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Youth & Young Adult Savings Programs

Youth and Young Adult Savings Programs

What is meant by youth and young adult savings programs?

Youth and young adult savings programs are generally age-relevant, designed to help even the youngest of members learn the habit of savings and about the world of finance. They are often set up as club accounts with their own websites that feature interactive games, social media networks, and/or educational tools. Some savings products are designed around life events, such as weddings, first apartments, first homes, first automobiles, etc., where the member can save for a specific purpose.

Who are youth and young adult savers?

Any young member from a newborn baby to a young adult saving for a down payment for a home or car should learn the importance of thrift and saving.

Why should credit unions care?

The average age of a credit union member is about 48 years. Youth and young adults need to be an important focus if credit unions want to remain viable in the future. Beyond just attracting them as members, credit unions need to make them feel engaged and part of the credit union cooperative movement.

What can credit unions do?

Credit unions can offer different account programs based on youth and young adult ages. But credit unions need to keep these programs vibrant and appealing to younger members. As these young members age, credit unions need to ensure they are providing age-relevant ancillary products and features to their programs to keep their young members as active participants.

Rogue

Medford, OR

CU Excel » View details

For teens between the ages of 15 to 18, Rogue FCU offers its CU Excel program. Upon completing a financial seminar, teens can have a checking account with debit card, a Visa credit card or line of credit, and electronic services.

High Plains

Clovis, NM

Kirby Kangaroo » View details

For High Plains FCU’s youngest members, Kirby Kangaroo Club makes saving and learning about money fun.

American Airlines

Ft. Worth, TX

Dream Plan » View details

AA FCU’s dream plan share certificate offers a unique way to start saving for your dreams without having to invest a large amount of money at one time. Once your Dream Plan is open, you lock in a premium dividend rate – meaning you will get the most for your money.

North Island Financial

Chula Vista, CA

MatriMoney » View details

MatriMoney® is a wedding registry that allows couples to receive cash gifts into a credit union account. Couples are provided with gift cards that can be included with shower or wedding invitations.
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