Prize-Linked Savings Accounts
Idea Category: Safety Net
Problem
In Texas, more than 1 in 3 households lack a savings account. Additionally, roughly half of all Texas households do not have the savings to be able to cover their basic expenses for three months in case of an emergency.
Solution
Representative Eric Johnson has sponsored legislation to allow banks and credit unions to operate prize-linked savings account programs in which the ticket to enter is a deposit into an individual's savings account. Prize-linked savings accounts have been proven as an effective way to reduce poverty and increase financial security, which benefits the entire community.
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