So I read this WSJ article encouraging innovative ways to get people to save. And it just seems so wrong to appeal to people's gambling side to save! Although as a friend pointed out, technically, people don't lose money. They just earn less. So people aren't gambling.
So the premise of the article is basically there are savings products out there that give reduced interest rate. In return, you get to enter into a raffle so that you have a chance to win a big prize by opening up the CD or savings account.
But I am sure if you do the math by taking statistical chance of winning, you are far better off putting all that money into a straight savings account or CD with higher rate! Besides which, the idea of marrying gambling into savings product just seems so odd... maybe I'm just getting old!
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