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Save Now, Win Later: Removing Statutory Barriers To Prize-Linked Savings Initiatives, Ann E. Watford
Save Now, Win Later: Removing Statutory Barriers To Prize-Linked Savings Initiatives, Ann E. Watford
Vanderbilt Law Review
In February of 2010, Billie June Smith received exciting news. As the lucky winner of a statewide drawing, this elderly woman was awarded a giant check for $100,000. Billie June's good fortune cost her nothing, for she did not spend any money on the winning ticket. Instead, she became eligible for the grand prize when she decided to save for her retirement at her local credit union. Billie June was the inaugural grand-prize winner of "Save to Win," an innovative pilot program that launched in 2009 to test a concept known as prize-linked savings. In partnership with the nonprofit Doorways …