We’ve recently read about several contests or competitions to encourage low or middle-income families to save more money. The contests are usually sponsored by local banks or non-profit organizations, and reward the family that saves the most with a financial bonus. One example is discussed in today’s El Paso Times. Here’s a brief quote about the contest:
The Duran family is one of six families participating in this year’s GECU Savings Challenge. The families were given “coaches,” GECU employees who helped them set goals and are giving them guidance.
The top two families will win $10,000 each, while the other families will get $2,500 each for participating.
The goal of the program is to educate the families about sound financial habits but also help educate the community by using the families as examples.
Maureen Hankins, director of the El Paso YWCA’s Consumer Credit Counseling Service, which is not affiliated with the challenge, said that using the families as public examples can help others who are facing similar issues.
Consumers “can read about other people who are just like them and think, ‘I can do this too,’ ” Hankins said. “People don’t want to discuss their money issues and money problems with other people.
“A lot of people think they are alone in their situation. That’s not true. Everyone has the same money issues. Everyone is trying to save and everyone is trying to get out of debt.”
