Filene Research Institute

Through independent research and innovation, the Filene Research Institute explores issues vital to the future of credit unions and consumer finance.

The Savings Revolution

Tools and Motivation to Spark Savings

The Savings Revolution is like Weight Watchers® for your wallet. The program allows people to overhaul their financial lifestyles to save money and reduce debt with simple strategies that are supported by social media with credit union collaboration.. The Savings Revolution has two main components:

1. Savings Challenge. A Savings Challenge is an event in which selected members of your credit union compete toward achieving defined savings and debt reduction goals. The participant(s) most closely reaching or exceeding their financial goals win the competition and receive a prize. Ongoing monitoring of the participants’ progress via some sort of media interaction stimulates other members and consumers to check on the families’ progress. It also prompts them to think about taking the next step toward their own financial goals.

2. Savings Revolution. This mass nationwide implementation of setting financial goals and working toward them in concert with their neighbors and fellow members is the Savings Revolution. This requires some sort of networking of members and the ability for them to easily set their goals and monitor their progress toward them. They also need to be able to actively share notes with their friends and neighbors who face similar challenges and see how other people respond to those challenges.

Connex Credit Union ($366 million) of North Haven, Connecticutt has recently launched its newest Savings Challenge. Meet the familes. You can also listen to a podcast featuring some of their previous participants.

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Comments

1

    • Danielle Chatfield
    • Sep 15, 2008

    Here is a presentation we did to our local Chapter to try to recruit other CUs to participate in the first Chapter-wide CU challenge for 2009.

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