New Resource Outlines the Benefits of Saving at an Early Age
ALEXANDRIA, Va. (Feb. 22, 2018) – Young people can get valuable information about starting good personal finance habits and building long-term wealth from a new infographic released today by the National Credit Union Administration.
The NCUA’s new infographic, “Empowering Youth to Save,” is being released in conjunction with America Saves Week and Military Saves Week, which run from Feb. 26 to March 3.
America Saves Week and Military Saves Week are national campaigns that bring together government, nonprofits, and companies to encourage individuals and families to save and build personal wealth. America Saves Week is coordinated by America Saves and the American Savings Education Council. Military Saves is part of the Defense Department’s Financial Readiness Campaign. Managed by the Consumer Federation of America, both programs encourage saving, reducing debt and building wealth.
During America Saves Week and Military Saves Week, consumers can go to MyCreditUnion.gov, the NCUA’s consumer website, and find additional information on how to live within a budget, handle debt, and what it means to save and borrow at a federally insured credit union. The NCUA’s consumer Twitter feed, @MyCUgov, will provide savings tips all week long on topics like, planning for the unexpected and setting up automatic savings.
Credit unions are encouraged to link to these resources on their websites and use them to help educate their members. Credit unions can also partner with local savings campaigns and consumer organizations to offer workshops and obtain posters, brochures, and other resources.
Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.