What If Saving Could Be Like A Lottery?

Tina Rosenberg | New York Times (Opinion)-- "More than a quarter of Americans have saved less than $1,000 for retirement... Prize-linked savings exist in some form in at least 18 countries today..

Perhaps the experience most relevant for the United States is Britain’s Premium Bonds, established in 1956. The interest on the bonds isn’t repaid to the holders. Instead, it goes into a prize fund .. Every pound savers put in (to a maximum of £30,000) gives them a chance to win monthly."

WHAT IF?
"For each deposit of $25, savers got normal interest, plus one entry to the annual grand prize and monthly smaller prizes of between $25 and $100. More deposits meant more chances to win, up to $250 – 10 chances — a month... At the federal level, bills are in the House and Senate that would remove federal prohibitions on banks’ participation in prize-linked savings."

Sounds Like A Plan To Me!