Matched savings accounts are not unlike the RESP model. They are devised so low-income Canadians can set up savings accounts with the assistance of trained community-based organizations working directly with financial institutions to combat ID requirements. For people living in shelters, that was one of our most significant hurdles. There are matched savings incentives that are allocated virtually, while the participant saves in her account. Some of you here may have had the old Ontario home ownership savings plan, where you were actually allocated a matched savings incentive virtually while you saved.
Once you reach your savings period or you meet the requirements of the program, you can cash out. But the matched savings are never placed in the participant's hand. They are used as an incentive measure throughout the program, but the cheque is actually written directly to the vendor, that is, the educational institute or job training facility where the person will be taking the course or the training. Or it is written directly to the vendor who would be supplying the computer or tools of the trade to support education or employment.
For the independent living project, we have had a high success rate of helping people move into independent living from the shelter system. We've been able to help them with their savings for the first and last month's rent. We found through our studies and our research that this was one of the hurdles that were stopping individuals and families from moving out of the shelter system. They couldn't pull together that rent.
There is a behavioural change that happens when you have the ability to connect with the financial mainstream, when you are respected at the banking institution, when you're given hope for your future. Most of us have had mentors who helped us open up our first bank account.