Latino Community CU Pilots New Teen Savings Sweepstakes
DURHAM, N.C. – Latino Community CU is offering teenagers $1,000 prizes for their best savings idea, in the latest credit union version of the savings contest.
The new savings contest was sponsored through a grant by the W.K. Kellogg Foundation and is part of an effort to encourage young people to start saving and develop healthy financial practices. Latino Community is offering members 10 years old to18 prizes of $1,000, $500 and $250 that will be awarded in the form of a 24-month CD as an incentive to start saving for the future.
The latest version of savings contest comes a week after a school retiree in Michigan won the credit union’s $100,000 savings lottery, the granddaddy of credit union savings contests. Other credit unions have sponsored family savings contests and youth lotteries as incentives to get members more focused on saving.
In the Latino Community contest, participants will be asked to read about the stories of “Isabel” and “David,” two young people struggling to make sound financial decisions, then write their own savings story about their goals and how they plan to reach them.
Latino Community is inviting local schools, non-profit organization and religious groups to promote the contest among their youth.