As part of National Credit Union Youth Month, Arsenal (Arnold, MO) was among 145 credit unions in the United States to participate in a savings challenge sponsored by the Credit Union National Association.
Most people who save regularly developed the habit early in life. Learning to delay gratification in order to save for long-term goals is a crucial life skill, and one that Arsenal is committed to helping its youngest members develop.
During the campaign, 745 young members at Arsenal deposited almost a quarter-million dollars into their accounts, an increase of 114 and $73,813.54 from the previous year. The credit union also added 25 new youth accounts, the same number it opened during last year’s campaign.
All members age 18 and under who deposited any amount of money into their savings account during April were automatically entered into the National Youth Saving Challenge. This year’s grand prize was $1,000.
National results were shared May 19 by CUNA: 84,000 young members made deposits totaling more than $16.8 million, the latter of which was double last year’s total. Participating credit unions also reported opening 26,800 new youth accounts. A credit union in Pennsylvania was the lucky winner and used the money to award $100 to 10 different members.
Arsenal participates in the savings challenge every year in addition to giving free financial education presentations at area schools throughout the year. The $226 million credit union perennially ranks among the top in the state for number of classroom presentations given and students reached.