Washington Children Save $45.5 Million in Credit Unions



CONTACT: Lynn Heider lheider@ 503.329.7208 (Mobile)Washington Children Save $45.5 Million in Credit UnionsFeb. 24-29 is Washington Saves Week, but for credit unions, financial education is a year-around mission.SeaTac, Washington (Feb. 25, 2020) — Governor Jay Inslee proclaimed Feb. 24-29 as Washington Saves Week. In addition to encouraging adults to save for unexpected emergencies and retirement, the Department of Financial Institutions is encouraging families to teach their children early in life about the importance of saving.Children whose parents are credit union members are already “all in.” More than 150,000 savings accounts specifically for children are open in Washington credit unions, according to the Northwest Credit Union Association’s recent Community Impact Report. The report found $45.5 million was saved by and for children in 2018 – and that amount continues to grow.Credit unions get children excited about saving by offering incentives such as free piggy banks, newsletters for savers, recognizing their birthdays each year, and by making donations to local charities for every new children’s account opened.“Credit unions as not-for-profit cooperatives help their members to build brighter financial futures,” said Sharee Adkins, executive director, Northwest Credit Union Foundation. “The earlier children receive financial education that encourages them to build savings habits, the more likely they will be to make smart money decisions later in life.”In addition to the special children’s savings accounts programs offered by Washington credit unions, their employees provided free financial education to more than 76,000 K-12 students across the state last year.“Credit unions are fully invested in financial education, which helps consumers learn to manage their money and save for the future,” Adkins said. “I can’t think of a better time to celebrate all that credit unions do to help children build a habit of saving than during Washington Saves Week!” <END>The Northwest Credit Union Association is the trade association representing more than 165 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3 million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.8 billion last year. For information on how to join a credit union, please visit: ................
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