Would a Chance to Win $100,000 Entice You to Save Money?

Harvard Business School Professor Peter Tufano has studied every variety of carrot and stick used to influence people to save money across the globe. Tufano was convinced that the chance to win a jackpot – an incentive used in Europe and elsewhere since the 1950s – would persuade moderate-income Americans to contribute to a bank account on a regular basis. After all, studies have found the most frequent lottery players earn less than $50,000 a year. Why not encourage people to squirrel away t...