Coalition urges statewide matched‑savings program as proven tool for economic mobility

A coalition of nonprofits, community action agencies and program graduates told the Joint Committee on Financial Services that House 11‑58 and Senate 7‑37 would scale a proven matched‑savings model statewide to support long‑term financial stability and asset building.

Sen. Jamie Eldridge framed the bill as an anti‑poverty tool rooted in the Asset Development Commission work and pilot programs already run by housing authorities and nonprofit partners. "A family, generally low, moderate income, saves a certain amount of money in a nonprofit or a government institution matches that, say 3 or 4 to 1," he said, describing match ratios commonly used in local programs.

Providers and advocates — including the United Way, the Midas Collaborative, EMPath and the Neighborhoods of Affordable Housing — testified that matched accounts combine financial education, case management and dollar‑for‑dollar (or higher) matches to help participants buy homes, go to college, cover moving or appliance costs, or start businesses. Loretta, a program graduate who described participating in a matched‑savings program while enrolled in EMPath's career‑family opportunity program, said the match money enabled her to clear debts and reinstate a driver's license, which unlocked employment and mobility options.

Midas Collaborative noted that match savings programs have demonstrated outcomes: participants increase liquid assets and frequently convert savings into longer‑term investments. Advocates asked the committee to create a stable statewide funding stream and a trust or fiscal intermediary to manage matching dollars and to include emergency withdrawal provisions to prevent eviction or housing loss without disqualifying participants.

Supporters requested a favorable report and emphasized that matched savings complements, rather than replaces, federal and state safety‑net programs.

The committee did not take a vote during the hearing.