Illinois REAL Solutions’ credit unions met at the end of September to discuss savings challenges, immigrant outreach and other topics. The meeting was covered in CUNA News Now recently:
REAL Solutions field coach Mark Lynch presented information about The Savings Revolution, an idea from the Filene Research Institute through its i3 teams to allow people to overhaul their financial lifestyles to save money and reduce debit. Savings Revolution has two components: a savings challenge and a savings revolution.Read the Full Story
The challenge is an event in which selected members of the credit union compete toward their defined savings and debt reduction goals, and the participants closest to or exceeding their goals wins a prize. Monitoring of the participants’ progress via media interaction stimulates other members and consumers to check on their progress and prompts them to think about taking a step toward their own goals.
Also discussed was a Savings Products for Low-Wealth Households Tool Kit from the REAL Solutions Impact Center. It includes examples of small savers products, reverse-tiered savings products, round-up savings products, attached savings products, prize-linked savings products, savings challenge programs, individual development accounts and other savings products.