The Faces of Financial Vulnerability in Greensboro NC

The Faces of Financial Vulnerability in Greensboro NC

Commonwealth undertook an in-depth research project with a small group of credit union account holders in Greensboro, NC in order to better understand the granularity of challenges faced by the financially vulnerable and the role prize-linked savings accounts can play in engaging with savings and coping with financial disruptions. Understanding the full picture of financial challenges is crucial for designing appropriate solutions.

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Key Takeaway

Save to Win Prize-Linked Savings account holders utilize it as a tool to improve how they think about their money and to inspire behavior change.

Key Learnings

  • The low barrier for entry and engaging product design encouraged account holders to see saving as a rewarding activity and helped them start a savings habit.

  • The incentive of a chance to win a cash prize can provide the motivation needed to start an emergency fund.

Key Findings

  • PLS accounts offered a valuable solution for making a savings buffer easier to achieve, which is crucial for households with high financial volatility.

  • The participants found themselves facing unexpected life changes and emergencies that they hadn’t prepared for.

Challenges

Related Challenge

Solutions

Related Solutions

Projects

Related Projects