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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 6927
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
Many households have insufficient savings to handle moderate and routine consumption shocks. Many of these financially fragile households also have the highest lottery expenditures as a proportion of income. This combination suggests that Prize-Linked Savings (PLS) accounts, that combine principal-security with lottery-type jackpots, can increase savings among these at-risk households. Results from an online experiment show that the introduction of PLS accounts increase total savings and reduce lottery expenditures significantly, especially among individuals with the lowest levels of savings and income. The results imply that PLS accounts offer a plausible market-based solution to nudge individuals to increase savings.
Schlagwörter: 
savings
individual decision making
personal finance
lotteries
experimental economics
JEL: 
E21
D14
C91
L83
D12
Dokumentart: 
Working Paper

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