This paper discusses the opportunity for a state government backed savings product offered through the lottery channel, making the case for the role of government in savings, the potential of the lottery channel for offering such a product, the impact of a lottery-based savings ticket on consumers, and how such a product could be offered to consumers through the lottery channel. Prize-linked savings lottery tickets will still provide the fun that consumers crave while simultaneously increasing the financial security of players, what a winning proposition!
An original market survey examines consumer demand and product features, revealing a rich opportunity for lotteries to reimagine America’s savings infrastructure
Savings tickets attract a diverse set of consumers
A strong demand for a lottery savings ticket exists
Gifting savings is a popular motive for buying savings tickets
61% of respondents stated that they thought the state and federal government should do more to encourage people to save
Half of all respondents said that they were likely to buy a ‘savings ticket’, a potential market of 65.6 Million adults
52% of respondents were interested in gifting savings.