Jackpot: Using Lotteries to Promote Personal Savings

Americans often view saving as a type of self-deprivation, the financial equivalent of eating your vegetables. What if the broccoli came with a side of sizzle? What if saving could offer some of the same thrill that spenders and gamblers experience? 

In 2009, a pilot project in Michigan called Save to WinTM allowed credit unions to offer a raffle-based savings account. That project set out to demonstrate that saving could, in fact, be fun and that making saving fun would bring in non-traditional savers and promote increased levels of saving and financial security.

Now, prize-linked savings (PLS) is a reality in a number of communities across America, and programs continue to innovate with different models. However, in many states, existing laws often prevent PLS products from being offered.

Please join the New America Foundation's Asset Building Program and Doorways to Dreams Fund for a conversation about the history, possibilities and challenges offered by PLS. Keynote speaker Representative Derek Kilmer (D-WA) led the successful effort to allow PLS in Washington state, and will discuss that effort and the possibilities for federal action to promote greater adoption of new savings products.

On Twitter? Follow @AssetsNAF and use #jackpotPLS to start the conversation online. 

Participants

Keynote Speaker
Representative Derek Kilmer (D-WA)
U.S. House of Representatives

Featured Speakers
State Representative Mae Flexer (D-44^th Assembly District)
State Representative, Connecticut General Assembly

Stuart Butler
Director of the Center for Policy Innovation, The Heritage Foundation

Joanna Smith-Ramani
Director of Scale Strategies, Doorways to Dreams Fund

Moderator
Justin King
Federal Policy Liaison, Asset Building Program, New America Foundation