RALEIGH, N.C.–Young members of State Employees’ Credit Union (SECU) here who participated in its Youth Saving Challenge Contest, which used a “Play to Save” theme, broke last year’s deposit record by nearly $2 million. Nearly 25,500 FAT CAT and Zard members deposited over $5.2 million into their savings accounts and opened more than 900 new youth accounts during the week-long event, SECU said.
SECU’s Youth Saving Challenge is held annually in conjunction with North Carolina’s Financial Literacy Month, which provides an excellent opportunity for SECU staff to teach youth good money management skills. Participating savers who made a deposit to their share account were automatically entered in a random drawing for one FAT CAT and one Zard member to win an Apple iPad mini 2 and a $25 iTunes gift card. Each SECU branch also hosted an additional giveaway, with 257 lucky youth members winning a Wilson-NCAA Street Shot Basketball.
Credit Union staff hold youth appreciation events and give financial literacy presentations at local schools and branches during Financial Literacy Month and throughout the year. SECU’s FAT CAT program for children 12 and under, the Biz Kid$ television series, the National Endowment for Financial Education (NEFE) High School Financial Planning Program curriculum, and the Reality of Money financial simulation for middle and high school students are tools used by SECU to provide financial literacy training to youth.
“Kids and parents were thrilled about the sports-themed Challenge this year – especially following the excitement of the March Madness games,” said Amy Dills, Vice President of the Asheville-Parkway South branch. “The Youth Saving Challenge is a fun approach to help kids develop healthy financial habits and save for their future. Our employees had a great time promoting the event and holding our own basketball drawing.”