Walmart MoneyCard Prize Savings: One Year Anniversary Brief

Innovative financial products can help financially vulnerable people save money. Walmart’s MoneyCard Prize Savings program, designed in partnership with Green Dot Bank and Commonwealth, is demonstrating that case. Prize Savings uses the chance to win cash prizes to make saving fun and to engag…

Ramp It Up: Gamifying College Financial Readiness

Access to a college education is one of the key drivers of financial security, and financial aid (loans, grants, and scholarships) can make college a viable opportunity for many students. However, understanding how to access such aid requires financial capability and specific knowledge that can be l…

Product Spotlight: Neighborhood Credit Union’s Prize- Linked Savings Account

For over a decade, Neighborhood Credit Union in Dallas, Texas has offered a unique sweepstakesbased prize-linked savings (PLS) product called Prize Savings. This PLS product provides an example of how individual financial institutions can independently launch and manage innovative savings products t…

Rise with the Raise: Findings From Early Pilots

Nearly 19MM minimum wage workers across the country will receive annual raises of $61.5 billion by 2022. Commonwealth is partnering with employers to ensure as many of these workers as possible can use these raises to build their financial security. Employee financial insecurity can often result in …

Savings Behaviors Among Youth of Color

In the summer of 2015, Commonwealth and the New York City Department of Youth and Community Development (DYCD) piloted a payroll program that used prizes to facilitate positive financial behaviors among 50,000 youth participating in DYCD's Summer Youth Employment Program (SYEP). In the process, …

Rise with the Raise: California

Over the last six months, Commonwealth has sought to understand minimum wage workers’ and employers’ attitudes, knowledge, and beliefs about the minimum wage hikes and building financial security. We surveyed low wage workers, held focus groups, and met with leaders from employers of low…

Five Years of SaveYourRefund

SaveYourRefund (SYR) completed its fifth successful year in 2017. Learn about how it has grown and the impact it has made on tax filers across the country.

SaveYourRefund 2017 Summary

At the end of its fifth year, SaveYourRefund continues to motivate saving at tax time. Learn more about its impact in 2017, and meet some of the winners who were motivated to save.

Prize-Linked Savings in Credit Unions: 2016

In 2016, Prize-Linked Savings (PLS) products expanded rapidly, doubling the number of states with PLS products from 6 to 12. Two new branded products - Lucky Savers (LS) in New York and WINcentive Savings Accounts (WSA) from the Minnesota Credit Union Network - were launched. These new launches and …

Financial Entertainment Infographic

Over the last seven years, we've developed our Financial Entertainment suite of games to cover a variety of financial topics, making financial education more fun and exciting. They've been popular among a wide range of people, and have helped our partners achieve their goals.…

Rules of Thumb Presentation

You’ve probably heard that “an apple a day keeps the doctor away,” but why are there are so few simple, effective messages about your finances? Credit unions can build a better relationship with their members by offering these sorts of simple, actionable messages to guide and simp…

WINcentive Savings 2016 Report

This report analyzes the performance of WINcentive Savings accounts throughout 2016, as well as data from a Commonwealth survey administered to WINcentive account holders by their respective credit unions. With the WINcentive survey, Commonwealth aims to understand who holds WINcentive accounts…

Prizes Facilitate Saving by Youth

In the summer of 2015, we worked with the New York City Department of Youth and Community Development (DYCD) to design and pilot a Payroll Savings Program for around 50,000 youth participating in their summer youth employment program. The goal of the program was to encourage young workers to save a …

Commonwealth 2016 Accomplishments

In 2016, we developed new ideas, tested innovative solutions, and worked with partners to improve the lives of financially vulnerable Americans at scale.

Building Financial Security Through Integrated Financial Solutions

People’s financial lives are more deeply interconnected than traditional financial products suggest: income impacts expenses; expenses impact savings; savings impacts borrowing; borrowing impacts expenses; and uncertainty impacts everything.  Products that fail to acknowledge these interd…

Our Approach: Innovation Pipeline

At Commonwealth, we discover new financial challenges and explore new innovative solutions through research, listening, and talking with people. We take the most promising of these new solutions and design real world pilots to see if they work. We then collaborate with partners to bring these proven…

Increasing Access to U.S. Savings Bonds: Recommendations for Bond Innovation

U.S. Savings Bonds fill a market gap for safe, no-fee, general purpose savings products with low minimum balances and a trusted brand. The Treasury Department can not only preserve bonds as they are currently available—including through the Tax Time Saving Bond Program—but can also take …

Bite Club Trailer

In Bite Club, users manage a vampire nightclub to learn how to plan for retirement, understand the value of paying off debt, and manage spending patterns. Watch the trailer below, and check out the Financial Entertainment site to learn more and play Bite Club (or any of our other Financial Entertain…

Ramp it Up Trailer

Ramp It Up is a gamified college readiness mobile app that seeks to empower high school students to make positive financial decisions related to paying for college. Watch the trailer below, and click here to learn more about Ramp it Up. Want to try it out? You can play the game online or on you…

Gamification: Making Financial Security Fun

Gamification provides a way to turn tasks into fun and engaging activities that lead to real world action. Commonwealth collaborates with employers, non-profits, financial services firms, and more to design, create, pilot, and scale gamified apps.