Cheryl Winokur Munk

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643 appearances 14 recordings 1 series first heard Mar 2018 last heard Nov 2024

Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Will Prizes and Digital Coins Encourage Americans to Save? · 12 Sep 2022 podcast

And then you can, of course, play more games with that. matched

Some of the apps that do this are backed by banks, and a few of them are Long Game, which was acquired recently by Truist Financial Corp., and that was in early May, and Yada Savings, whose banking partner is Evolve Bank & Trust, and that banking partner holds the FDIC-insured money. matched

To some extent, but the idea here, the concept is called prize link savings, and it's a carrot versus stick approach. matched

So it's giving you a reward for something you'd be doing anyway, such as playing games, or in some cases, playing the lottery. matched

So instead of just spending money on a lottery ticket, maybe you'd use an app which is benefiting you by allowing you to build more savings. matched

One is that prizes can serve as carrots, as I mentioned before, for people who don't save regularly. matched

And it's an incentive. matched

It's something they're doing this anyway, like playing a game, for example. matched

and that will get them to save more regularly. matched

The other side is that if you really want to encourage savings, you should probably be saving in other mediums, like in the stock market, for example, when you can make much more than these accounts tend to offer. matched

The other kind of middle of the road view is that these intermittent rewards are more effective at motivating people to continue a behavior, but you have to be careful on that because you don't want them to think matched

that, for example, if they're saving $25 a month, that that's really enough for their long-term goals. matched

You know, for people who are playing these games anyway, it really can be an incentive to save more, but it doesn't mean that they shouldn't be saving in other ways, too. matched

So, for example, college savings accounts and putting money away for retirement, these are not an either-or. matched

This is something that they should be doing if they want to do it in addition to the larger ways of saving for their financial future. matched

So if you're going to consider one of these programs, you're really going to want to understand minimum deposits and withdrawal penalties or conditions. matched

So to make sure you read the provider's privacy policies carefully because you want to understand the terms and make sure that it's acceptable. matched

Privacy is a big deal for people today and you want to make sure that all the terms are acceptable. matched

And you should also avoid putting down a lot of money in these accounts for a low rate of return. matched

If you're really looking for a higher rate of return and to really save for the long term, these accounts aren't the way to go. matched

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