Prize-Linked Savings: A new way of saving while winning exciting rewards

financialexpress.com:

Saving and multiplying the hard-earned income is a human instinct. For decades, the earning populace continued to build assets with their long legacy of savings. People from every remote corner of the country are actively working towards building a substantial savings portfolio. Undoubtedly, having a financial cushion can help individuals bear unexpected expenses without having to resort to debt or financial burdens.

However, the onset of the Covid-19 pandemic changed the entire scenario of the global financial health. Considering India’s landscape, the financial behavior of the country is eye-opening as around 69% of households struggle with financial insecurity and vulnerability.

As technology has penetrated deeper into our lives, it is revolutionizing the unappealing process of traditional savings, bringing a seismic shift in the way the younger generation perceives the idea of saving their money. Moving on from the traditional way of savings, people are now more focused on developing a reward-based savings mindset while engaging in saving behavior as a crucial predictor of financial well-being.

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Traditional banking institutions have long offered schemes that provide secure yet predictable returns on savings. However, in today’s digital landscape, the younger generation seeks more engaging and dynamic approaches to savings, leaning towards investments in stocks and digital assets. Prize-linked savings, a concept prevalent in several global markets, has now entered India aiming to revolutionize savings for tech-savvy millennials. This innovative model incentivizes saving by offering periodic rewards while ensuring competitive