CT IDA NEWSLETTER
January27,2019 / Volume 1, Number 1The entire Assets and Opportunity Scorecard can be found at .
/ Agencies in Connecticut that Operate Individual Development Account Programs Administered by the CT Department of Labor
The Connecticut Department of Labor currently administers 2 IDA Programs that are operated by 5 agencies in the State:
- CRT (Hartford)
- HRA (New Britain)
- New Opportunities (Waterbury)
- NHS (New Haven)
- TEAM (Derby)
- A Primary Residence
- Post-Secondary Education or Job Training
- Small Business Capitalization
- Post-Secondary Education for a Dependent Child
- A Lease Deposit on an Apartment
- A Vehicle if Needed to Obtain or Maintain Employment
Assets and Opportunity Scorecard
The Corporation for Enterprise Development (CFED), a national non-profit organization working at the local, state and federal levels to create economic opportunity to alleviate poverty, annually publishes an Assets and Opportunity Scorecard. The Scorecard is a leading source for data on household financial security and policy solutions in the U.S.
The Scorecard ranks each state on Outcomes and Policy. For the Outcome ranking, the Scorecard assesses states on the financial security and economic opportunity of households, using 67 outcome measures. For the Policy ranking, states are scored on the number of policies in each category that have been adopted. Scores for each issue area are averaged to create an overall score. States are compared to each other and ranked. The lower the score, the better the state’s performance.
Connecticut scored a 27 in the Overall Outcome Ranking. Rankings for some of the individual measures in the Outcome category for Connecticut are: Financial Assets and Income – 18; Business and Jobs – 36; Housing and Homeownership – 47; Health Care – 26; Education – 16.
In the Overall Policy Ranking, the state scored a 7. On some of the individual measures, Connecticut scored: Financial Assets and Income – 3; Business and Jobs – 17; Housing and Homeownership – 13; Health Care – 6; Education – 5.
You can see that our Outcome Rankings fall behind our Policy Rankings in every category.
Our neighboring states scored as follows:
MA: Overall – 19; Policy – 17
RI: Overall – 40; Policy – 2 (tied)
NY: Overall – 30; Policy – 2 (tied)
To find the full report on Financial Well-Being, go to , and click on “Reports.”
/ Connecticut IDA Website
Just a reminder that the Connecticut Department of Labor IDA website has useful information for IDA Program Operators, whether or not your program operates in the State of Connecticut.
At you can find copies of Connecticut's IDA Policies and Procedures Manual, our Participant's Handbook, Purchase Plans for all our allowable assets (Education, Home, Business, Lease Deposit, Vehicle for Employment and Education for a Dependent Child), as well as Consumer Credit Information, Foreclosure Prevention and Mortgage Modification Information, and other resources. You will also find the names, locations and contact information for IDA programs that are currently operating in the State of Connecticut.
What is Financial Well-Being?
The Corporation for Enterprise Development, working with the Consumer Financial Protection Bureau, recently released a report in which they provided answers to the question: “What is financial well-being?” Following is a summary of what emerged from the research. The following elements promote financial well-being:
Feeling in control of finances. Experiencing a high level of financial well-being means feeling like day-to-day and month-to-month finances are under control—major expenses are covered, bills get paid on time and there is no need to worry about having enough money to get by.
Having the capacity to absorb a financial shock. Life can be unpredictable, but there is always the chance that something will happen that will have a negative financial impact. Having a safety net of social resources, savings and insurance products helps mitigate unexpected financial upsets.
Being on track to meet financial goals. Even without a detailed financial plan, having set financial goals (such as buying a house or saving every month) and being on track to meet them likely translates into higher levels of financial well-being.
Having the flexibility to make choices that allow for life to be enjoyed. People with high levels of financial well-being have the financial freedom to make choices that allow them to enjoy life. This flexibility means going on vacation or splurging once in a while –spending some money on “wants” instead of just on “needs.”
CTIDA is an e-mail newsletter containing news, information and more about Individual Development Account (IDA) Programs. It is produced by the Department of Labor’s CT IDA Clearinghouse. To subscribe or unsubscribe, or to give us your comments, questions or suggestions, please contact Marie Hawe at CAFCA: Phone 203-249-1184; e-mail: