| 词条 | Prize-linked savings account |
| 释义 |
Prize-linked savings is the concept of using the chance to win a prize to incentivize personal savings. A prize-linked savings account or PLSA (also called a lottery-linked deposit account) is a savings account where some of the interest payment on bank deposits or marketing dollars are distributed as prizes based on chance. They are attractive to consumers as they function both as a sweepstakes or game of chance (as there is a chance of a large prize) and as savings (the deposit is never lost, unlike normal lotteries) vehicle. PLSAs are similar to lottery bonds except they are offered by banks, credit unions, prepaid card companies, and FinTechs, and can be held for a period of time determined by the consumer. Sometimes the returns are in-kind prizes rather than cash. PLSAs have attracted customers who were, hitherto, familiar with only raffles or lotteries, but now were guaranteed saving security as well as promised an attractive incentive in the form of lotteries.[2] It is, as the press quoted, a "no-loss lottery". The PLSA program in Michigan, USA, "Save to Win", was introduced in 2009 as a full scale demonstration by Commonwealth, (formerly D2D Fund Inc.), Filene Research Institute, and the Michigan Credit Union League following research by Peter Tufano from Harvard Business School, who co-founded Commonwealth in 2001[3]. During this research, 56% of the participants were non-savers before the program.[2] PLSAs have been the source of some controversy as some state ran lottery boards have claimed that PLSAs infringe upon their rights, although as time progresses we are seeing more and more states working with institutions to roll out this financial vehicle. United StatesExamples of prize-linked savings in the credit union space include:
Save to Win (from the Michigan Credit Union League) and [https://www.mncun.org/mpage/WINcentiveSavings WINcentive] (operated by the [https://www.mncun.org/page/MNCreditUnions Minnesota Credit Union Network]) are the two largest credit union PLS products. Both operate as multi-institution models meaning multiple credit unions can offer the product and share the prize pool. Examples of prize-linked savings in banks include:
Examples of prize-linked savings FinTechs include [https://www.longgame.co/ Long Game], [https://winwinsave.com/ WinWin], and [https://grand.co/ Grand]. [https://www.walmartmoneycard.com/account/prizesavings Prize Savings] was launched in 2016[8] on the [https://www.walmartmoneycard.com/ Walmart MoneyCard] (a reloadable prepaid debit card) in partnership with Commonwealth and Green Dot Bank. Each dollar saved in a cardholder’s Vault (savings pocket) earns an entry into monthly drawings for one of 499 prizes of $25 or one $1,000 grand prize. Every Vault user is automatically entered to participate. In the first year alone, over 200,000 people have used the MoneyCard Vault and saved over $500 million.[9][10] The American Savings Promotion Act was signed into law in 2014 opening the door for all financial institutions to be included in state-level legislation. To date, 28 states have passed legislation or taken legal action to ensure banks and credit unions (or in some states, only credit unions) can offer savings promotion raffles.[11] As of February 1, 2019, states that allow banks and credit unions to offer PLS via savings promotion raffles:
As of February 2019, legislation has been introduced in Vermont[13] (H. 148). Legislation was pending in Pennsylvania (HB 1039) in 2017-2018 but did not pass. States that allow credit unions to offer PLS[14]:
