2009 Youth Saving Challenge smashes record

MADISON, Wis. (5/8/09)--The Credit Union National Association's (CUNA) 2009 National Youth Saving Challenge has more than doubled last year's record in deposits.

The challenge brought in more than $26 million in deposits, compared with $12 million brought in last year.

"By more than doubling the amount they saved last year, our young members have told us loud and clear that they believe in the future," said Dan Mica, CUNA president/CEO. "Their willingness to set money aside for their goals during a severe recession should inspire the rest of us to redouble our efforts to advance the credit union principles of thrift and the productive use of credit. This phenomenal vote of youthful optimism could not have come at a better time."

About 397 credit unions 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 was National Financial Literacy Month.

"We didn't limit it to National Credit Union Youth Week to give credit unions more flexibility," said Lin Standke, CUNA's manager of youth programs. "There is good news coming out of this economic mess we're in, and it's that youth are learning to save at their credit unions."

CUNA also selected 10 credit unions at random 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 CU, Lincoln Park, Mich.;
Eastmill FCU, East Millinocket, Maine;
Mountain Laurel FCU, Saint Marys, Pa.;
Service Plus CU, Riverside, Calif.;
Two Harbors (Minn.) FCU;
Service 1 FCU, Muskegon, Mich.;
Canton (Ohio) Police and Firemens CU; and
Portland (Mich.) FCU.

Next year's Youth Week will be April 18-24.

courtesy of cuna.org