Georgia credit unions will help young members get scientific about saving throughout April to celebrate the Credit Union National Association’s National Credit Union Youth Month as well as Financial Literacy Month.
“Credit Unions will once again inspire America’s youth to reach financial freedom,” said CUNA President and CEO Jim Nussle. “April is the month in which we can showcase our effort to our youngest members and help them begin a journey of lifelong financial education.”
This year’s National Credit Union Youth Month theme is “The Science of Saving.” Several Georgia credit unions will use fun content and events to make saving easier for young members by encouraging them to picture themselves in the future.
Interstate Federal Credit Union, for example, will hold coloring contests, while both Interstate FCU and Delta Community Credit Union will give away prizes to youth members throughout April.
Five Star Credit Union will be sponsoring financial literacy classes in 18 schools this semester in honor of National Credit Union Youth Month.
“It’s been a very good program for us,” said Five Star CU’s Vice President of Marketing and Communications Mike Bridges. “When the kids complete the course, they get a certificate that they can bring to our branches and open a savings account. We’ll add the first $5 for them.”
CUNA will also sponsor the annual “National Youth Saving Challenge.” During April, young credit union members are encouraged to put as much money into savings as possible. The participating credit union with the best savers will receive a $1,000 grand prize so it can award 10 of its youth members $100 each.
These kinds of initiatives are important to Georgia. The state’s poverty rate in 2016 stood at 16 percent, according to the Center or Financial Services Innovation. The U.S. poverty rate stood at 12.7 percent during the same time period.
Georgia also holds the third-highest number of business and non-business bankruptcy case filings in the U.S. – 46,718.
Gov. Nathan Deal took time to declare April as Financial Literacy Month in the State of Georgia, saying financial education will help improve those statistics.
“Financial literacy is crucial in helping individuals avoid bankruptcy, defaults and foreclosures, especially as individuals are living longer and using money in retirement,” Deal said. “It is vital that all Georgians take personal responsibility for their long-term financial health, develop effective saving habits and acuir the financial skills to improve their overall quality of life, while strengthening their respective communities and benefitting the statewide economy.”
Georgia’s credit unions work to increase financial literacy among adults, teens and children all year. A recent Georgia Credit Union Affiliates survey found that about 88 percent of Georgia credit unions offer or plan to offer financial literacy programs.
Georgia credit unions also held about 1,280 financial education events for 31,100 attendees in 2017.
To find a credit union near you, visit ASmarterChoice.org.