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Study: Whatever, Teens Serious

ATLANTA-A new research study suggests that teenagers take financial matters seriously. The telephone survey, conducted by Synergistics Research Corp. and entitled "Financial Services and the Teen Market," was conducted with 521 teens ages 12 to 17 and 304 parents of teens. Teens in the survey were asked to rate their level of agreement with a number of financially related attitude statements.

Close to nine in 10 teens agreed with the statement, "When I have extra money, I always save at least some of it." More than six in 10 reported they agreed "a lot" with the same statement, and more than eight in 10 agreed with the statement, "It is important even at my age to start thinking about financial matters."

When asked if they agree with the statement, "I'm too young to think about saving money for the future yet," only slightly more than one-fifth reported they agree. Only one-tenth say they agree "a lot."

Findings from the survey also indicate that eight in 10 teens have some form of income, even if it is only moderate. Overall monthly income reported by teens from all sources- full- or part-time jobs, odd jobs, and allowances-was a mean of $127 (median = $50). The survey found that one-fifth of teen said their monthly income is from $1 to $24; one-third said from $26 to $99, and slightly more than one-quarter cite $100 or more per month.

"In general, teens appear to have their 'heads in the right place' regarding their attitudes toward financial matters," said Genie M. Driskill, COO of Synergistics.

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Vigren To Step Down At ESL

ROCHESTER, N.Y. - David L. Vigren, president and CEO of the $2.4-billion ESL Federal Credit Union, is retiring effective March 1. David L. Fiedler, ESL's executive vice president and marketplace manager, has been named as the new president and CEO. Vigren has led ESL FCU since 1994, including overseeing its conversion from a mutual thrift charter to a credit union charter, the largest institution to ever make such a transition. It has also expanded its field of membership beyond the Kodak Co. to the city of Rochester and beyond. Vigren oversaw growth during his tenure to $2.3 billion from $1.1 billion, while total membership also doubled to more than 230,000 from 115,000 in 1996.

Navy FCU To Take Over Branch

BRUNSWICK, Maine-Government Employees Credit Union (GECU) of Maine will transfer operations of its facility at the Brunswick Naval Air Station to Navy Federal Credit Union on March 21. The accounts of members at GECU, however, will not be transferred to Navy Federal. The two credit unions are conducting "dual operations" in the Brunswick facility from Feb. 13 through March 21, when operations will transfer fully to Navy Federal. GECU Employees will be retained by the $17-billion Navy Federal. "We are committed to providing all our members with high-quality products and level of personalized member service they have experienced with a credit union that has been serving the community for over 70 years," said GECU CEO John Greenlaw.

Registration Available Online

MADISON, Wis.- Online registration is now open for the CUNA Mutual Group's

Discovery Conference 2003, scheduled for June 25-28, at the Boca Raton Resort & Club in Florida. Those signing up before April 4 will receive a discounted registration rate of $750, with further discounts available when three or more attend from one institution. Rates increase to $850 on April 5.

For more info:, and click on the Discovery 2003 logo on the home page. Registrants can also call (800) 937-2644, x6891 with questions about the conference, or to request hard-copy registration materials.

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