Consumer demand for prize-linked Savings
Subtitle: a preliminary analysis
By: Peter Tufano, Nick Maynard, Jan-Emmanuel De Neve
Contributors: Maynard, Nick; De Neve, Jan-Emmanuel; Harvard Business School
Series: Working paper / Harvard Business School -- 08-061; Working paper (Harvard Business School) -- 08-061
Publisher: Harvard Business School
Published: 2008
Place of publication: Boston]
Language: eng
Number of pages: 30
Description: 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 part of that initiative, we conducted a mall intercept survey of over 500 people in Clarksville, Indiana, the community where the program was launched. This preliminary data suggests that low-to-moderate income Americans may have substantial demand for prize-linked savings, with a majority of survey participants expressing an interest in opening a prize-linked savings account. As predicted by theory and international experience, interest in prize-linked savings is greatest among people who do not have regular saving habits, who have little actual savings, who play lotteries extensively, and who are optimistic about their futures.
Notes: "February 2008"--Publisher's web site.

Includes bibliographical references.