State Policy Options to Encourage Asset Development for Low-Income Families

Asset building can be an important anti-poverty tool for many families as tangible assets can be passed down from generation to generation and afford families greater economic stability than income alone. Savings accounts are key to increasing family assets to help families achieve self-sufficiency. Policymakers have implemented a variety of strategies to encourage saving and asset building among low-income families, including Individual Development Accounts, and the EITC. This brief reviews the role that policymakers play in promoting asset building for low-income population.