Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
2009 Youth Saving Challenge smashes record
MADISON, Wis. (5/8/09)--The Credit Union National Association’s (CUNA) 2009 National Youth Saving Challenge has more than doubled last year’s record in deposits. The challenge brought in more than $26 million in deposits, compared with $12 million brought in last year.
Click to view larger image Preschoolers from the Jefferson DeFrees Family Center got to peek in the vault of WACOPSE FCU, in Warren, Pa., during Youth Week. (Photo provided by WACOPSE FCU)
“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/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.” About 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 was National Financial Literacy Month.
Click to view larger image Bubbles the Clown taught financial literacy concepts through magic tricks at an annual kid’s night during Credit Union Youth Week at Atlantic Financial FCU in Hunt Valley, M.D. (Photo provided by Atlantic Financial)
“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.” 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 CU, Lincoln Park, Mich.; * Eastmill FCU, East Millinocket, Maine; * Mountain Laurel FCU, Saint Marys, Pa.; * Service Plus CU, Riverside, Calif.; * Two Harbors (Minn.) FCU; * Service 1 FCU, Muskegon, Mich.; * Canton (Ohio) Police and Firemens CU; and * Portland (Mich.) FCU.
Next year’s Youth Week will be April 18-24.
Other Resources

RSS print
News Now LiveWire
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here:
12 minutes ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow
49 minutes ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
57 minutes ago
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
19 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
20 hours ago