 parent, 2 child household, before taxes): $18.42 per hour
As a successful graduate, participants will receive 3:1 match for every dollar they save during the program (for every $1 saved, we will contribute $3 up to a maximum of $1,800).
The asset a graduate purchases becomes an important part of their future success. The asset must be something that the participant is passionate to pursue, that will enable them to be financially independent. Qualified assets that successful graduates may choose to purchase are recommended as follows:
- Starting a small business
- Continuing education at college/university that will allow for future employment and greater income opportunities
- Tools for Work (e.g. a carpenter or mechanic) that are necessary to ensure employment
- A Registered Education Savings Plan (RESP) to give your child / children a great pathway to post-secondary education
- A Registered Disability Savings Plan (RDSP) for your child/children
|participant savings||launch kelowna matched grant||total funds for asset purchase|
Commenced: September 2018 (closed to new applicants)
Graduation: September 2019
This Matched Savings group has a designated asset, Registered Disability Savings Plan contributions for family members and PLAN Okanagan will support and provide information to help families navigate their way through the Registered Disability Savings Plan (RDSP) and future planning during the year.
Application: July 1, 2019 to September 6, 2019
Start Date: October 2019