The hidden world behind your new "banking" app
Planet Money
00:00
Save to Win: The Power of Prize-Linked Savings
Many people spend money on lottery tickets without ever winning, but there are innovative alternatives that encourage saving without the cost of tickets. One such option is Yotta, a banking app that gamifies savings by offering a weekly prize drawing. Users can earn tickets into the draw by saving money, making it a compelling way to build financial habits while also having a chance to win prizes, ranging from cash to significant rewards like a Tesla. This concept, known as prize-linked savings accounts, has been successfully leveraged by governments to motivate savings behavior, showcasing an effective method to enhance financial wellbeing while making saving fun.
Transcript
Play full episode
