Youth represent the future of credit unions. A successful youth program requires that the board and management make a commitment to dedicate staff time and resources to increase youth membership.
While special youth events can be held at any time, National Credit Union Youth Week, is held annually during the month of April to give credit unions the opportunity to promote youth membership and good money management skills.
The National Youth Saving Challenge, held in conjunction with National Credit Union Youth Week, encourages youth savings. Credit unions can participate by recording youth deposits and new accounts opened during a one-week period. Ten participating credit unions throughout the country are randomly selected to win $100 cash prizes to be given to a youth at the credit union.
|April 21-27, 2013
2012 National Credit Union Youth Week
Youth Savings Total More Than $21.3 Million in April
PA Credit Unions Open Record 660 Youth Accounts
Credit unions leaped into action this April to participate in National Credit Union Youth Week and the National Youth Saving Challenge, and encouraged young members to “Be A Credit Union Super Saver.”
April 2012 saw young credit union members deposit a total of $21,330,810 nationally into their savings accounts. The 241 participating credit unions received deposits from 125,867 youth, including 7,300 children who opened new accounts. The average deposit per child was $169, compared to $196 per child last year. During April 2011, young savings deposits amounted to $1,555,886 from 16,504 savers.
Although overall state and national totals were down from 2011, Pennsylvania credit unions had a record 660 new accounts opened by young members during the month of April. Total deposits and the number of young depositors were down from 2011.
A sixteen-year-old member of Erie FCU is one of 10 national winners who received $100 for participating in the National Youth Saving Challenge. Participating credit unions are entered into a random drawing, and 10 are selected by CUNA for the $100 awards. Chris is a lifeguard, works hard, and is a regular saver.
Held in conjunction with National Credit Union Youth Week™, the Saving Challenge puts the spotlight on youth in a contest, tracking deposits throughout the month of April. Participating credit unions use the Challenge to motivate children, teenagers, and their parents to start and maintain good money management practices by opening accounts and making deposits.