This report from Prosperity Now shows the importance of matched savings programs called 'Promise Accounts' which help families successfully save for their futures. They are especially important for households of color as compared to white households.

Decreasing economic inequality and closing the racial wealth divide means creating saving pathways for low-income households to build wealth. Promise Accounts make some key changes to traditional matched savings programs. Specifically, these accounts would have features including:

• Standardized accounts created through one platform, managed by the US Department of the Treasury
• A strong role for local organizations
• Broadening the uses for Promise Accounts including higher education, work, and housing
• Allowing more families to participate
• Elimination of savings penalties