Our Research
Commonwealth conducts original qualitative and quantitative research with financially vulnerable people—including Black, Latinx, and women-led households who disproportionately experience financial insecurity. We also interview industry experts and academics. We take what we learn and translate findings into actionable insights and practical solutions designed to change systems to work better for financially vulnerable people. We work with community groups, employers, financial services firms, fintechs, policymakers, and workplace solution providers to design and test real-world, practical solutions that not only work for individuals and families, but are also scalable and address the business needs of our partners.
We share the results of our work to provide you with innovative ideas, practical insights, and the tools you need to act. Explore our publications below.
Everyone Can Save: Building Savings One Bond At A Time
The promising results of the first year of the Savings Bond Tax Time policy only confirm our growing conviction that U.S. Savings Bonds are a good product for new and small savers and that linking the opportunity to tax-time provides…
Save to Win 2009
This paper reports on the outstanding results of the Save to Win Pilot- 2009. The results of this unique demonstration confirm our growing conviction that a well designed and implemented prize-linked savings product will appeal to consumers and generate new…
Yes We Can: Inclusive Saving at Tax Time
The results are in for the Tax Season 2009 Savings Bond Pilot, which builds on results from two previous pilots to show a strong preference for saving at tax time using U.S. Savings Bonds.
Returning America to Thrift
The failure of most Americans to save adequately has profound national implications. Perhaps of greatest concern is the impact inadequate savings will have on lower income households. Families with little or no savings to protect them in case of health…
Prize-Based Savings: Product Innovation to Make Saving Fun
What if winning prizes while saving money could transform saving into something exciting? Linking the fun of winning cash and prizes with the virtues of saving money, prize-based savings is a new concept in the United States, but is an…
Consumer Demand for Prize-Linked Savings: A Preliminary Analysis
This paper reports on a small-scale survey of the potential American demand for prize-linked savings accounts, an account that awards prizes as part of the saving product's return. In October 2006, Centra Credit Union launched a prize-linked savings pilot. As…
A Picture in Your Mind’s Eye: How LMI Individuals See Money and Savings
We began the process of applying the ZMET research within the financial services industry, starting with credit unions. Over the summer and fall of 2007, we completed a review of credit union imagery and messaging related to savings account promotions. Our…
Saving whilst Gambling: An Empirical Analysis of U.K. Premium Bonds
For over three centuries and across the globe, lottery-linked savings (LLS) programs have offered individuals the opportunity to save, and in lieu of paying traditional interest, have given savers periodic chances to win money or prizes. Despite their long history,…
Testing US Savings Bonds at H&R Block Tax Sites
During the 2007 tax season, Professor Peter Tufano, founder of D2D Fund, collaborated with H&R Block to study offering U.S. Savings Bonds (Series I) at 27 H&R Block tax preparation offices. 3,729 clients with federal refunds greater than $500 received…
Testing U.S. Savings Bonds to Help Low-income Tax Filers Begin Saving
During the 2007 tax season, D2D and four Volunteer Income Tax Assistance (VITA) sites conducted a U.S. Savings Bond pilot test. From January 22nd to March 31st 2007, D2D and its partners offered Series I U.S. Savings Bonds to 4,841…