Tax time is a crucial opportunity for families to save money. For many Americans, their tax refund is the largest cash infusion they get all year. That’s why, with the support of the Intuit Financial Freedom Foundation, we’ve been working to encourage people to save with a few key behavioral principles.
Precommitment: Last year, people who took the SaverLife tax-time pledge were 2.5x more likely to save part of their tax refund than those who did not. We doubled down on pledges this year and are proud to announce that nearly 45K people pledged to save $60M of their tax refunds!
Incentives & Winning: We gave out nearly $50K in prizes for taking positive tax-time actions like pledging and starting to save. Winning is addictive! We know that people who play our popular Scratch & Save game are 16% more likely to save. We provided even more opportunities to play and win in 2019.
Social Proof: Spending is visible, but savings often is not. We launched an initiative to change that in 2019 with our three savings contests: #WhatImSavingFor, #SavingsResolution, and #StashThatCash. We had over 1,000 entries!
Misty from Montana was our $1,000 grand prize winner of the #WhatImSavingFor contest. She’s saving for her son (above left) to be able to attend college. “He is an inspiring actor and has dreams of being on the big screen or on Broadway. Jordan is talented and enthusiastic, and has academic excellence, the charisma, and the love to make it big.”
Aaliyah from Florida (middle), was our second-place $500 winner. She is saving for her “bundle of joy.” She shared that her husband is on medical leave, so she’s the only one working at the moment. SaverLife is helping her put away money to support their growing family!
Rogers from South Carolina (right), our third-place $250 winner, is saving to provide his son with “the tools and resources to succeed, never allowing his disability to set him back in life.”
Megan is the Senior Director of Strategic Initiatives at EARN, leading partnerships and product innovations to scale SaverLife nationally. Under her leadership, EARN has launched its first prize-linked savings program, scaled its work with employers, and adapted its savings program to serve America’s changing workforce.