Children and teens are the target groups Navy Federal Credit Union wants to recognize for their stellar saving habits.

The $59 billion cooperative in Vienna, Va., has launched its Youth Super Saver Award program for kids ages nine to 17. Parents who are members or eligible to be members of the credit union can nominate their child to apply.

Navy Federal said it will highlight the young savers by recognizing them via their social channels and within their communities.

A panel of judges from the credit union's savings group will choose three awardees – one from both a junior and teen category, and one overall “Youth Super Saver of the Year.” Awardees will exhibit a strong commitment to money management, have an industrious or entrepreneurial spirit, and be involved in their community, according to the program.

Each junior and teen awardee will receive a $500 deposit into a SaveFirst Account, according to Navy Federal. The overall award winner will receive a SaveFirst deposit of $1,000 and an opportunity to be a guest writer on the credit union's blog where they can give financial tips and advice to peers.

“I'm not sure if young people are given enough credit for having financial foresight, said Joan Cox, senior vice president of Navy Federal's savings products. “Some kids are not only serious about money management; they really have some creative ideas. We want to celebrate this. Our goal is to encourage families to start saving early as a way to build a healthy financial future.”

Nominations for the Youth Super Saver award must be received by Aug. 31.