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TAHLEQUAH, OK - The Cherokee Nation, Oklahoma (CNO) is rolling out a new program to help encourage young tribal members to save money. The Youth Individual Development Account (YIDA) program offers an incentive to 40 Native Americans between the ages of 14-17 to save at least $20 a month for education.

"The YIDA program will match that money 2-to-1 if the participant stays in the program for the full two years," said Gina Martinez, who administers the program for the Cherokee Nation. "A student would save at least $480 over that period of time and would have a total of $1,440 after the YIDA match. That’s a pretty good return on your money."

The Cherokee Nation offers a similar program for adults. The IDA program currently has openings for more than 70 participants. Participants in the program must deposit $30 a month into a special account. After two years, the IDA program will match the money in the account dollar for dollar, and in some cases as much as three dollars for every dollar saved.

Participants in the Cherokee Nation IDA program must be at least 18 years of age, be a member of a federally recognized Indian Nation, live within the Cherokee Nation jurisdiction and be employed at least part-time. Participants choose from four savings goals: home purchase, home improvement, small business start-up and education.

Program participants are required to attend economic literacy classes during the first year of the program. For an application, or more information on the IDA or Youth IDA program, call Gina Martinez at the Cherokee Nation, phone 456-0671 (ext.2884).