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Lotteries or prizes could encourage people to save more

By Hicbd

"Four states—Michigan, Nebraska, North Carolina and Washington—now allow credit unions to offer cash prizes as an incentive to encourage people to save more...By opening a 12-month share certificate with as little as $25—far less than the minimum for most bank certificates of deposit—participants in prize-linked savings programs earn an entry into that month’s drawing and become eligible for a yearly grand prize. For each $25 added to the account (up to 10 deposits per month), a participant earns another entry. Savers are allowed to withdraw money before the end of the 12 months, but to do so they typically have to pay a $25 fee."

URL:
http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2014/07/15/to-encourage-saving-some-states-turn-to-prizes
http://www.huffingtonpost.com/2014/07/15/saving-money_n_5588235.html

URL Credit

Categories:
Global Poverty Global Asset Building / Financial Inclusion U.S. Poverty Bank Accounts Saving Lotteries

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Bernardo	This is a really interesting proposition and Idea!