MADISON, Wis. (1/13/15)--Two credit unions have been honored with Wisconsin Gov. Scott Walker's financial literacy awards. The credit unions are two of 17 individuals, businesses and organizations selected by the governor's council on financial literacy this week.
Royal CU, Eau Claire, Wis., with $1.4 billion in assets, received the award in recognition of its School $ense program, a hands-on, experiential learning system it pairs with classroom financial literacy work.
Summit CU, Madison, Wis., with $2.5 billion in assets, was recognized with the award for its CUatWork initiative, a free, company-sponsored financial wellness program that teaches employees to make good financial decisions and cut down on their financial stress.
Recipients, which were picked from 38 nominations submitted to the governor for consideration, were judged on criteria such as innovative implementation, demonstrated measureable results, collaboration with partners and whether the effort focused on needs-based groups.
"These worthy individuals and organizations are making a difference by increasing the personal financial knowledge and skills of Wisconsinites of all ages," Walker said in a statement. "By improving their financial capabilities, our citizens can improve their quality of life and, in the process, help strengthen the Wisconsin economy."
Royal CU's School $ense program, which the credit union has developed over the past 21 years, was chosen by the U.S. Department of Treasury to contribute to a national study called the Financial Capability Outcomes in Youth, which tracks the effectiveness of hands-on learning.
During the 2013-14 school year, elementary through high school students made more than 16,000 deposits, received more than 100 hours of in-classroom education and saved more than $300,000.
Recipients of the awards will be honored during a ceremony at the Capitol Jan. 28.