Commonwealth envisions a world where the financial system promotes lasting social and economic prosperity for every family. To make that vision a reality, they use a four-stage innovation process to bring policies and products to market that increase financial security such as Prize-Linked Savings; a savings account that randomly rewards savers with even more money.
Despite prosperity in America, saving rates are at dangerously low levels. The goal of prize-linked savings is to make saving more interesting and fun to make people want to increase their rate of saving.
The emphasis of a successful saving product is not how much you can save, but what that saving can do for you.
Besides designing a good product, it’s important to make sure that the product is conveniently available to the people who need it.
Saving is motivated by being able to do what you want to; not by bigger numbers.
People want to participate in prize-linked savings, but don’t always have access to it.