CALMUS: Culture of saving could be best path for economic mobility

In the U.S., a consortium of credit unions created a certificate of deposit with lottery-style drawings though a loophole in Michigan law that allows credit unions to create “savings promotion raffles.” Save to Win, launched in 2009, helped 11,500 people save $8.5 million in 2011. Save to Win diverts lottery expenditures into savings. Unfortunately, legal obstacles impede widespread implementation.

Too many Americans are just a medical bill away from financial ruin. Innovative programs, however, can engage Americans in setting aside money for all aspects of life. That’s the best culture for upward economic mobility.

• Diane Calmus is a former research assistant in the Center for Policy Innovation at the Heritage Foundation.