In a column on Bloomberg.com a Bloomberg editor and producer suggests the country should consider expanding prize-linked savings – such as Save to Win – to replace state lotteries.
The column comes after two people split a record $587.5 million PowerBall jackpot. In the column, Zara Kessler says prize-linked savings is better because at least those who don’t win get to keep the money they deposit in their accounts.
“Yesterday, you were envisioning what you would wear as you waved at the TV cameras with your giant check,” Kessler writes. “Today, you're reminding yourself that you were probably more likely to have been killed by a falling vending machine than to have won.”
The article says that instead of providing monopolistic lotteries, some governments around the world sponsor prize-linked savings contests to encourage saving rather than spending money on a lottery so few will actually win. Click here to read the story.
“Programs such as Save to Win encourage people to save their money while still offering them a chance to win a big prize,” MCUL & Affiliates CEO David Adams said. “Because of Save to Win, people who have never saved before are developing their own nest egg for their future.”
It’s not too late for credit unions to join Save to Win for 2013. Contact Jessica Demorest at Jessica.Demorest@mcul.org to learn more.