A statewide initiative in Nebraska called Save To Win is encouraging members to beef up their saving accounts.
In an effort to get members on solid financial ground, nine Nebraska credit unions are offering an enticing incentive – $25,000.
That’s the grand prize in Nebraska Credit Union League’s Save To Win drawing that will be awarded in 2013 to a member who has saved at least $25 over the year, with up to 120 chances to win per $25 savings. Until then, members who squirrel away money can earn one of the monthly prizes ranging from $125 to $1,000.
The innovative savings incentive is the second statewide Save To Win competition, which began as a pilot program with eight credit unions in Michigan and now includes 53 participating credit unions. In that competition, members can win one of 170 monthly $50 monthly prizes or one of 10 $10,000 annual grand prizes. The Michigan program has awarded cash to nearly 4,000 members since January 2010.
“The Save to Win program is yet another way in which our credit unions are promoting thrift to their members by incentivizing them to save for the future,” says president and CEO of the Nebraska Credit Union League Scott Sullivan in a press release. “By linking the chance to win great monthly prizes along with a $25,000 grand prize, we believe the Save to Win program will lead some members to begin saving for the first time while helping others to accelerate their habit of saving.”
And members may need that extra bit of encouragement to save. While personal income has risen the past three years, personal savings dropped in 2011 to $505.3 billion from $592.8 billion in 2010, according to the U.S. Department of Commerce.