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  • 2008
  • Working Paper
  • HBS Working Paper Series

Consumer Demand for Prize-Linked Savings: A Preliminary Analysis

By: P. Tufano, Nick Maynard and Jan-Emmanuel De Neve
  • Format:Print
  • | Language:English
  • | Pages:30
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Abstract

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.

Keywords

Saving; Income; Consumer Behavior; Personal Finance; Investment Return; Banks and Banking; Clarksville

Citation

Tufano, P., Nick Maynard, and Jan-Emmanuel De Neve. "Consumer Demand for Prize-Linked Savings: A Preliminary Analysis." Harvard Business School Working Paper, No. 08-061, February 2008.
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About The Author

Peter Tufano

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More from the Authors
  • The Asymmetric Experience of Positive and Negative Economic Growth: Global Evidence Using Subjective Well-being Data By: Jan-Emmanuel De Neve, George Ward, Femke De Keulenaer, Bert Van Landeghem, Georgios Kavetsos and Michael I. Norton
  • The Power of Voice in Stimulating Morality: Eliciting Taxpayer Preferences Increases Tax Compliance By: Cait Lamberton, Jan-Emmanuel De Neve and Michael I. Norton
  • Work and Well-being: A Global Perspective By: Jan-Emmanuel De Neve, and Council Members: A. Blankson, A. Clark, C. Cooper, H. James, C. Krekel, J. Lim, P. Litchfield, J. Moss, M. I. Norton, M. Rojas, G. Ward and A.V. Whillans
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