What is the National Youth Saving Challenge?
Many things! The Credit Union National Association sponsors the Saving Challenge for affiliated credit unions. This free program helps credit unions build strong relationships with youth and their families. The Saving Challenge will take place during the entire month of April, when youth are encouraged to make deposits at their credit unions. We'll report the results, plus award $100 cash prizes to youth at 25 participating credit unions. So just what is the Saving Challenge?
- An opportunity to open youth accounts
- An educational program to introduce youth to the concept of setting financial goals and saving for the them
- A way to celebrate Youth Week
- A reason for youth to visit the credit union and learn how you can help them learn about--and manage--their money
- A chance for 25 young people to win prizes
- A way to empower youth
- A fantastic way to showcase (both locally and nationally) your credit union's commitment to youth financial literacy
How do we join the Saving Challenge?
Simple. Click here to register by answering a few simple questions. List your goals: the number of young members making deposits, the number of new accounts opened, and a total amount deposited by youth during April. After registering, remember to return to the site at the end of April to report youth deposits, number of young members making a deposit, and new accounts opened.
Can we hold our own challenge instead of joining the national one?
Please consider joining the national challenge. By doing so, you help draw national attention to all credit unions and the enormous steps they are taking toward youth financial literacy. Certainly, you can hold your own challenge and Youth Week celebrations, but when you join the national effort you double the impact of your efforts and help set national goals for next year.
Remember, registering with the National Youth Saving Challenge is FREE. Participation is EASY; you simply set goals, register, and report back.
Why would I participate when our credit union wants more loans, not deposits?
The Saving Challenge can bring you loans two ways:
- Today, by doing something special for children, you delight parents--who turn first to your credit union for their lending needs.
- Later, these children will quickly grow into credit cards, car loans, and education loans. If they already have a trusted savings relationship with your credit union, they'll come to your credit union for loans and credit.
What are the chances these kids will stay members of our credit union when they grow up? Won't they move away and join a bank or credit union in another town?
With an online branch and debit card services, your credit union can serve these young members forever. Gone are the days of needing a checking account from a local credit union or bank. Currently, young adults rely on electronic access to their accounts through credit and debit cards. Don't have an online branch, debit cards, or mobile banking at your credit union? Think about adding these services, as young adults consider them essential.
Can any child join our credit union?
Credit union membership is open to the "family" of those eligible for membership. Check your credit union charter to see how your credit union defines family. One common definition is "any relative by blood or marriage, or foster and adopted children, living under the same roof and in the same household with a credit union member."
Who can enter the contest?
While we encourage youth to make a deposit, we cannot require this. Therefore, any child under age 18 (member or not) can register with parental permission by supplying his or her name, age, and current date to your credit union.
What are the prizes?
CUNA will randomly award $100 cash prizes to 25 credit unions that have registered and reported results for the National Youth Saving Challenge. Each of these 25 credit unions will then award the $100 cash prize to a participating youth.
Can we offer additional prizes?
Certainly! We recommend that your credit union offer additional prizes, either cash or gifts to young members who participate in the challenge. This is, however, completely up to your individual credit union or branch.
How do we get children to participate?
Here are two strategies--try them both:
- Alert parents--Show them how to get their children to save for goals, and remind them that their children can be members. Announce the challenge in your newsletter, on your website, at teller windows, and at the drive up. Set up a special table the month of April for opening youth accounts. Click here for low-cost marketing materials.
- Talk to youth--Consider holding programs in the schools during March and April. Introduce youth to basic money management concepts and the credit union difference. For presentation ideas and educational resources, contact the credit union movement's National Youth Involvement Board at www.nyib.org.
What are the rules?
Every contest has its rules. You'll want to print a copy of the rules from the CUNA website. Also, you may want to put a link on your website to this page.
What do I do with the list of youth who participate?
Keep them in your credit union. You report only totals to CUNA. If your credit union is one of 25 randomly selected winners, then pick a child from your list or registration slips and send only that child's name and age to CUNA.