More Than Fun and Games: Upcoming Conference
Blog Post
Oct. 17, 2011
On November 18, 2011, D2D Fund is hosting the 2011 Prize Linked Savings Conference "More Than Fun and Games" in Boston, MA. Early registration ($150) is available until October 21st. This one day summit will focus on the various models of prize-linked savings (PLS) that currently exist and bring experts from the academic, entrepreneurial, and policy arenas together to share information and think creatively about new approaches in the field.
We have collaborated with D2D frequently over the years and we’ve written about the complexity of PLS before, including a section on the topic in the 2011 Assets Agenda, our annual overview of the best policy solutions the asset building field has to offer. (See page 18 of the pdf for more.) We share an interest with D2D in identifying, testing and promoting innovative policies that better enable low-earning families to save and build assets. PLS presents an interesting case because lotteries and gambling aren’t traditionally associated with sound financial decision making. On the one hand, this seeming mismatch is precisely what makes the idea so intriguing. By shunning the world of gambling, is the asset building community missing the chance to capitalize on the seductive lure of gambling and merge it with opportunities for savings? Early evidence from U.S.-based PLS initiatives suggests there may be a group that is well-served by this approach: those who already participating in lotteries, those who have little to no savings, and those maintaining optimism about the future.
People who do not see the value in more traditional savings products are therefore not well-served by the existing financial product marketplace. Any effort to include previously neglected demographic groups in the discussion about financial products and design should be encouraged. This conference will hopefully provide a chance for those working on and considering PLS as a savings initiative to share information and strengthen the existing models to better serve the target group.
Update (Oct 18): D2D Fund has a great recent report evaluating the success of prize-linked savings in five U.S. states. The study examines which products and features are most attractive to customers by demographic subgroup.