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Jackpot: Using Lotteries to Promote Personal Savings

249 views · Published 18 April 2013 · 1:26:38 · Indexed 20 September 2026

Channel: New America · 2013 · News & Politics

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Jackpot: Using Lotteries to Promote Personal Savings
In Collaboration with the Doorways to Dreams Fund

Americans often view saving as a type of self-deprivation, the financial equivalent of eating your vegetables. What if the broccoli came with a side of sizzle? What if saving could offer some of the same thrill that spenders and gamblers experience? 

In 2009, a pilot project in Michigan called Save to WinTM allowed credit unions to offer a raffle-based savings account. That project set out to demonstrate that saving could, in fact, be fun and that making saving fun would bring in non-traditional savers and promote increased levels of saving and financial security.

Now, prize-linked savings (PLS) is a reality in a number of communities across America, and programs continue to innovate with different models. However, in many states, existing laws often prevent PLS products from being offered.

The New America Foundation's Asset Building Program and Doorways to Dreams Fund hosted this conversation about the history, possibilities and challenges offered by PLS. Keynote speaker Representative Derek Kilmer (D-WA) led the successful effort to allow PLS in Washington state, and will discuss that effort and the possibilities for federal action to promote greater adoption of new savings products.

http://newamerica.net/events/2013/jackpot_lotteries_personal_savings

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