Prize-linked savings accounts have the potential to help combat low rates of savings among Americans. They offer more incentive than a traditional savings account as an individual may be discoursed earning a low rate of return in a standard savings account. US families that play the lottery all tend to spend roughly the same amount regardless of economic status. Because of this, those falling in the low end of the economic distribution have the potential to see true growth of personal savings through the use of a PSLA.[15] Around the worldPrize-linked savings accounts have been offered in Argentina, Brazil, Colombia, Germany, Indonesia, Iran, Japan, Mexico, Oman, Pakistan, Spain, South Africa, Sri Lanka, Turkey, United Arab Emirates and Venezuela.[16][17] In South Africa, the First National Bank created a program called the Million a Month Account (MAMA), aimed at increasing savings accounts among unbanked people. It was later closed after the state-run lottery sued them for infringing upon their monopoly.[18] In Iran, PLSAs are the most common form of savings account available to the public, as they are viewed to be in compliance with Islamic law which forbids one to earn guaranteed interest on assets.{{Citation needed|reason=no mention of PLSAs in linked article|date=March 2018}} See Islamic bankingEconomics of prize linked savingsThe success of the prize linked savings account can be attributed to several concepts studied in the field of behavioral economics. One such concept is the availability heuristic. Essentially people are likely to associate and have faith in things which readily come to mind, such as winning a lottery, as lottery winners are prevalent in media. Another behavioral economic concept which contributes to the success of prize linked savings is the sunk cost Institutional appeal of prize linked savingsPrize linked savings account have several appeals to finicial institutions which other savings and investment vehicles do not offer.[22] The first of which is ease of marketing. While it may be difficult for a banker to make a traditional savings account sound anything but drab, a PLSA has lottery like factor to it which could easily be sold to consumers. Also PLSAs aren't very complex in their investment strategy and typically go for risk adverse vehicles so they often require less effort and maintenance on behalf of the institution.[23] They offer the consumer transparency and legitimacy as the institution can consistently offer the same prize through the adjustment of odds in relation to the amount of interest being made on the collective fund.[24] Finally, PLSAs can maximize the liquidity of their consumers by denying those who frequently make withdrawals eligibility to win prizes.[25] See also
References1. ^{{Cite web|url=https://news.walmart.com/2016/12/15/walmart-and-green-dot-unveil-first-national-prize-linked-savings-program|title=Walmart and Green Dot Unveil First National Prize-Linked Savings Program|last=|first=|date=December 15, 2016|website=Walmart.com|archive-url=|archive-date=|dead-url=|access-date=}} 2. ^1 {{cite web|url=http://www.commissions.leg.state.mn.us/ladder/120511prizelinkedsavingsFAQs.pdf|title=Prize-Linked Savings FAQs|publisher=US Legislative Coordinating Commission|accessdate=22 May 2013}} 3. ^{{Cite web|url=https://www.ft.com/content/92ffdee2-7578-11e4-b1bf-00144feabdc0|title=Dean, businessman and social entrepreneur|last=Moules|first=Jonathan|date=2014-12-07|website=Financial Times|language=en-GB|access-date=2018-05-31}} 4. ^{{Cite news|url=https://www.cujournal.com/news/prize-linked-savings-now-on-the-menu-at-louisiana-credit-unions|title=Prize-linked savings now on the menu at Louisiana credit unions|work=Credit Union Journal|access-date=2018-05-31|language=en}} 5. ^{{Cite news|url=https://www.cujournal.com/news/wisconsin-debuts-prize-linked-savings-for-credit-unions|title=Wisconsin debuts prize-linked savings for credit unions|work=Credit Union Journal|access-date=2018-05-31|language=en}} 6. ^{{Cite web|url=https://www.prweb.com/releases/win_up_to_50_000_while_saving_your_money_with_big_prize_savings/prweb16121188.htm|title=Win Up to $50,000 While Saving Your Money with Big Prize Savings|website=PRWeb|access-date=2019-02-25}} 7. ^{{Cite web|url=https://ababankmarketing.com/insights/community-banks-prize-linked-savings/|title=Community Bank’s Prize Linked Savings|last=McGlazer|first=Mariele|date=August 30, 2017|website=ABA Bank Marketing|archive-url=|archive-date=|dead-url=|access-date=}} 8. ^{{Cite news|url=https://www.businesswire.com/news/home/20161215006293/en/Walmart-Green-Dot-Unveil-National-Prize-Linked-Savings|title=Walmart and Green Dot Unveil First National Prize-Linked Savings Program|access-date=2018-05-31|language=en}} 9. ^{{Cite news|url=https://buildcommonwealth.org/publications/walmart-moneycard-prize-savings-one-year-anniversary-brief|title=Walmart MoneyCard Prize Savings: One Year Anniversary Brief {{!