Northwest Federal Credit Union Foundation Wins State Award for Youth Financial Education Programs

HERNDON, VA (11/06/2009)(readMedia)-- The Herndon, Virginia-based Northwest Federal Credit Union Foundation has won a state-level 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 Foundation's programs brought personal finance lessons to a wide range of age groups, including preschool-aged children and college students. The successful Sammy the Saver Rabbit program taught financial literacy lessons to almost 650 elementary school students during the 2008-2009 school year. The Foundation also coordinated the donation of financial literacy resources to a local library.

During the 2008-2009 school year, the Foundation also launched two new programs: The Piggybank Savings program teaches preschool students the importance of saving and spending money wisely, with the Foundation donating money to help jumpstart each child's savings; while the Foundation's "ABCs of Credit" seminar reaches college students with lessons on credit and credit reports. Its popular Reality Store events also helped 1,250 high school students prepare for real world budgeting and financial management by simulating the management of household finances.

"Our goal is to reach children and teens with practical, real-world personal finance lessons that help them develop fundamental money management skills," says Gerrianne Burks, President/CEO of Northwest Federal Credit Union and Chairman of the Northwest Federal Credit Union Foundation Board. "For all the talk about increased consumer protection in financial services, the fact is that the responsibility for managing our finances and choosing financial products and services wisely still lies with us as consumers. That's why we feel it is critical that we continue to offer these basic personal finance lessons to young people."

The Northwest Federal Credit Union 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. Learn more online at www.nwfcufoundation.org.

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).