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©2013 D2DFund, Inc.
Mission: to strengthen the financial opportunity and security of low and moderate income consumers by innovating, incubating, and stimulating new financial products and policies.
Non-Profit 501(c)3 based in Allston, MA
Wide range of work Promoting savings bonds at tax time Incentivizing routine savings with prizes Teaching finance with casual video games Comodifying emergency savings Shaping the fintech & mobile app space
Doorways to Dreams (D2D) Fund
©2013 D2DFund, Inc.
Prize-linked Savings Concept
A dynamic approach: Greater potential for impact Reach a diverse set of consumers Fosters innovation
A game-changing experience: PLS bundle – saving +
entertainment + aspiration Fun! Engaging! Reframe from desire/sacrifice to
immediate reward, possibility, suspense
©2013 D2DFund, Inc.
Prize-linked Savings Features
Motivates building and keeping savings: More you save, more chances to win Prize structure can incent certain behaviors
e.g., greater odds of winning if savings held for longer period
Principal Protection: There are no losers – all deposits are safe
Prize money: Paid from interest on deposited funds
©2013 D2DFund, Inc.
Save to Win History
In 2009 MCUL, D2D, Filene set up Save to Win Launched with 8 credit unions Based off of the ability for credit
unions to offer raffles under state law
Expansion to Nebraska (2012), North Carolina (2013), and Washington (2013)
©2013 D2DFund, Inc.
Save to Win Product Description
12-month share certificate Opening deposit: $25 Unlimited deposits One withdrawal allowed in 12-month period
Prizes! Large, headline prizes (from $20,000-$100,000) Many, smaller, monthly prizes Credit union specific prizes
©2013 D2DFund, Inc.
Who does Save to Win Serve?
In 2013 in all states between 70-78% of accountholders met at least one measure of financial vulnerability and: 36-69% were Low to
Moderate Income (below $40,000 HH income)
50-57% were non-savers
35-45% were asset poor
©2013 D2DFund, Inc.
What is the Impact?
Over 40,000 unique accounts between 2009 and 2012 saving over $70,000,000
Between 2011 and 2012, 82% “rolled over” or kept their accounts open for another year
Financially vulnerable and non-vulnerable accountholders reopened their accounts for another year at the same rate
©2013 D2DFund, Inc.
Opportunity in New York
In 2013, NYS Legislature passed PLS bill
Partnership with NY Credit Union Association, National Federation of CDCUs
Chance to participate in NY roll-out in 2014