The Connecticut Lottery Corporation CLC) and Credit Unions Building Financial Independence (CUBFI) have teamed up on a new financial literacy and education campaign, “Wise Winnings.” This joint effort is the first of its kind in the country and offers no-cost financial advice to Connecticut Lottery cash prize-winners, along with helpful tips on making a plan for a sudden windfall.
CUBFI is the charitable, non-profit arm of the Credit Union League of Connecticut focused on helping people build and maintain financial independence.
The program provides winners with an avenue to find, and meet with, a trained credit union financial counselor to create an individualized plan for their money.
CLC and CUBFI have established a dedicated website – WiseWinnings.com – for the program, and every Connecticut Lottery player who wins $600 or more will receive an informational brochure with their prize check. CLC and CUBFI will also promote Wise Winnings on each organization’s websites and social media accounts.
“The Connecticut Lottery always encourages our players to enjoy our games responsibly, and that includes after winning,” said Rob Simmelkjaer, chair of the CLC board of directors. "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 $600 million.”
“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,” said Bruce Adams, president/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.”
Wise Winnings is part of the Connecticut Lottery’s larger responsible gambling efforts, which include educational campaigns and materials on how to gamble safely, monetary and in-kind contributions towards problem gambling programs and services, retailer and employee trainings, and more.
CUBFI has supported initiatives including programs to offer food and fuel assistance to those in need; CUAid, a national credit union program that provides credit union employees with disaster relief; Financial Reality Fairs that provide financial education to Connecticut high school students; and more.