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.
Beginning a saving habit can start with just a bit of motivation, and lead to a life-changing new way of looking at personal finance.
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.