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How Asset Building could be different



A group of individuals could save and borrow money together

Financial advisors could have to fulfill a fiduciary standard

Financial literacy could be taught in high schools

Public benefits could be deposited directly into savings accounts

Small-dollar loans could have transparent terms, be online, offer financial education, and the opportunity to build credit

Lotteries or prizes could encourage people to save more

Debit card users information could be used in credit scoring

Banking could be mobile

Financial counseling could aid with asset building for low-income individuals and families

A credit scoring system could be developed for unbanked individuals to qualify for financing

Digital game design techniques could be used to engage people and motivate behavior

Interest rates could be capped for payday loans

Asset limits for public benefits could be reformed to not discourage saving

Retirement accounts could allow funds to be used for education and home ownership

The Saver's Credit could be simplified and expanded

Children Savings Accounts could be required for every newborn

A Saver's Bonus could be offered to low-income tax filers

Tax refund increases could be required to be put into an IRA or other savings product

Individual Development Accounts (IDAs) or matched savings accounts could be expanded and encompass more goals

Employers could enroll workers in an opt-out direct deposit savings account

Banks could be easier to access at local shops

Banks could design and market savings accounts to low income consumers