Filene Issues Final Report on Save to Win Pilot Program (Monitor: May 3, 2010)
Save to Win’s success in helping Michigan residents save is a positive sign in a troubled economy, and the Filene Research Institute has released a final report on the initial pilot program revealing some of the encouraging results.
The report documents the project, product results and key lessons learned, and outlines the opportunities to bring the program to other credit unions and consumers across the U.S.
Some of the important findings in the report include:
• Strong demand for prize-linked savings accounts exists among credit union members;
• Prize-linked savings products can attract financially vulnerable consumers and positively impact their saving levels;
• Certain prize-linked savings product features may help attract first-time savers and motivate individuals to save consistently.
Save to Win was created through a collaboration among the Doorways to Dreams (D2D) Fund, the Filene Research Institute and the MCUL. The prize-linked savings concept on which Save to Win is based has been championed by Harvard Business School Professor Peter Tufano, who is co-founder of D2D and Filene Fellow. The pilot program was underwritten by a grant from the Center for Financial Services Innovation’s Nonprofit Opportunities Fund, which is supported by The Wal-Mart Foundation.
The full Save to Win report from Filene (PDF format) is available on the MCUL’s CU Statistics, Economic Data and Research page.