HARTFORD, Conn.–The Connecticut Lottery and Credit Unions Building Financial Independence (CUBFI), the charitable arm of the Credit Union League of Connecticut, have partnered on a program to help problem gamblers who lose large sums as well as lottery winners who are dealing with sudden riches.
During a press conference in Hartford the two organizations announced they’re collaborating on “Wise Winnings,” a first-of-its-kind financial literacy and education campaign offering free financial advice to Connecticut Lottery winners of cash prizes of $600 or more, according to The Day.
Lt. Gov. Susan Bysiewicz joined Connecticut Lottery and Credit Union League officials at the press conference at Franklin Trust Federal Credit Union, the publication stated.
“When I became chairman (of the Connecticut Lottery’s board of directors) in 2020, I was looking to strengthen our responsible gaming platform,” Rob Simmelkjaer told The Day during an interview. “We already were addressing problem gambling. This is an effort, sort of on the flip side, to say to lottery winners, ‘Congratulations, you’ve won money in the lottery, now here’s what you need to do.”
Winners Go ‘Broke’
Simmelkjaer told the publication he’d read too many accounts of people who’d won a large sum in a lottery game only to lose it and wind up broke years later and he was seeking a partner to address the issue.
Meanwhile, a nonprofit foundation attached to the trade association for Connecticut credit unions, CUBFI was the partner Simmelkjaer envisioned, according to The Day.
“It seemed like a natural fit for us,” Bruce Adams, president and chief executive officer of the Credit Union League of Connecticut, told The Day. “Advocacy is what we do. We knew we could help people win responsibly. We’re not going to provide them with a concrete plan for the rest of their life. But we can give them information and advice like, ‘Pay down your debts before you use your winnings to buy a fancy new car.’ ”
“We can interrupt the process, get people to stop and think,” he said.
The Target
According to the report, the program is available to lottery players who win at the $600-and-above level, the point at which winners must visit one of the lottery’s “high-tier” centers to present their winning ticket and receive a check for their winnings. Smaller amounts can be collected at any retail outlet where lottery tickets are sold.
At the high-tier centers, winners will receive an informational brochure with their check and provided an opportunity to connect with a trained credit union financial counselor, The Day stated.
The Connecticut Lottery and CUBFI said they have established WiseWinnings.com as a resource.