The Hi 5 Youth Savings Account can start to turn the American tide toward savings and grow financial literacy, member loyalty, and household penetrations. The program provides a stronger incentive for members to embrace saving by offering a monthly “matching” deposit to an established youth account and by requiring mandatory financial education be completed by the youth before account money is available at age 18. The Hi 5 Account forms a partnership between the parent(s) who deposit(s) money, the credit union that rewards those deposits with matching funds, and the child who learns and reaps the benefits of saving.
Contact us to learn more about this idea from Filene i3.