HARRISBURG, PA (April 19, 2023) — The CrossState Credit Union Foundation has a history of promoting and supporting financial literacy initiatives in New Jersey and Pennsylvania. On May 19, 2023, during CrossState Connect Annual Convention, we will recognize five programs for excellence in the advancement of financial literacy. We are happy to announce the 2023 Leaders in Financial Literacy Award Winners:
Belco Community Credit Union: In-School Financial Wellness Initiative – Dream, Achieve, Succeed
North Jersey Federal Credit Union: The Castle 2.0
Service 1st Federal Credit Union: 2022 Community Savings Challenge
White Rose Credit Union: Customizable Financial Education Offerings for Local Schools
Special Collaboration Award: Greater Reading Financial Reality Fair Committee
April is also Financial Literacy Month, a nationwide celebration with the goal to improve and increase financial literacy education among young people and adults. Every day, credit unions work toward this goal through hosting financial literacy programs in high schools, creating programs for members and non-members, raising money awareness for financial literacy, and more.
“Credit unions are committed to financial education for their members and their communities. The winners this year exemplify the credit union spirit of collaboration with schools and local nonprofits,” said Sue Ward-Diorio, CrossState Foundation Executive Director. “All the applicants do wonderful work in their communities teaching their neighbors, young and old how to make sound financial decisions to help them reach their hopes and dreams.”
Belco Community Credit Union’s financial literacy efforts in their Dream, Achieve, Succeed initiative expanded in-school programs and introduced new programs reaching middle and high school students. Belco also began offering Financial Flex Lunch and Learns and a summer program with a local school district in addition to their High School Reality Fairs and Middle School Deposit Days.
Service 1st Federal Credit Union launched a Community Savings Challenge last February. Their main goal in this challenge was to support members in making smarter and more calculated financial decisions, leading to healthier financial futures. Another goal of this challenge was saving members $1M in interest paid by May 31, 2022. When these goals were met, Service 1st donated $10,000 to nine local charities to help their neighbors with food, clothing, and social services.
North Jersey Federal Credit Union established The Castle 2.0, a financial literacy hub serving Paterson Public School District. The student-run credit union high school branch serving a 2,400 student body and over 300 staff, is open two days a week. Castle 2.0 Students are interested in business and finance, and this financial literacy hub is a great way for them to gain experience and even credits toward their diploma. NJFCU also hosts after-school financial literacy classes for early financial planning and best practices, and even plans on duplicating this program in Weehawken School District this year, called “The Waterfront.”
White Rose Credit Union created a Customizable Financial Education Offerings for Local Schools at no cost for teachers and nonprofits in their two-county region. White Rose created a customizable packet that is used to customize the needs of each classroom. They present the packet of information with options and then build a program based on the teacher’s needs. This program is critical for serving communities where 32% of households live below ALICE (Asset Limited, Income Constrained, Employed)—families that live paycheck to paycheck with little savings.
The Greater Reading Financial Reality Fair Committee was given the Special Collaboration Award based on their successful financial literacy programs and for their strong credit union collaboration philosophy. Ten credit unions in the greater Reading area join forces to hold Financial Reality Fairs in their communities. The committee works together to coordinate with the schools, recruit and instruct volunteers, raise funds for snacks, and prepare budget sheets for each student.
The CrossState Credit Union Foundation, an affiliate of the CrossState Credit Union Association, is a nonprofit organization based in Harrisburg, PA. The Foundation serves the needs of small credit unions in Pennsylvania and New Jersey, supports financial education initiatives, assists with costs related to credit union staff development, and provides disaster relief when help is needed most.
Michael Wishnow
Senior Vice President
Marketing & Communications
MWishnow@crossstate.org
