financial literacy for lottery players - indiana case study
TRANSCRIPT
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Financial Literacy for Lottery PlayersHoosier Lottery Case Study
Indiana, USA
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Confidential & Proprietary
Overview• Gain insight into the appropriate role of the
gaming industry in promoting financial literacy
• Opportunity to review & critique the Hoosier Lottery’s evaluation the program.
• Gain insight into concept of shared value and the importance of proactive stakeholder engagement
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Show of hands…• Who knows what “Hoosier” means?
• Who knows the percentage of adults on average that use a budget?
• How many people in the room feel that it’s appropriate for the gaming industry to produce and promote financial literacy?
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About the Hoosier Lottery• Insert logos
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Why Financial Literacy• Partnership with local stakeholders
• Audience: Lottery winners, players, Ivy Tech students
• Strategy: Helping winners through life changing event, general education on budgeting for entertainment expense
• Launch and support
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Measurement & KPIs• Current Metrics/Monitoring: – 626 registrations– 6% completion rate– Qualitative analysis on the feedback generated by
players, winners, and the general public on the usefulness of the content.
• Future Metrics/Monitoring: All of the above plus results of survey
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Completion Rate by Module
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Stakeholder Feedback: Players
• Liked:• The words “invitation to learn” was used. Made it feel special and not like a
requirement or demand like a “teacher hitting you with a plastic ruler”• Getting a certificate, felt like a special accomplishment• Being able to take it “at my leisure”• That it promoted the Hoosier Lottery as “socially aware”• That it was free for anyone
• Disliked:• Videos hard to understand - felt accent was distracting• Questions in surveys were too repetitive and easy• Felt like “Final Literacy” wording was intimidating and sounded “hoity-toity” • Too intellectual focused.
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Stakeholder Feedback: Treatment Community
• Suggested more promotion of the program.
• Called it “Good corporate citizenship”
• Suggested adding information about the program on tickets.
• Praised the concept and asked for brochures to hand out at future events.
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What does research say?• There is a need for more research specific to financial literacy
as a responsible gaming tool.
• “Cokely and Kelley (2009) found that higher levels of quantitative reasoning resulted in better decisions involving risk, specifically lotteries and gambling.” – N=80 undergraduate psychology majors
• Informed player choice – generally, players that have tools to make wise choices stick to them.
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Lessons Learned• Need lottery-specific data: Survey tool
• Re-launch with bigger PR push
• Inserting stakeholder feedback into the changes
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Questions?
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