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 generation poverty and financial well-being among Jackson youth.
This unique proposal is design 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.
The grant will be paired with an additional $15,000 from CP Federal Credit Union, as well as their nationally recognized Financial Education program, which will provide age-appropriate K-5th grade financial literacy education. This is in concert with Phase One of the program which provides each Kindergartner 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 the language.
Work has also begun on Phase Two of the Jackson Saves Program, which would provide a savings account for each Kindergartner in Jackson County that is seeded with initial funds to start. These funds, paired with 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 the 21st century economy.
“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 and CEO of CP Federal Credit Union in a press release.
CP Federal Credit Union’s financial literacy program and Financial Educators team reached 8,670 unique students through 910 presentations. Nationally, this reach ranks 1st for students reached, and 5th for presentations nationally. The program received national attention again this year after being recognized by the National Youth Involvement Board during their July conference. Currently, the Credit Union operates 29 student-run credit unions and partners with over 50 schools.