The personal savings rate for the U. S. virtually disappeared in 1998, and current levels indicate that consumers are increasingly going into debt. The dramatic decline leaves little doubt that many households are having difficulty achieving their savings goals.
Helping credit union members save has never been more important. Online goal setting provides a mechanism whereby members commit to save and choose their own penalties for failure and rewards for success. One option is stickK.com, an online goal setting Web site developed by two renowned Yale professors who tested the effectiveness of commitment contracts through extensive field research. Filene’s i3 team worked with stickK to identify intersections between credit unions, their memberships, and the stickK platform to develop a version available exclusively to credit unions.