WASHINGTON—Young credit union members deposited $4,799,110 into their savings accounts during the 2022 National Youth Savings Challenge in April, CUNA reported.
“We are very proud of everyone who participated in this year’s National Youth Saving Challenge,” said Megan Crowson, manager of consumer engagement at CUNA. “Teaching kids that every little penny adds up, and that their dreams can be achieved is what Youth Month and the Saving Challenge is all about.”
This year, 713 new youth accounts were opened, and 23,490 deposits made. 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 Velocity Community CU of Florida as the winner of this grand prize.
Piggy Bank Prize
“During the first week [of Youth Month], we (gave) our Kirby Kangaroo members $5 for opening a new account,” said Emily Dail, marketing specialist at Velocity Community Credit Union. “The next week, we deposit(ed) $25 into our Claim Your Youth members’ account when they open(ed) a checking with a VISA debit card. Following that, we (did) a Youth CD special to encourage our young members to save and earn higher dividends. Finally, we (had) a piggy bank filled with pennies and our Youth Members come into our branches to guess how many (were) in the bank. The closest guess (won) the piggy bank.”
The theme of the Challenge was “Save Small. Dream Big.”