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CUNA offers $2,500 in prizes for saving

By Marcie Geffner · Bankrate.com
Friday, February 21, 2014
Posted: 7 am ET

Want to win $100 cash?

Sign up yourself or your child for the National Youth Saving Challenge, a national saving campaign for people age 18 and younger, sponsored by the Credit Union National Association, or CUNA, a Washington, D.C.-based network of affiliated state and federally chartered credit unions.

The challenge, which takes place annually in April, encourages young people to open credit union savings accounts, make deposits and learn about saving and money management at credit unions.

The program is free and is intended to help credit unions connect with young people and their families.

This year, 25 young people will win $100 cash prizes sponsored by GreenPath Debt Solutions, a nonprofit credit counseling organization, as part of the campaign.

The prizes will be awarded randomly to 25 credit unions that have registered with CUNA and reported their challenge results. Then, the credit unions award the cash to one of their participants.

In a statement, GreenPath CEO Jane McNamara said the organization sees adults struggling every day with debts and money-management problems that could have been avoided by early financial education.

"By helping credit unions reach a younger audience, we believe that we are not only setting each individual person up for a financially savvy life, but contributing to the prosperity of the nation's future," McNamara said.

Last year, more than 117,000 young people deposited $25.2 million into credit union savings accounts and 6,173 of those accounts were newly opened, according to Janet Garkey, CUNA Youth Week coordinator.

"With the sponsorship from GreenPath, we're aiming to attract even more young savers," Garkey said.

Follow me on Twitter: @marciegeff.

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