MADISON, Wis. – The National Youth Saving Challenge more than doubled last year’s record, with young credit union members depositing $26,529,081 into their saving accounts and CDs.

“By more than doubling the amount they saved last year, our young members have told us loud and clear that they believe in the future,” said Dan Mica, CUNA president and CEO. “Their willingness to set money aside for their goals during a severe recession should inspire the rest of us to redouble our efforts to advance the credit union principles of thrift and the productive use of credit. This phenomenal vote of youthful optimism could not have come at a better time.”

Participating credit unions used the sixth annual challenge to motivate children, teenagers, and their parents to start and maintain a saving habit by opening accounts and making deposits. This year, 397 credit unions reported receiving deposits from 139,669 young members, including 10,006 who opened new accounts. This year’s results average out to $190 deposited per child. Last year’s nearly $11.8 million savings total averaged $156 deposited per child, up from $87 per child in the 2004 inaugural year.

For the first time, credit unions had the option of hosting the challenge throughout April, which is National Financial Literacy Month. “We didn’t limit it to National Credit Union Youth Week to give credit unions more flexibility," said Lin Standke, CUNA’s manager of youth programs. “There is good news coming out of this economic mess we’re in, and it's that youth are learning to save at their credit unions.”

“The Magic of Saving” was the theme for the recently concluded Youth Week, April 19-25. Credit unions celebrated with magic shows, contests, tours, in-school presentations, and magical giveaways. A Web page illustrating activities by state will be posted on CUNA’s Web site in June.

CUNA also selected 10 credit unions at random from those who reported their results to receive $100 each, to award to the young saver of their choice. The winning credit unions are:

• PCM Employees CU, Green Bay, Wis.
• St. Pius X Church FCU, Rochester, N.Y.
• Good Shepherd, Lincoln Park, Mich.
• Eastmill FCU, East Millinocket, Maine
• Mountain Laurel FCU, Saint Marys, Pa.
• Service Plus CU, Riverside, Calif.
• Two Harbors FCU, Two Harbors, Minn.
• Service 1 FCU, Muskegon, Mich.
• Canton Police and Firemens CU, Canton, Ohio
• Portland FCU, Portland, Mich.

Youth Week began as an opportunity for credit unions to focus on the financial needs of young people and to provide financial literacy education. The event has become a focal point for teaching the benefits of saving and goal setting.

For questions about National Credit Union Youth Week or the National Youth Saving Challenge, contact Lin Standke at (800) 356-9655, ext. 4049.