Mission SF FCUs PLAY Program Induces Kids To Save
SAN FRANCISCO – Dozens of kids from 5 through 10 are building their savings while aiming to win a laptop as part of Mission SF FCU’s Prize-Linked Accounts for Youth.
Under the promotion, modeled after a Harvard University program, the kids get a raffle ticket every time they make a deposit, earning 3% on their deposits, with the raffle winner getting a new laptop.
The Harvard program is called the Doorways to Dream Fund and teaches low-income families how to save money. The concept of using kids is new to San Francisco.
By targeting the youngest people, the credit union hopes the kids will encourage their parents to open their own account and stop using check cashing places and pay day lenders. One of the teenagers in the program dresses up like the interest fairy to motivate kids.