Credit unions put spotlight on kids during National Credit Union Youth Week
April 23, 2006

ALL ACROSS INDIANA -- During National Credit Union Youth Week, April 23-29, credit unions will be shining the spotlight on how young people earn, spend, save, and manage their own money and how credit unions help them do so wisely. The celebration takes place during the Jump$tart Coalition’s Financial Literacy for Youth Month.

As part of National Credit Union Youth Week, credit unions in Indiana and elsewhere will take the opportunity to stress the importance of financial education and use the week to enlighten children and parents alike. “This year’s Youth Week theme, ‘My Money, My Credit Union – Where I Belong,’ aims to help children understand the credit union difference, explaining that as members of a not-for-profit cooperative, they earn better rates on saving and loan products, pay lower fees, and receive more personalized service,” said John McKenzie, president of the Indiana Credit Union League. “Credit union people have always believed that financial knowledge is a unique, life-altering member benefit. And since the earliest days of credit unions, people have recognized that financial literacy – that is, knowledge of the wise use of credit and the power of savings – has been a primary mission of credit unions.” The father of the American credit union movement, Edward A. Filene, put it clearly: “Credit unions are educational institutions.”

And, based on the results of a survey conducted by the Jump$tart Coalition, credit unions and other financial educators are needed now more than ever. High school seniors averaged only a 52% score on a national survey conducted by Jump$tart to test their financial knowledge. The survey results revealed that a number of important financial concepts are not well understood by young people today such as the taxability of interest earned on savings, liability for charges placed on a stolen credit card and the best way to build wealth over the long-term.

During National Credit Union Youth Week, credit unions throughout Indiana will be sharing information to help kids and families do their best to be financially responsible. Activities are varied and include financial management classes offered for young people, cooperative efforts between credit unions and local police and fire departments as well as the roll-out of new products and services for young members. Essay contests are scheduled, as well as child fingerprinting and an event to recognize “Take your Sons & Daughters to Work Day.” Also scheduled are many innovative savings incentives, coloring contests and appearances in credit union offices by family-friendly organizations and entertainers.

But, credit unions’ link with kids won’t stop at the end of the week: the grand opening of a credit union inside a northwest Indiana middle school will take place in early May.

For more information on what the credit unions in your area are doing, contact them directly or call Kay Neidlinger at the Indiana Credit Union League, (800) 285-5300, ext. 5343.

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