MADISON, Wis./WASHINGTON–Young credit union members deposited more than $15 million into their savings as part of this year’s National Youth Savings Challenge, which was held during National Credit Union Youth Month in April.
According to Fiserv and CUNA, which sponsored the Youth Savings Challenge, results for 2019 were reported by 108 credit unions that participated. In total, 3,746 youth accounts were opened during April and more than 43,000 young members deposited funds. This year’s theme was “The Future is Yours…Picture It! Save for It! Share It!”
In addition to financial education, the challenge also provides CUNA with data to share with state and national legislators how the credit union industry is improving the financial lives of its members, the association said.
“Participation not only supports better savings habits and the movement, but also bottom lines,” CUNA stated. Since 2014, more than $67 million in total deposits have taken place as part of the challenge.
This year, University of Louisiana FCU was randomly selected as the winner of the $1,000 grand prize. The credit union will award 10 young members $100 each.