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National Saving Challenge passes 100M mark
MADISON, Wis. (5/19/11)--The National Youth Saving Challenge, hosted by the Credit Union National Association (CUNA), attracted more than $28 million in deposits from children in April.
Kylee, a youth member with Cascade Community CU, Roseburg, Ore., was one of 10 randomly selected children who each received a $100 prize during the Credit Union National Association’s National Youth Saving Challenge last month. Joining Kylee is Member Services Supervisor Charla Bay. (Photo provided by Cascade Community CU)
With this year’s deposits, the National Youth Saving Challenge has surpassed the $100 million milestone, with $117, 628,671 in total deposits since the program’s inception in 2004. Held in conjunction with National Credit Union Youth Week, the saving challenge puts the spotlight on youth in a contest tracking deposits throughout the month of April. Participating credit unions use the challenge to motivate children, teenagers and their parents to start and maintain good money management practices by opening accounts and making deposits. With 305 credit unions reporting this year, deposits totaled $28,545,722. More than 146,000 kids made deposits during the month, with 9,058 new accounts opened. The average amount deposited per child was $196. By comparison, last year 384 credit unions reported $24,811,741 in total deposits. Roughly, 168,438 children made deposits, with 10,385 new accounts opened. The average amount deposited per child was $147. In 2011, National Credit Union Youth Week was April 17-23, with the theme “Money at my Credit Union Rocks.” Among the ways credit unions inspired their young members to save:
* SECU, Raleigh, N.C., offered prizes for its “Money Rocks” Savings challenge. Prizes included a Nintendo Wii, Nintendo DSi, iPod Touch and an iPod Nano. At SECU’s 237 branches, more than 700 new youth accounts were opened with deposits totaling $3.2 million. * OUR CU, Royal Oak, Mich., introduced its young members to the personal finance website FamilyMint and offered a savings raffle for deposits made during the week. Two members each won a $25 VISA gift card. * First Community CU, St. Louis, sponsored a contest in which members collected autographs from Louie the Loan Star. With four autographs, kids could enter a drawing to win four tickets to see Taylor Swift in concert. * Cascade Community CU, Roseburg, Ore., let its youth members rock out to Guitar Hero in its lobbies. Kids could also guess how much coin was in a piggy bank and take part in a coloring contest. * Community 1st CU, Ottumwa, Iowa, hosted an outdoor free concert by the local rock band “Compulsive Liars.”


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