Strengthening Financial Opportunity for Consumers

Strengthening Financial Opportunity for Consumers

Commonwealth  envisions a world where the financial system promotes lasting social and economic prosperity for every family. To make that vision a reality, they use a four-stage innovation process to bring policies and products to market that increase financial security such as Prize-Linked Savings; a savings account that randomly rewards savers with even more money. 
 
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Key Takeaway

Despite prosperity in America, saving rates are at dangerously low levels. The goal of prize-linked savings is to make saving more interesting and fun to make people want to increase their rate of saving.

Key Learnings

  • The emphasis of a successful saving product is not how much you can save, but what that saving can do for you.

  • Besides designing a good product, it’s important to make sure that the product is conveniently available to the people who need it.

Key Findings

  • Saving is motivated by being able to do what you want to; not by bigger numbers.

  • People want to participate in prize-linked savings, but don’t always have access to it.

Solutions

Related Solution