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Thanks to CUs Wisconsin students return eager to save
PEWAUKEE, Wis. (8/20/08)--Wisconsin students are heading back to school this fall ready to put their money into personal savings accounts held at 77 youth-run credit unions inside the state’s elementary, junior high and high schools, according to the Wisconsin Credit Union League. The savings push is no accident, said Brett Thompson, league president. “Wisconsin is a progressive and award-winning state for financial education,” he said. Credit unions have provided financial education to students through the student-run branches and have sponsored 67 teachers at the National Institute for Financial and Economic Literacy, a summer workshop held at Edgewood College in Madison. The workshop provides teachers with resources to improve their personal finance lessons. Savings at Wisconsin credit unions increased more than 7% in the year ending in March. National savings rates were at 2.6% in the second quarter of this year. “While Americans are nowhere near to achieving the savings habit that defined today’s students’ grandparents’ generation--something our country needs right now--Wisconsin students appear to have the discipline to make some important strides in saving,” Thompson said. “The fact that young people save regularly is a sign that they grasp the need to save in light of the economic pain that’s affected families, as well as entire sectors of the economy,” he added. “Young people are recognizing the need to put one’s financial house in order.”
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