The Changing Nature of Work: Amplifying the Voice of the Financially Vulnerable Worker

The nature of work has changed, and will continue to change, in ways that are hard to predict. But, all indications are that traditional full-time work for one employer will continue to diminish, while other forms of work arrangements flourish. Commonwealth has engaged in research to increase knowle…

Pilots to Help Workers Build Security With Wage Hikes

Commonwealth announced it is bringing to Chicago a nationwide campaign to leverage minimum wage hikes to build worker financial security. Chicago’s multi-phase minimum wage ordinance increases the minimum wage by $1 on July 1. “The millions of workers around the country affected by mini…

Save to win: Banks hope to draw customers with prize-linked savings accounts

From WXYZ Detroit - with prize-linked savings, whether you win or lose, you still save.

How Saving Some of Your Tax Refund Could Win You a Cash Prize

New York Times article covers SaveYourRefund and the opportunity to save at tax time.

Raises, raises, and more raises…

Every day it seems like another company announces that it is planning to give raises to its workers –  CVS, Walmart, and Starbucks, just to name a few. Regardless of the motivation for these raises, they present an opportunity for workers to build their financial security. Over the last …

PLS Bill Introduced in California

Senate Bill 1055 has been introduced in California, allowing banks and credit unions in the state to offer prize-linked savings (PLS) products to their customers. This would make California the 28th state to pass PLS legislation, opening up a fun and exciting way to save. Prize-linked savings produ…

Savings games to help you stash more cash

Bankrate discusses how games and gamifcation - including some offerings from Commonwealth - can help boost savings rates.

Commonwealth and EARN Launch Savers Win

Leveraging our five years of experience operating a successful prize-based tax time savings campaign, Commonwealth has partnered with EARN to co-design an incentive program for their online savings community, SaverLife. The incentive program – Savers Win – offers tax filers the chance to…

Should we pay people to save?

The News Tribune explores how encouraging people to save works better with prizes, rather than (or in addition to) interest.

#TaxTimeSavings Twitter Chat - January 30th

Each tax season, households making less than $52,000 claim $100 billion in federal tax refunds. For many of America's low- and moderate income households, their tax refund is by far the largest check they receive all year. This windfall provides the perfect opportunity to start or grow an emerge…

Endless Possibilities for Growth of Prizes

Prizes continue to prove to be an effective tool for spurring positive financial actions. Prize Savings on the Walmart MoneyCard, designed in partnership with Green Dot Bank and Commonwealth, is celebrating a year of success. The program encourages saving by making the act fun and exciting. Since Pr…

FUNd My Future Expands Throughout Pittsburgh, PA Area

FUNd My Future, a Children's Savings Account (CSA) program started by Propel charter schools in Pittsburgh, is now available to students throughout Allegheny County, where Pittsburgh is located. This program aims to enable children and their families to take practical steps that t…

Innovations to Tackle College Financial Readiness

College education is one of the key drivers of financial security, and the high costs of college attendance can be a challenge for students from financially vulnerable households. Commonwealth designed and tested an innovative solution to this challenge: Ramp It Up, a gamified college financial read…

Green Dot Bank Wins Economic Inclusion Award for Prize Savings

Green Dot Bank has been recognized with an Economic Inclusion Award at the American Bankers Association (ABA) Community Commitment Awards for their work on Prize Savings, a prize-linked savings feature co-designed by Commonwealth on the Walmart prepaid MoneyCard. This recognition by ABA highlights …

Commonwealth Launches Tax Advisory Group

On October 20th, we held the first meeting of our Tax Advisory Group – a collection of industry experts focused on thinking expansively and with new perspectives about saving and financial security at tax time. The goal of this work is to identify promising strategies for dramaticall…

The Fun Way to Get Americans to Save More

US News article features savings products that use the power of prizes to make saving more exciting, such as Save to Win and Prize Savings.

Commonwealth and America Saves Team up for the Sixth Year of SaveYourRefund

In the 2018 tax season, SaveYourRefund will once again offer tax filers the chance to win cash prizes for saving a portion of their tax refunds. Now in its sixth year, the SaveYourRefund campaign provides fun and exciting incentives for Americans to build financial security at tax time. This year, …

Boston Saves Receives $35,000 National League of Cities Financial Inclusion Grant

Mayor Martin J. Walsh today announced that the National League of Cities has awarded a $35,000 grant to support the growth of Boston Saves - the City of Boston's children's savings account program - as it enters the second year of its three-year pilot. The grant will fund Bost…

Community Bank’s Prize Linked Savings

A guest post by Commonwealth in ABA Bank Marketing looks at how a community bank launched its own Prize-Linked Savings product.

Minnesota’s WINcentive Program Continues To Show Growth

CU Today provides an update on the growth of Minnesota's Prize-Linked Savings program, WINcentive.