Young members save over $2.8 billion during National Youth Savings Challenge
WASHINGTON, DC (July 14, 2020) — During this year’s National Youth Savings Challenge™, young credit union members performed “Money Magic” by depositing $2,805,990.22 into their savings accounts and CDs.
“This year marks the thirteenth annual National Youth Saving Challenge,” said Michelle Kamke, marketing projects manager at CUNA. “More credit unions participated than last year, taking advantage of digital resources to help kids develop healthy money habits amid the coronavirus pandemic.”
This year, 12,103 youth, representing 100 credit unions, were motivated to save for their futures. Young members deposited an average of $231.84 per child, and 160 new youth accounts were opened. The theme of this year’s National Credit Union Youth Month™ was “Money Magic.” Participating credit unions encouraged kids to share, spend and save wisely through their credit union with giveaways, contests, virtual financial education and more.
To encourage participants, CUNA offered a grand prize of $1,000 to create 10 youth awards worth $100 each, and randomly selected Expree CU of Kentucky as the winner of this grand prize.
“Rather than hold off on youth month activities, we saw our current affairs as an opportunity to tell people why they should raise kids that are financially savvy. This crisis really demonstrates to our children how vital planning for tomorrow is, as we saw with supply shortages, and people being laid off from work. Real circumstances had a huge impact on many people in our community which inevitably youth were seeing firsthand,” said Heather Perkins, chief marketing officer at Expree CU.
To learn more about the National Youth Savings Challenge, visit cuna.org/youthmonth.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.