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Youth 'Stached Their Cash--All $25.2M--With CUs

MADISON, Wis. (5/20/13)--Young credit union members deposited about $25.2 million into their share and savings accounts during this year's National Youth Saving Challenge, sponsored by the Credit Union National Association.

Click to view larger image Click for larger view

The 224 credit unions participating this year collectively saw 117,244 youth deposit an average of $214 each.

In 2009, the Saving Challenge expanded beyond National Credit Union Youth Week to run the entire month of April. Credit union staff told CUNA that a week wasn't long enough. This year, more than half (60%) of the participating credit unions ran the challenge for the entire month--giving them more time to open 6,173 new youth accounts.

The National Youth Saving Challenge also rewarded 10 randomly drawn savers with $100 cash prizes. The winners were:

  • Click to view larger image Holding a magnifying glass that would make Sherlock Holmes envious, super saving sleuth Rhys Hollowood cracks the mustache mystery during National Credit Union Youth Week at Clearview FCU in Moon Township, Pa.
    Amara, age 8, from Electro Savings FCU, St. Louis;
  • Sydney, age 2, from Jax FCU, Jacksonville, Fla.;
  • Bryar, age 1, from Lakeview CU, Neenah, Wis.;
  • Rylee, age 5, from North Georgia CU, Toccoa, Ga.;
  • RJ, age 6, from Richmond Community FCU, Augusta, Ga.;
  • Christopher, age 9, from Rockford Postal ECU, Loves Park, Ill.;
  • Rylee, age 2, from Sioux Valley Coop FCU, Watertown, S.D.;
  • Charleigh, age 1, from Susquehanna Valley FCU, Camp Hill, Pa.;
  • Cheyanne, age 3, from United Health CU, Burlingame, Calif.; and
  • Max, age 4, of Monument, Colo., from Wilmington (Del.) Postal FCU.
Click to view larger image Hamilton the Pig--the Kids Club mascot at Unitus FCU, Portland, Ore.--took photos with young savers at an open house and entertained third-graders at a nearby school by leading The Dollar Holler Rap, after which every student received a Hamilton piggy bank. (Photos provided by CUNA)

CUNA also sponsors National Credit Union Youth Week, which was held April 21-27. The theme for this year's youth week was Saving Sleuth: Solve the Mystery. The week was created by CUNA so credit unions nationwide could focus on the financial needs of young people and provide financial literacy education. It teaches the benefits of saving and goal setting, and invites youth to open savings accounts at their credit union and make deposits throughout the year.

In 2014, National Credit Union Youth Week will be celebrated April 20-26.

Raising awareness about credit unions is one of the steps in CUNA's, leagues' and credit unions' Unite for Good campaign to achieve the vision of Americans choosing credit unions as their best financial institution. As that awareness grows, potential members will turn to aSmarterChoice and Unite for Good websites to locate credit unions they can join and find out more.

In 2014, National Credit Union Youth Week will be celebrated April 20-26.

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