Michigan's Save to Win garners prominent coverage
PLYMOUTH, Mich. (8/4/09)--The Michigan Credit Union League's Save to Win program was the topic of a recent Fox Business News story in which league President David Adams was interviewed. The program also has been noted by The New York Times and the Wall Street Journal.
Save to Win is a program piloted by eight Michigan credit unions that offers credit union members the opportunity to win prizes for each $25 they deposit into savings accounts. Since the pilot launched in January, $4 million has gone into savings, with an average deposit of $300.
Many of the people participating are individuals who have never saved before and played the lottery or gambled with their money. The pilot is appealing to individuals' desires to play a game--but in a productive way, Adams said.
"People need incentives to save," Adams told Fox Business News. "We are borrowing too much, and saving too little. [But] the more we save, the more prepared we'll be for the future."
The Save to Win program was made possible through a partnership with the Filene Research Institute and the D2D fund.
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