121 Financial Credit Union launches “Four Wheels to Freedom” youth savings initiative
During April’s Financial Literacy Month, 121 Financial Offers Incentives for Young People to Save for First Vehicle, Including “Two Wheel” Giveaway
JACKSONVILLE, FLA (April 7, 2022) — 121 Financial (“One to One”), Jacksonville’s hometown credit union, launched a new initiative today to help youths build or improve their savings habits as part of April’s Financial Literacy Month. “Four Wheels to Freedom” encourages youths and teenagers, through their parents, to open a new savings account with 121 Financial and begin saving for their first vehicle.
“The earlier that youths and teenagers understand the vital importance of building healthy savings habits, the better positioned they will be to enter their young adult years, which can be financially turbulent in many ways,” said David Marovich, chief executive officer for 121 Financial Credit Union. “Our number one priority at 121 Financial is financial education and helping people achieve their financial dreams and goals. Many teenagers are ecstatic about the opportunity to purchase their first car but may not have a savings plan in place to achieve that goal, and we felt this is a positive, encouraging way to help teens realize this dream of future freedom.”
As an incentive to help young people save, 121 Financial will put $10 in each account once opened. At the end of April, every young person who opened a new account will be put into a drawing for “Two Wheels” to Freedom – a new bike valued at $400. To open the new account, parents can bring their child/children into any of 121 Financial’s eight local branches. Parents do not need to be a current 121 Financial Credit Union member to participate; however, they can become a member at the same time by opening a savings account for $5. There is no minimum age limit for a youth savings account (under 18 only). A birth certificate or social security card is required for identification of the minor.
“Initiating good financial habits at a young age reaps benefits for the rest of one’s life,” said Ms. Gail Lewis, financial education specialist for 121 Financial Credit Union. “Too many times I have encountered young adults, and even adults, who were never taught basic financial management principles, and it’s had a negative impact on their livelihoods over the long term. We work daily to address this issue in our community, and our doors at 121 Financial are always open to provide financial guidance and help people improve their financial situation and outlook.”
For more information about the Four Wheels to Freedom initiative, click here: https://go.121fcu.org/four-wheels-to-freedom
About 121 FINANCIAL CREDIT UNION
121 Financial Credit Union (pronounced “One to One”) provides personalized banking and financial services to its more than 45,000 members throughout the Jacksonville and North Florida region. Since its founding in 1935 as Florida Telco, the credit union has worked to be a trusted partner to the community with personalized solutions for every stage of life. 121 Financial offers a range of products for both consumers and businesses and specializes in deposit accounts and loans, including mortgages. For more information or to become a member, visit https://121fcu.org/.
