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Are Premium Bonds the answer to the US savings problem?
Published:
The savings ratio in the US has tumbled in recent years – see this chart for the official figures:bea.gov/national
Many American financial minds are focusing on how to improve it. The brains behind theFreakonomics books – economist Steven Levitt and journalist Stephen Dubner – put together a fascinating podcast earlier this month on exactly this issue.
Their investigation latched on to the great universal love of lotteries. People are indifferent about earning a few cents in interest, they concluded, but are fixated on the opportunity of getting rich quick. You don't need to be an economist to work that out, I hear you say.
They then go on to share with their fellow Americans a rather quaint and quirky 54-year-old savings plan that already does this – our very own Premium Bonds – marvelling at its effectiveness of how a £1m prize encourages saving.
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The second reason is the potential to win up to £1m in the monthly prize draws. The bank pays out around £715 million a year in prizes and this lures in the savers.
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