Prize-Linked Savings And Financially Vulnerable Americans: Insights from a Five-State Study
Prize-linked savings (PLS) products hold great promise as a tool for improving savings outcomes for financially vulnerable Americans. In early 2011, Doorways to Dreams (D2D) Fund commissioned a panel survey of low-to-moderate income (“LMI”) households in five states. The objectives of this survey were to understand the appetite for prize-linked savings, in general, as well as to gather specific insight into LMI consumer preferences related to product features and marketing. In addition, the survey provided feedback on the Save to Win™ product construct currently deployed by the credit union industry in Michigan.