National Youth Savings Challenge Yields $15M
The majority of Americans are not saving enough, and the credit union movement is dedicated to reversing this trend. The National Youth Saving Challenge, held in conjunction with National Credit Union Youth Week and sponsored by CUNA, encourages youth members to set goals and save money. Young members deposited more than $15 million into their savings accounts during this year’s savings challenge.
Results for 2019 were reported by 108 credit unions who participated in the challenge, sponsored by Fiserv and CUNA. Credit unions nationwide announced opening 3,746 youth accounts during April with more than 43,000 young members depositing funds. This year’s theme was “The future is yours… Picture it! Save for it! Share it!”
This challenge, free to all credit unions, shows dedication to financial education. The challenge also provides CUNA with data to share with state and national legislators how the credit union industry is improving the financial lives of its members. Participation not only supports better savings habits and the movement, but also bottom lines. Since 2014, reported total deposits from this savings challenge have exceeded $67M.
University of Louisiana FCU was randomly selected as the winner of the $1,000 grand prize. The credit union will award 10 young members $100 each.
Learn more and join next year’s challenge in April 2020.