D2D is a pioneer in the field of prize-linked savings (PLS). PLS transforms savings into a fun, exciting experience by giving savers the chance to win prizes. PLS models have been successful internationally, and D2D, seeing the opportunity to introduce it in the US, forged partnerships with a group of Michigan credit unions to create a large-scale PLS pilot, Save to Win™ (STW). Over the years, Save to Win has become a successful credit union savings product and is now offered in 6 states. As of 2015, over $100 million dollars has been saved in STW accounts.
D2D has advocated for legislative changes at both the federal and state level to allow increased access to PLS products. With the passage of the American Savings Promotion Act in December 2014, federal barriers to PLS expansion have been removed. State-level legislative change is still required in most states to allow all financial institutions to offer PLS products. D2D is actively working for passage at the state level. As of the fall of 2015, 15 states have passed legislation opening up a market of 78 million people for these products. Click here to learn more about state advocacy and get involved.
The future for PLS is exciting. There are many untapped opportunities for PLS to encourage savings behavior for financially vulnerable Americans. D2D continues to explore areas such as state lotteries, prepaid cards, and banks as channels for offering these products.
Click here to see D2D's innovative prize-linked savings story featured in the American Express video series, #SpotlightOnChange.
Prize-Linked Savings resources:
- Press Release: Doorways to Dreams Fund Innovation Provided a Model for Federal Legislation
- Save to Win Impact: 2014 Overview
- Save to Win Impact: Michigan 2014
- Save to Win Impact: Nebraska 2014
- Save to Win Impact: North Carolina 2014
- Save to Win Impact: Washington 2014
- Prize-Linked Savings: Creating Financial Confidence and Opportunity
- Building Financial Security Through Fun – Findings from the Save to Win Expansion
- A Winning Proposition: Creating Economic Opportunities Through the State Lottery
- Playing the Savings Game: A Prize-Linked Savings Report
- Saving Whilst Gambling: An Empirical Analysis of U.K. Premium Bonds
- PLS Legislative Success
Additional PLS resources can be found here.
Prize-Linked Savings Updates:
- PLS Legislation Passes in Connecticut!
- Washington State Launches Save to Win
- D2D Publishes Paper on the Expansion of Save To Win