Given the recent economic crisis in the United States and abroad, Interest in community based, self-financed asset development initiatives has continue to grow. From Prize Linked Savings and Common Security Clubs in the United States to the Association of Self-Financed Communities in Europe, interest in safe and effective savings mechanisms benefitting low- and moderate income communities continues to increase.
In Europe, self-financed communities like the Association for Self-Financed Communities (ACAF), are autonomous, self- governed savings groups offering a safe way to save, borrow and grow stronger communities & social connections. Self-Financing Communities have been organized in Spain, Portugal, Hungary and the Netherlands.
With the introduction of the Save to Win product in Michigan, credit unions have demonstrated that the possibility of winning a range of regularly awarded smaller prizes encourages people to save. Beginning in 2009, through the Save to Win product, 11,500 Michigan residents opened and saved $8.5 million. Project sponsors included Doorways to Dreams (D2D) Fund, the Filene Research Institute and the Michigan Credit Union League.
In an effort to better understand and learn about these unique savings and asset development models the Boston Fed’s Community Development Unit in partnership with the Carsey Institute at the University of New Hampshire cordially invite you to attend this regional convening.