Many recent studies have shown that nearly 40% of Americans do not have $400 saved to cover emergencies. That is an astounding number for a country whose economy is hitting on all cylinders right now -- and has been for the last few years. Spending money wisely is fine, but you have to balance it with a bit of savings, too.
One credit union is doing just that by helping its members adjust their behaviors to become super savers. Patelco Credit Union has recently launched a pretty cool savings campaign called "Play. Save. Win.," leveraging gamification to boost its members' savings rates -- while giving away $100,000 to incentivize its members in the process.
Joining us on the show to explain how the program works, along with benefits, goals, etc., is Patelco's Senior Vice President/Chief Retail Officer Melissa Morgan. Melissa gives us the inside scoop on "Play. Save. Win." and some advice to other credit unions looking to launch similar savings programs to help their members build comfy nest eggs for the future.
Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.