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Credit Union gives $300,000 to start children's savings program

Posted at 2:15 PM, Jan 07, 2019

JACKSON, Mich. — The CP Federal Credit Union Board of Directors approved a $300,000 donation to the Jackson Community Foundation to start the Jackson Saves program, children’s savings accounts, to help kids save for post-secondary education expenses.

In collaboration with the Jackson Community Foundation, Jackson County Jackson County Intermediate School District and CP Federal, the Jackson Saves program will help set students up for success by giving all kindergartners, who attend an eligible Jackson Public School or Public Charter, a savings account as well as making an initial deposit for the student.

CP Federal has committed $300,000 to fund the first three years of the program. Students can continue to make deposits and earn interest on their funds until they are 18 years old. The funds will then become available to be used for post-secondary education or training in a trade skill. The program is set to launch in the 2019-2020 school year.

Earlier this year, CP Federal Credit Union received a $19,000 grant from the Michigan Credit Union Foundation to support phase one of the program which allowed for the purchase of books that will also be provided to each Kindergartener in Jackson County featuring the Berenstain Bears and teaching money management skills to young readers.

CP Federal has been a leader in financial education since 1991, and we view this program as the next step in helping our youth to invest in a brighter tomorrow. Sheila Troxel, Director of Financial Education here at CP Federal explains, “Studies show that when students save for their future, the chances of them completing a post-secondary education increases exponentially. 36.3% of Jackson sits at or below the poverty level and every day we meet students who express an interest and desire to start saving, but simply do not have the means. What we’re looking to do is change that conversation and set kids up for success.”

Following in the footsteps of other communities such as Lansing and Barry County that have established similar programs, the Jackson Community Foundation, Jackson County Intermediate School District and CP Federal Credit Union will work together to establish, administer and monitor the accounts as well as encourage additional deposits from the children, their parents, or others to ensure the success of the account.

Additional partners and supporters will also be sought to continue the legacy of building brighter futures for our students. If you would like to contribute to the Jackson Saves program by making a gift to the fund, please contact Monica Moser, President/CEO of the Jackson Community Foundation, at 517.787.1321.

Source: Press Release