The Connecticut Lottery Corporation (CLC) has joined forces with Credit Unions Building Financial Independence (CUBFI) to create a new financial literacy and education campaign, ‘Wise Winnings’.
The programme is the first of its kind in the US and provides no-cost financial advice to cash prize-winners of the Connecticut Lottery, offering helpful tips and information on making a plan for a sudden windfall.
It also creates an avenue for prize winners to find and meet with a trained credit union financial counsellor to create an individualised plan for their money.
“The Connecticut Lottery always encourages our players to enjoy our games responsibly, and that includes after winning,” said Rob Simmelkjaer, Chair of the Board of Directors, Connecticut Lottery Corporation.
“We’re grateful to CUBFI for joining us in this effort, and we hope our players will leverage the Credit Unions’ fully accredited financial advisors so they can make the most of their money – whether it be $600 or $600m.”
CLC and CUBFI have established a dedicated website – WiseWinnings.com – for the programme, and every Connecticut Lottery player who wins $600 or more will receive an informational brochure with their prize check.
“From the days of the Great Depression through today, credit unions help people. We are here for them in good times and bad, and in times of financial surprise – working with the Connecticut Lottery to assist lottery winners is the newest iteration of that principle,” added Bruce Adams, President and CEO of the Credit Union League of Connecticut.
“Financial well-being includes the ability to absorb financial shock, which can come in many forms – whether it is coming into a lot of money quickly or finding yourself in sudden debt.
“Thank you to the Connecticut Lottery for partnering with us to help lottery winners achieve greater financial well-being.”
This move comes shortly after large jackpot winnings both in Europe and the US, which was the starting point for Jari Vähänen’s Lottery Daily column, which analysed the role of lotteries in protecting players after winning life changing sums of money.