What is meant by youth credit unions?
Youth credit union branches mean bringing the credit union to area schools or local youth organizations like Boys and Girls Clubs. Often these branches are run by the students themselves, giving them financial and leadership skills. Successful youth credit union branches require long-term commitment to the program by both the credit union and the school or youth organization.
Why should credit unions care?
Serving young members can provide credit unions with a long-term growth strategy. Student branches help credit unions better understand and influence the financial behaviors of youth and teens. Helping members learn the habit of saving at a young age gives them a boost to asset-building that will benefit them during their lifetime.
What can credit unions do?
Credit unions can partner with a local school or youth organization to bring credit union services on-site. Credit unions will need to find a champion within the school system to help carry the program forward to garner support and approvals from school districts, teachers, parents and students. Those credit unions with youth branches state they aren’t in it for the money, but rather to be a part of the community effort to foster financial literacy among youth and teens.