}} Our Impact|last=Commonwealth|access-date=2018-05-31|language=en-US}} 10. ^{{Cite news|url=https://www.theatlantic.com/magazine/archive/2017/05/how-to-trick-people-into-saving-money/521421/|title=How to Trick People Into Saving Money|last=Walker|first=Rob|work=The Atlantic|access-date=2018-05-31|language=en-US}} 11. ^{{Cite news|url=https://www.businessinsider.com/house-passes-american-savings-promotion-act-2014-9|title=House Passes American Savings Promotion Act|work=Business Insider|access-date=2018-09-21}} 12. ^{{Cite web|url=https://ballotpedia.org/Texas_Proposition_7,_Financial_Institutions_to_Offer_Prizes_to_Promote_Savings_Amendment_(2017)|title=Texas Proposition 7, Financial Institutions to Offer Prizes to Promote Savings Amendment (2017)|website=Ballotpedia|language=en|access-date=2018-12-06}} 13. ^{{Cite web|url=https://legislature.vermont.gov/bill/status/2020/H.148|title=Bill Status H.148|website=legislature.vermont.gov|access-date=2019-02-25}} 14. ^{{Cite web|url=https://buildcommonwealth.org/work/info/prize-linked-savings-policy|title=Prize-Linked Savings Policy {{!}} {categories show_group='not 1'}{category_nam|website=buildcommonwealth.org|language=en-US|access-date=2019-02-25}} 15. ^{{Cite web|url=http://freakonomics.com/podcast/say-no-no-lose-lottery-rebroadcast/|title=Is America Ready for a “No-Lose Lottery”? (Update)|last=Lam|first=Stephen J. Dubner Bourree|website=Freakonomics|language=en|access-date=2018-12-06}} 16. ^{{cite journal | title=Banking on Gambling: Banks and Lottery-Linked Deposit Accounts |author1=Guillén, Mauro F. |author2=Tschoegl, Adrian E. |lastauthoramp=yes | journal=Journal of Financial Services Research | year=2002 | volume=21 | issue=3 | pages=219–231}} 17. ^{{cite book |last=Kearney |first=Melissa S. |first2=Peter |last2=Tufano |first3=Erik |last3=Hurst |first4=Jonathan |last4=Guryan |chapter=Making Savings Fun: An Overview of Prize-Linked Savings |editor-first=Olivia |editor-last=Mitchell |editor2-first=Ammamaria |editor2-last=Lusardi |title=Financial Literacy: Implications for Retirement Security and the Financial Marketplace |location= |publisher=Oxford University Press |year=2011 |isbn=978-0-19-969681-9 |doi=10.3386/w16433 }} 18. ^{{Cite news|url=http://allafrica.com/stories/200803311066.html|title=South Africa: Million a Month Account Ruling Sets Precedent|last=Nyamakanga|first=Regis|date=2008-03-31|work=Business Day (Johannesburg)|access-date=2017-12-01}} 19. ^{{Cite web|url=https://www.psychologytoday.com/us/blog/the-mating-game/201612/the-psychology-why-we-play-lotto|title=The Psychology of Why We Play Lotto|website=Psychology Today|language=en-US|access-date=2018-10-31}} 20. ^{{Cite web|url=http://sex-drugs-economics.blogspot.com/2016/12/the-behavioural-economics-of-lotto.html|title=Sex, Drugs and Economics: The behavioural economics of Lotto|last=Cameron|first=Michael|date=2016-12-28|website=Sex, Drugs and Economics|access-date=2018-10-04}} 21. ^1 {{Cite journal|last=Tufano|first=Peter|date=October 2006|title=Consumer Demand for Prize-Linked Savings: A Preliminary Analysis|url=https://www.hbs.edu/faculty/Publication%20Files/08-061_17c22e32-fe06-4b4a-8b5e-e09227fc8104.pdf|journal=D2d Fund|volume=z|pages=|via=}} 22. ^{{Cite web|url=https://www.nber.org/papers/w16433.pdf|website=www.nber.org|access-date=2018-12-06}} 23. ^{{Cite web|url=https://www.nber.org/papers/w16433.pdf|website=www.nber.org|access-date=2018-12-06}} 24. ^{{Cite web|url=https://www.nber.org/papers/w16433.pdf|website=www.nber.org|access-date=2018-12-06}} 25. ^{{Cite web|url=https://www.nber.org/papers/w16433.pdf|website=www.nber.org|access-date=2018-12-06}} External links
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