MADISON, Wis. (5/20/14)--Young members deposited $20.5 million into their credit union accounts during this year's National Youth Saving Challenge, sponsored by the Credit Union National Association.
Two young members--Jeremy and McKenzie--of Spokane (Wash.) FCU, with $127 million in assets, were rewarded for their guessing prowess for how much money was in the savings jar during National Credit Union Youth Week. (Spokane FCU photo)
The 238 participating credit unions reported 94,466 young people deposited an average of $217 each, with 8,844 new accounts.
In 2009, the challenge expanded to the entire month from National Credit Union Youth Week because credit unions said one week wasn't long enough. Seventy percent of this year's credit unions ran the challenge for the full month.
In 2004--its first year--the weeklong challenge had 143 participating credit unions, with nearly $1.4 million deposited by young members.
This year's challenge also included incentives provided by GreenPath Debt Solutions. The credit counseling organization provided sponsorship funds that increased the number of youth cash prizes to 25, up from 10 in previous years.
"Knowing our support helped increase the number of winners is fulfilling," said GreenPath CEO Jane McNamara. "We hope this will serve as an incentive for young savers to use the good saving practices they learned during the National Youth Saving Challenge."
Last week, CUNA awarded $100 in cash to kids from 25 randomly selected credit unions. Use the resource link to see the winners' names.
In addition, from Jan. 23 through April 2, CUNA awarded a prize every two weeks to a credit union that had signed up for the Youth Saving Challenge. Prizes included one-year subscriptions to two of CUNA's personal finance microsites, 100 copies of "Guide to Money" and other handbooks, a Seminars in a Box for Members kit, and a Mad City Money kit. The seven credit union winners were: