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  • May 2022
  • Article

Can Gambling Increase Savings? Empirical Evidence on Prize-Linked Savings Accounts

By: Shawn A. Cole, Benjamin Iverson and Peter Tufano
This paper studies the adoption and impact of prize-linked savings (PLS) accounts, which offer lottery-like payouts to individual account holders in lieu of interest. Using microlevel data from a bank in South Africa, we show that PLS is attractive to a broad group of... View Details
Keywords: Household Finance; Banking; Savings; Prize-linked Savings; Lottery; Household; Personal Finance; Saving; Banks and Banking
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  • Research Summary

Can Gambling Increase Savings? Empirical Evidence on Prize-linked Savings Accounts

This paper studies whether prize-linked savings (PLS) accounts, which offer random, lottery-like payouts to account holders in lieu of risk-free interest, can aid individuals in increasing savings levels by adding the chance to “win big.”  Using micro-level data from... View Details
Keywords: Lottery; Banking; Saving; Commercial Banking; Africa
  • 2008
  • Working Paper

Consumer Demand for Prize-Linked Savings: A Preliminary Analysis

By: P. Tufano, Nick Maynard and Jan-Emmanuel De Neve
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... View Details
Keywords: Saving; Income; Consumer Behavior; Personal Finance; Investment Return; Banks and Banking; Clarksville
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  • 22 Feb 2008
  • Working Paper Summaries

Consumer Demand for Prize-Linked Savings: A Preliminary Analysis

Keywords: by Peter Tufano, Nick Maynard & Jan-Emmanuel De Neve; Financial Services

    "Can Gambling Increase Savings? Empirical Evidence on Prize-Linked Savings Accounts." (May 2022)

    • 23 Jun 2008
    • Research & Ideas

    Innovative Ways to Encourage Personal Savings

    support every low- to moderate-income family, says Tufano. Beyond valuable programs like Social Security, tax breaks for savers, or auto-enrollment initiatives, there are more innovative and exciting projects: Prize-linked View Details
    Keywords: by Martha Lagace; Financial Services
    • 20 Feb 2008
    • First Look

    First Look: February 20, 2008

    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... View Details
    Keywords: Martha Lagace

      Peter Tufano

      Peter Tufano is a Baker Foundation Professor at Harvard Business School and Senior Advisor to the Harvard Salata Institute for Climate and Sustainability. From 2011 to 2021, he served as the Peter Moores Dean at View Details

      Keywords: asset management; banking; brokerage; credit card; education industry; energy; federal government; financial services; insurance industry; investment banking industry; microfinance; mining; nonprofit industry; oil ＆ gas; petroleum; real estate; retail financial services; state government; utilities; video games
      • 26 Oct 2010
      • First Look

      First Look: October 26, 2010

      at the end of the course being leaders and effectively exercising leadership as their natural self-expression. Download the paper: http://ssrn.com/abstract=1640302 Making Savers Winners: An Overview of Prize-Linked View Details
      Keywords: Sean Silverthorne