Strengthening Financial Opportunity for Consumers
Commonwealth
Categories: GamificationPrize-Linked Savings
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.
“This is not just about her account growing…it’s also about this enormous mental change for her; this psychological shift.”
“One of the challenges in saving is getting people to think about the future, and think that life isn’t just about getting by day to day.”
- 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.