Youth Saving Challenge Doubles Last Year's Record

MADISON, Wis.-The National Youth Saving Challenge more than doubled last year's record, with young CU members depositing $26,529,081 into their saving accounts and CDs. This year, 397 CUs reported receiving deposits from 139,669 young members, including 10,006 who opened new accounts. This year's results average out to $190 deposited per child. Last year's nearly $11.8-million savings total averaged $156 deposited per child, up from $87 per child in the 2004 inaugural year. For the first time, credit unions had the option of hosting the challenge throughout April, which is National Financial Literacy Month, instead of just during National CU Youth Week. CUNA also randomly selected 10 credit unions from those who reported their results to receive $100 each to award to the young saver of their choice. The winning credit unions are: PCM Employees CU, Green Bay, Wis.; St. Pius X Church FCU, Rochester, N.Y.; Good Shepherd, Lincoln Park, Mich.; Eastmill FCU, East Millinocket, Maine; Mountain Laurel FCU, Saint Marys, Pa.; Service Plus CU, Riverside, Calif.; Two Harbors FCU, Two Harbors, Minn.; Service 1 FCU, Muskegon, Mich.; Canton Police and Firemens CU, Canton, Ohio; and Portland FCU, Portland, Mich.