Woodstone Credit Union of Federal Way, Wash., received an honorable mention from the Washington Credit Union League for its teen financial literacy program at the Desjardins Youth Financial Education Awards.
"It's an honor to receive this award," said Susan Streifel, president/CEO of the $93 million Woodstone. "Many credit unions are committed to youth education, so it is wonderful to have our program stand out and be recognized."
If financial management skills are developed at a young age, they will become lifelong habits, the 12,000-member credit union said.
At local high schools, Woodstone promotes the importance of youth financial instruction by using materials from the National Endowment for Financial Education to teach students how to manage their personal finances.
Outside of school, the credit union offers teens the opportunity to take part in free "Financial Skills for Life" workshops based on the NEFE High School Financial Planning Program.
The 90-minute workshops, which draw about 10 participants each, teach students about financial planning, financial safety and security, budgeting, investing, cost of credit, insurance and career development. Students receive a free workbook designed to help them learn the skills they need to manage their resources, as well as $25 toward their Woodstone savings account.
About 20 students have joined Woodstone through the in-school and after-school programs, the credit union said.