CUNA is estimating that credit unions attracted a record-high $9.6 million in deposits from young members as part of the National Youth Saving Challenge held in conjunction with National Credit Union Youth Week. The amount is more than double the $4.6 million attracted during 2005 and more than twice last year's record-breaking $4.6 million in deposits.
According to figures compiled by CUNA, 346 credit union participated in the Youth Savings Challenge, now in its third year, with 66,269 young members putting money in their accounts. In addition, said CUNA, participating credit unions added 7,624 new member accounts. During 2005, 274 CUs took part with deposits from 35,071 members in addition to 4,451 new member accounts.
As part of the challenge, CUNA sponsored a drawing for 10 prizes of $100 each for credit unions, which were selected at random to award the prize to a young member of its choice. The winning credit unions are: Canton Police and Firemen's CU Inc., Ohio; Catholic Aid Association CU, St. Paul, Minn.; Diamond Valley FCU, Evansville, Ind.; New Hampshire FCU, Concord; Oxford FCU, Mexico, Maine; Portland (Mich.) FCU; Southpointe CU, St. Louis; University of Michigan CU, Ann Arbor, Mich.; Valdosta (Ga.) Teachers FCU, and Visionary FCU, Bridgeville, Penn.
Among the numerous credit union efforts during National CU Youth Week was a program by the Maine Credit Union League, which worked with the Maine Council on Economic Education to distribute High School Financial Planning Program booklets to the media. The league reported that 14 radio stations allotted seven minutes or more to the topic during the morning drive-time slot.
