Northwest Federal Credit Union Foundation Recognized for Financial Education Initiatives

LYNCHBURG, VA (10/22/2010)(readMedia)-- The Northwest Federal Credit Union Foundation, the charitable and community service arm of Herndon-based Northwest Federal Credit Union, has won an Honorable Mention Award in the Desjardins Youth Financial Education Awards for credit unions. The Desjardins Awards, sponsored by the Virginia Credit Union League and the Credit Union National Association, honor credit unions for their commitment to teaching personal finance basics to young people.

The credit union foundation's financial education work included two new programs for the 2009-2010 school year: Reality Store events for middle school students, designed to teach young people about managing a household budget, and the ABCs of Credit for high school students, which offers young adults a real-world look at the importance of the wise use of credit. The middle school program benefitted 640 students, while the high school program drew 1,646 participants.

These new initiatives were added to a roster of events that includes Reality Store events at local high schools; the Penny Power Reading Program, which teaches money management and savings to elementary school students, while also boosting their reading skills; and the Piggybank Savings Program for preschoolers, which not only taught children the importance of saving, but also enabled them to share with others through a donation to the local children's hospital.

Northwest Federal Credit Union and its Foundation also celebrated the debut of Westie's Triple Decker Decision, a children's book written by a credit union employee, designed to teach kids the importance of finding a balance between saving, spending and sharing.

"Our financial education efforts include reaching kids in a number of different ways, whether at school, through the creation of our own children's book, or by providing resources that enable parents to teach money management basics to their kids," said Gerrianne Burks, Chairman of Northwest Federal Credit Union Foundation and President/CEO of Northwest Federal Credit Union. "It's critical that we prepare kids for their financial futures. Being able to manage money is one skill that we all must master if we're to be successful."

Northwest Federal Credit Union Foundation • www.nwfcufoundation.org • 703.925.5094 • toll-free 1.800.336.3384

The Foundation was established in 2004 to promote and manage Northwest Federal Credit Union's philanthropic activities as well as to direct financial literacy and other charitable programs, which reflect the interests of its membership and the communities it serves. The Foundation is a 501(c)(3) organization. Donations are tax deductible to the extent permissible by law for those who itemize deductions.

The award is named in honor of Alphonse Desjardins, the founder of the North American credit union movement, who established the first "caisse populaire" (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 (caisses scolaires).