Approximately 95,000 youths deposited a total of $20.5 million last month during the National Youth Saving Challenge sponsored by the Credit Union National Association.
Young people deposited, on average, $217 each as part of the challenge, which was held during April—National Financial Literacy Month. Approximately 8,800 new accounts were opened across 238 participating credit unions.
This year’s challenge featured incentives from GreenPath Debt Solutions, a credit counseling organization that provided sponsorship funds that increased the number of available prizes to 25 from 10 in previous years.
“Knowing our support helped increase the number of winners is fulfilling,” GreenPath CEO Jane McNamara said. “We hope this will serve as an incentive for young savers to use the good saving practices they learned during the National Youth Saving Challenge.”
The challenge began in 2004 when credit union participation included just 143 institutions, with just $1.4 million in deposits. In 2009, the challenge was expanded from one week to include the entire month because credit unions said one week was inadequate. Seventy percent of all participating institutions this year ran the challenge for the entire month.