In The News

The Toronto Star writes on the Independent Living Account, an program that helps struggling Torontonions living in shelters save and manage their money. By providing $3 for every $1 participants save up (to a maximum of $400), the Independent Living Account helps people move from the shelter system into permanent housing. Launched by national charity Social and Enterprise Development Innovations (SEDI) in 2005, the program has been a tremendous success, helping 300 people in eight Toronto shelters.

"The Independent Living Account program, which has helped about 300 people in eight Toronto shelters since 2007, was designed by SEDI (Social and Enterprise Development Innovations), a national charitable organization dedicated to helping poor, unemployed and underemployed people become self-sufficient. It began as a pilot project in 2005 which found that 57 per cent of participants who opened bank accounts moved out of the shelter system. About 95 per cent were still renting their own place up to 15 months later, said Barbara Gosse of SEDI."

"For every $1 spent on the program, taxpayers save $2.19 in shelter and welfare costs as participants move into stable housing and employment", said Gosse who wants to expand the program to help public housing tenants."

"Although this is a small program, it is enormously successful and cost effective," she said."

"The program's $200,000 annual cost is funded through the federal Homelessness Partnership Initiative and is used to train about 16 hostel workers a year who help participants open bank accounts and manage their money. An additional $40,000 for the matched savings is raised through private donors, such as TD Bank."

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original source Toronto Star