Savings Challenge Generates $28 Million in Deposits

CUNA’s National Youth Savings Challenge results in 9,058 new accounts.

May 19, 2011

Young credit union members deposited more than $28 million during April as part of CUNA’s National Youth Savings Challenge, up from $24.8 million in 2010.

During this year’s challenge, 146,002 youth made deposits averaging $196, and credit unions opened 9,058 accounts.

Since the challenge started in 2004, young members have deposited more than $117.6 million into credit unions.

Held in conjunction with National Credit Union Youth Week, the Saving Challenge aims to jump-start smart savings habits at an early age. Participating credit unions use the challenge to motivate children, teenagers, and their parents to start and maintain good money management practices by opening accounts and making deposits.

“We recognize that kids need accounts, too, and the younger we educate youth about the important principle of saving, the better,” says ORNL Federal Credit Union’s Denise Iroler.

This year’s theme for National Credit Union Youth Week was “Money Rocks At My Credit Union.” During this week (April 17-23), credit unions held in-branch lobby and off-site events, contests, tours, music-themed giveaways and prizes, raffle drawings, and in-school presentations to encourage and celebrate good savings habits among their young members.

Oregon Community Credit Union staff and members look forward to Youth Week every year. “National Credit Union Youth Week gives credit unions the opportunity to reach out to the youth in our communities, teaching them about financial literacy in a fun and exciting way,” says Kendra Handke, Oregon Community’s marketing coordinator. “It allows us to build a strong foundation for the financial future of our communities.”

“Youth Week is a great way to get our youth fired up about savings and to remind them that we are here for their financial needs,” adds Dynamic Federal Credit Union’s Annette Samaniego. “Our staff looks forward to helping them set goals and assist them in their future.”

CUNA awarded $100 prizes to 10 young savers chosen at random from credit unions that who reported their Saving Challenge results.

For more information about the National Youth Saving Challenge or National Credit Union Youth Week, contact Joanne Sepich.

Here's how some credit unions celebrated National Credit Union Youth Week:

Youth week Via CU’s Coindexter Kids Club mascot, Piggy Banks, was a hit with the 12 and under crowd.
Youth week Health Services CU staff read, “It’s a Habit, Sammy Rabbit,” a story about a young rabbit learning the importance of saving for a rainy day.
Youth week MariSol FCU staff embraced their inner rock star.
Youth week Some new members learn how "money rocks" at Credit Union 1.
Youth week

Isabella Community CU held money management seminars for high school students called, "Why Am I So Broke?" says Heather Harris, VP of community development & marketing.