Young credit union members nationwide deposited $21.3 million into their savings accounts during CUNA’s National Youth Saving Challenge™ April 22-28.
The National Youth Saving Challenge, a key component of National Credit Union Youth Week, aims to jumpstart smart saving habits at an early age and help grow the credit union movement’s membership base.
Participating credit unions use the contest to motivate children, teenagers, and their parents to start and maintain good money management practices by opening accounts and making deposits.
Combined, the 241 credit unions participating in this year’s National Youth Saving Challenge saw 125,867 youth deposit $21.3 million into their savings accounts—an average of $169 per child. More than 7,000 youths opened new credit union accounts.
National Credit Union Youth Week found support this year from its super-hero theme, “Be a Credit Union Super Saver.”
To promote the event, credit union staff dressed as super heroes, held coloring contests, and conducted other activities to inspire kids to save.
“The heroic theme of ‘Be a credit union super saver’ allowed for fun and creativity,” said Kristi Rysdam, Oregon Community Credit Union’s community marketing specialist. “Oregon Community branches went above and beyond in decorating, holding prize drawings, and making every child’s experience extra special.”
During National Credit Union Youth Week, the credit union’s branches offered fun activities to promote saving and financial education, including branch tours, prize giveaways, and financial literacy presentations, she said.
Santa Cruz (Calif.) County Employees Credit Union uses Youth Week as an opportunity to provide financial education to members, says spokeswoman Sandy Lawson. “Each year, in conjunction with Youth Week, our credit union presents a Youth Budgeting Workshop. Parents may attend with their children and share the experience of budgeting together, making all family members aware of their financial responsibilities.”
After an eventful week, many credit unions are left both invigorated and exhausted, adds Diana Moreno-Inman of Bay Federal Credit Union, Capitola, Calif. “It took a lot of teamwork to coordinate [Youth Week] but it was very rewarding to see our youth and their families enjoying their visits to our credit union. We look forward to more Youth Week fun next year!”
See how credit unions around the country celebrated National Credit Union Youth Week.
CUNA also celebrated youth credit union membership by awarding $100 prizes to 10 young savers at random from the credit unions that reported their Saving Challenge results. This year’s winners were:
For more information, contact Joanne Sepich at 800-356-9655, ext. 4867.