Kilmer to Participate in “Save to Win” Prize-Linked Savings Event
To encourage constituents to save money, Representative Derek Kilmer will participate in a prize-linked savings event on Monday, March 31st at 8am at the Peninsula Credit Union in Belfair. Rep. Kilmer introduced a bipartisan bill in October, the American Savings Promotion Act, which seeks to help reverse a decline in Americans’ personal savings rates by allowing more financial institutions to offer raffle-based, prize-linked savings accounts.
Prize-linked savings accounts are safe, regulated, and innovative products that are designed to encourage saving. These accounts are typical savings products that offer participants the chance to win prizes. The more participants save, the more chances they have to win prizes. Consequently, participants are strengthening their safety net and preparing themselves to meet future financial needs. Money in the account is never at risk – so even if someone does not win a prize, they still maintain all of their savings.
“Research has found that by getting a chance to win a prize with each deposit, more folks are more likely to set aside adequate financial resources to be prepared for whatever life throws at them,” said Representative Derek Kilmer. “The bill I introduced, the American Savings Promotion Act, would encourage this by allowing more financial institutions to offer these accounts. The best that can happen is you reap a windfall. The worst that can happen is you’ve saved money. This event is a great opportunity to learn more about how prize-linked savings accounts can benefit you.”
“We are launching ‘Save To Win’ as a program designed to help members resolve to save money and succeed,” said Peninsula Credit Union’s President Jim Morrell, “Save to Win prize-linked savings accounts are one way the credit union is living out its Community Development Mission Statement.” Peninsula Credit Union’s Community Development Mission Statement focuses on promoting community development through enriching lives and helping to achieve financial stability.
WHO: Representative Derek Kilmer and those interested in learning more about prize-linked savings
WHAT: “Save to Win” Prize-Linked Savings Event
WHEN: Monday, March 31st at 8:00AM
WHERE: Peninsula Credit Union, 23550 Highway 3, Belfair, WA
QUESTIONS: Contact Joe Dacca of Rep. Kilmer’s Staff at joe.dacca@mail.house.gov or
(360) 373-9725
Prize-linked savings accounts have been featured subjects on Freakonomics, USA Today, and Bloomberg for their potential to help lower-income families boost their savings.
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