Mountain America CU Promotes Youth Saving

WEST JORDAN, Utah -Mountain America Credit Union is hoping iPods will give teens an added incentive to save. Teens that open a new Mountain Adventurer youth account get their names submitted into quarterly drawings for a chance to win an iPod. The account is designed for teenagers who are learning how to manage their money, gives teens the opportunity to open their own checking account with a debit card and qualifies them for the Mountain Climber Term Deposit. The Mountain Climber Term Deposit allows youth under age 17 to save at term deposit rates, but with a low $25 minimum deposit. In addition, they can add to their term deposits each month. Recent iPod winners are Jennifer Anderson and Parker Ericson. MACU launched the Mountain Adventurer Account, Mountain Climber Term Deposit, and the Mountain Explorer Account (for kids 12 and under) in October. Anderson and Ericson were the first two to win during the first drawing. MACU has been active in the community to promote financial literacy. Recently Governor Jon Huntsman Jr., who signed a declaration proclaiming April as financial literacy month in Utah, commended MACU executives Suzanne Oliver and Jodi Jones and others for the work they’re doing to help Utah’s youth become more financially educated. MACU conducted some 120 youth financial literacy presentations last year. “The Governor understands the importance of teaching our young people about personal money management. It will pay off for decades to come. We very much appreciate all of his support,” said Utah Jump$tart Chairperson, Lynn Rowe. Utah is one of a very few select states that requires a semester-long general financial literacy course prior to graduation. The Utah Jump$tart Coalition has been instrumental in advocating personal finance, with great support from the Utah Legislature and the State School Board of Education. The Utah Jump$tart Coalition seeks to improve the financial literacy of Utah’s youth. It’s made up of members from a variety of local businesses and organizations, including the Utah League of Credit Unions and several Utah credit unions.