MADISON, Wis., May 7 /PRNewswire-USNewswire/ — Young credit union members under the age of 18 proved that they understand the importance of saving by depositing over $10.1 million into their saving accounts during the recently concluded National Youth Saving Challenge.
Credit Union National Association (CUNA) invited credit unions to participate in the fourth annual saving challenge, held in conjunction with National Credit Union Youth Week, to encourage young members to open new accounts and make savings deposits throughout the week. Credit unions tallied the total amount and number of deposits, as well as the number of new accounts opened by young members during the week and reported their results to CUNA to determine figures on a national level.
This year 393 participating credit unions reported $10,133,355 in deposits from 71,844 young members. Additionally, credit unions also welcomed in 9,067 new member accounts.
In comparison, more than 66,200 thrifty youngsters deposited $9.6 million into their savings accounts during last year’s saving challenge. Additionally, the 346 participating credit unions welcomed over 7,600 new member accounts.
In 2005, the challenge realized $4.6 million in total deposits, coming from nearly 36,000 young members. The 280 participating credit unions also welcomed over 4,500 new member accounts. And during the 2004 inaugural year, nearly $1.4 million in deposits came from nearly 16,000 young members. The 143 participating credit unions also welcomed almost 2,000 new youth accounts.
“The impressive results of this year’s saving challenge show that young credit union members truly understand the importance of one of the most basic, albeit most fundamental, pillars to financial independence,” said Dan Mica, president and CEO of CUNA. “Warmest congratulations to the credit unions and the young members who opened accounts and saved so diligently — they have started down the road to financial health and freedom.”
“Stash Your Cash @ the Credit Union” was the theme for the sixth annual National Credit Union Youth Week, April 22-28. The pirate-themed artwork and slogan were chosen for the event to entice young lads and lassies to forgo the coffers and stash their loot safely at the credit union instead.
Youth Week began as an opportunity for credit unions across the country to focus on the financial needs of young people and provide financial literacy education. The event is considered a focal point for teaching the benefits of saving and goal setting as well as inviting young people to open saving accounts at their credit union and make deposits this week and throughout the year.
About CUNA
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves more than 90 percent of America’s 9,000 credit unions, which are owned by more than 87 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit http://www.cuna.org/.
