SaveYourRefund Saving Dreams
Commonwealth
Categories: GamificationPrize-Linked SavingsTax Time
Mary Bunch, the SaveYourRefund grand prize winner in 2015, was living paycheck to paycheck until the chance at a cash prize motivated her to put aside a little money at tax time. Not only did she end up winning the grand prize, but she also learned to start a habit of saving, creating a brighter future for her and her family.
“It’s not about the amount of money that you save or that you have in the bank, it’s just knowing that it’s there.”
“Basic financial literacy is no longer an approach that works; you need more, you need well-timed and actionable opportunities.”
- In a savings program, the emphasis should be on habit building, not the amount of money saved.
- Consumer-centric design is important to build a product that is not only good, but will actually be utilized.
- A small amount of money saved is enough to spark a habit, and a realization that it can be done.
- It’s not enough to offer a product or an account; you need to motivate use and grab attention.
