Story Detail
CA STATE DESJARDINS HONORS THREE CUS FOR FINANCIAL EDUCATION
September 22, 2006
Cal Poly Federal Credit Union, Redwood Credit Union, and Sonoma County Grange Credit Union each won first place in their category in the statewide Desjardins Youth Financial Education Awards, which recognize leadership within the credit union movement on behalf of youth financial literacy.
The first-place winners, who received awards from the California Credit Union League, advance to the national Desjardins Youth Financial Education Awards, overseen by CUNA.
Redwood Credit Union in Santa Rosa, CA, won in the $200 million or more asset category. Sonoma County Grange Credit Union, also from Santa Rosa, CA, won in the $20 to $80 million asset category. For the second consecutive year, Cal Poly Federal Credit Union in Pomona won in the asset category of less than $20 million.
Redwood Credit Union was recognized for its strong commitment to youths and financial literacy. This year, the credit union hired a community education manager; began to participate in National Credit Union Youth Week; and partnered with various schools, youth organizations, and agencies to educate young people in the area of finance. In just two years of having a youth program, Redwood has opened more than 5,000 youth accounts, 4,313 of which are currently active.
Sonoma County Grange Credit Union has developed several youth financial literacy programs. It also sponsors grants and zero interest rate loans for youth groups in 4-H, Future Farmers of America, and local granges. The application process for these loans involves detailed budgeting of what funds are needed and how they will be used. Sonoma County Grange employees assist the youths in completing the applications and teach them about budgeting at the same time.
From July 1 2005, to July 31, 2006, Cal Poly FCU hosted 40 presentations reaching 9,824 youths and 14 workshops for 1,828 parents of incoming freshmen—for a total financial literacy outreach of 54 presentations reaching more than 11,652 individuals.
The Desjardins Youth Financial Education Awards are administered at the national level by CUNA and at the state level by state leagues. The award considers all activities supporting the personal finance education of young members and non-members, including, but not limited to, classroom teaching, publicity, lobbying for curriculum requirements, teacher and volunteer training, and promotion and use of the National Endowment for Financial Education’s High School Financial Planning Program.
The award is named in honor of Alphonse Desjardins, the founder of the North American credit union movement, who established the first “caisse populaire,” or people’s bank, in Quebec in 1900, and helped establish the first American credit union in New Hampshire in 1909. Desjardins was an ardent believer in the value of teaching children to save, and he promoted the idea of in-school savings programs, or “caisses scolaires.”