Nearly $11.8 Million deposited during 5th Annual National Youth Saving Challenge

May 2, 2008

FOR IMMEDIATE RELEASE
Contact: Katye Long
CUNA Communications; (608) 231-4038
klong@cuna.coop

MADISON, Wis. - The National Youth Saving Challenge chalked up another record-breaking year, as young credit union members deposited nearly $11.8 million into their saving accounts throughout the week-long celebration.

Through the saving challenge, held in conjunction with National Credit Union Youth Week, credit unions sought to motivate children, teenagers, and their parents to become more active users of credit union services. Participating credit unions tallied the total amount of deposits, the number of new accounts opened, and the total number of deposits made by young members during the week and reported their results to CUNA to determine figures on a national level.

Each year of the challenge has seen a steady increase in participation and savings. This year, 395 credit unions reported $11,775,163 deposited by 75,420 young members. These credit unions also welcomed in 6,583 new youth accounts.

Last year, 393 credit unions reported $10,133,355 in deposits from 71,844 young members. Additionally, 9,067 new youth accounts were opened last year. And during 2004, $1,391,720 in deposits came from 15,958 young members. The 143 participating credit unions also welcomed 1,857 new youth accounts.

Overall, this year's results average out to about $156 deposited per child. Last year, the average was $141 deposited per child; in the 2004 inaugural year, the average was $87 per child.

“Not only are more young people participating in the saving challenge each year – they are also saving more,” said Dan Mica, president and CEO of CUNA. "Credit unions are spreading the word to our nation’s youth about the importance of saving, and these savvy young members are demonstrating that they have heard the message loud and clear.”

CUNA also sponsored a drawing for 10 prizes of $100 each. Ten credit unions were selected at random from those who reported their results and will award this prize to a young member of their choice. The winning credit unions are:

• Advance Financial FCU in Schererville, Ind.
• Fort Sill FCU in Fort Sill, Okla.
• Good Shepherd CU in Lincoln Park, Mich.
• Horizon Community CU in Green Bay, Wis.
• Kansas Blue Cross Blue Shield CU in Topeka, Kan.
• M-C FCU in Danville, Pa.
• Members First CU in Columbus, Ohio
• Sandia Area FCU in Albuquerque, N.M.
• Sikorsky Financial CU in Stratford, Conn.
• Sun FCU in Maumee, Ohio

"Got Green? Grow It at Your Credit Union" was the theme for the recently concluded seventh year of National Credit Union Youth Week, April 20-26. Youth Week coincided with the annual April 22 Earth Day event this year, so the theme and corresponding artwork focused on growing and saving the "green." Participants were encouraged to build good saving habits and change current habits to protect the environment.

Youth Week began as an opportunity for credit unions across the country to focus on the financial needs of young people and provide financial literacy education. The event is considered a focal point for teaching the benefits of saving and goal setting as well as inviting young people to open saving accounts at their credit union and make deposits this week and throughout the year.

Questions pertaining to National Credit Union Youth Week and the National Youth Saving Challenge may be directed to Philip Heckman, director of youth programs for CUNA, at (800) 356-9655, ext. 4088.

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About CUNA

With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America's 8,500 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.

National Credit Union Youth Week and the National Youth Saving Challenge are trademarks of the Credit Union National Association.

Copyright © 2008 - Credit Union National Association, Inc.