CP Federal Credit Union has received a $19,000 grant award from the Michigan Credit Union Foundation in support of the first phase of the Jackson Saves Program project designed to address generational poverty and financial well-being among Jackson youth. This unique proposal is designed to kick-start career entry and assist in obtaining post-secondary education and workforce training through a combination of financial literacy education and a pre-seeded savings program.
Phase one of the program will provide each Kindergartener in Jackson county each year for three years with a customized Berenstain Bears book crafted to teach young readers the money management concept save, share, spend and earn, while expanding their vocabulary and understanding figurative language. The $19,000 award will be paired with an additional $15,000 from CP Federal Credit Union as well as the full resources of their nationally recognized Financial Education program, which will provide age-appropriate K-5th grade financial literacy education in concert with the books.
Work is underway to secure funding for Phase two of the Jackson Saves Program, which would provide a savings account for each Kindergartener in Jackson County that is seeded with initial funds to start. These funds, when paired with top-notch financial literacy education and associated supports continuing through 5th grade and beyond, are intended to spur additional savings behaviors in preparation for the education and/or training necessary for career entry in a 21st century economy.
CP Federal Credit Union is well known for collaborating to bring resources and services to the community. The organization is well qualified to continue and expand this important work in Jackson, having received national recognition once again this year by the National Youth Involvement Board at their conference in Charlotte, North Carolina this July.
During the 2017-18 school year, CP Federal’s team of Financial Educators reached 8,670 unique students with critical financial literacy programming through an impressive 910 presentations. In fact, CP Federal employees took 1st place and 5th place nationally in the number of students reached as well as four of the top five places in the number of presentations delivered.
“CP Federal Credit Union has provided financial literacy programs since 1991. We believe these programs represent one of several outward expressions of our commitment to the communities we serve. We will continue actively convening and collaborating with stakeholders to address the needs and impact legacies in the areas where we live, work, and play.” stated Chrissy Siders, President/CEO. The nationally-recognized program currently operates 29 student-run credit unions and partners with over 50 schools.
SOURCE: PRESS RELEASE