This report highlights the Save Your Refund 2015 campaign’s new engagement techniques and shares insights gained. During its third successful year, SaveYourRefund encouraged over 2,800 consumers to enter and save over $2MM in tax refund dollars.

“Partner VITA sites encouraged their return preparers – who are most often volunteers – to highlight for taxpayers the ability to split direct deposit of a refund among multiple accounts using IRS Form 8888. Taxpayers who did so with at least $50 put into one of six qualified savings vehicles (including savings accounts, bonds, or prepaid cards) could register at www.saveyourrefund.com for a chance at a weekly cash prize.”

“Scratchers were instrumental in creating new savings by presenting the opportunity to save in an exciting way and allowing tax volunteers to have successful conversations with consumers about saving.”

“The experience from SaveYourRefund confirms how bonds are a leading saving vehicle for vulnerable consumers who may not have access to other products. Overall, there was 51% growth in year-over-year bond purchases in 2015. The SaveYourRefund results also confirm that taxpayers with dependents are particularly attracted to buying savings bonds.”

• Instant gratification – in this case, via scratch-off prizes – is a powerful way to build excitement around saving, a typically long-term gratification.
• Having well-informed people on hand to advocate for a program is just as important as making sure the program is well-implemented.
• Offering small prize chances via scratch off tickets at the time of filing helped build interest from an even earlier point in the process, and brought excitement into the tax preparer’s office.
• Support for the program from on-site tax preparers made a significant difference in filers’ saving behavior.