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Wanted CUs to take part in National Youth Saving Challenge
MADISON, Wis. (3/23/11)--National Credit Union Youth Week, sponsored by the Credit Union National Association (CUNA), is less than a month away. By sponsoring the National Youth Saving Challenge, a credit union can generate excitement about setting money aside for personal goals.
A young saver makes a deposit at Erie Community CU during the 2010 National Youth Savings Challenge. (Photo provided by CUNA)
The National Youth Saving Challenge puts the spotlight on credit unions and highlights its community service and financial education efforts. Although the 2011 National Credit Union Youth Week is officially April 17-23, credit unions can challenge youth savers any time during the month. A saving challenge can be run during Youth Week, over several weeks, or through the entire month of April. Registration is open through the end of April. There is no charge for credit unions to participate in the contest. CUNA provides marketing materials, forms and creative ideas. CUNA also provides mentors from credit unions who have participated in the savings challenges previously to share their experiences and offer ideas. CUNA reports the deposits and uses Saving Challenge figures to promote the credit union difference in both state and national lobbying efforts. Thus far, 227 credit unions have registered. Participating credit unions hope to see 70,000 youth make deposits worth more than $9 million--that’s an average deposit of just under $130. “Each year, credit unions call and write me about how surprised they were to see how much youth deposit,” said Joanne Sepich, CUNA’s Youth Week coordinator. “When we first launched the Challenge in 2004, the average deposit was $87. It has grown over the years. Last year the average was $147. Clearly our youth are thinking ahead--saving for major expenses such as cars and college.”


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