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Making Savers Winners: An Overview of Prize-Linked Saving Products
Financial Literacy: Implications for Retirement Security and the Financial Marketplace
For over three centuries and throughout the globe, people have enthusiastically bought savings products that incorporate lottery elements. In lieu of paying traditional interest to all investors proportional to their balances, these Prize Linked Savings (PLS) accounts distribute periodic sizeable payments to some investors using a lottery-like drawing where an investor's chances of winning are proportional to one's account balances. This paper describes these products, provides examples ofdoi:10.1093/acprof:oso/9780199696819.003.0012 fatcat:2tm34c37zzbalolgdwm4hc35bm