BayPort Credit Union won a 2nd Place Award in the state-level Desjardins Youth Financial Education program. The Desjardins Award, sponsored by the Virginia Credit Union League and the Credit Union National Association, honors credit unions for their commitment to teaching personal finance basics to young people.
Partnering with FoolProof, an online, interactive financial literacy resource, the credit union was able to reach students at 52 schools during the 2012-2013 school year. BayPort used age-appropriate savings clubs to promote money management skills and teach young people the importance of saving money for long-term goals and financial emergencies.
In addition, the credit union reached more than 2,200 young adults with workshops and seminars on personal finance basics.
"Today's financial service marketplace can be intimidating and it's critical that credit unions prepare young people for real-world financial situations they'll face," says BayPort President/CEO George Dudley. "Our goal is to help young people better navigate the financial service landscape and avoid financial pitfalls that can lead to crippling debt and financial struggles."
With total assets in excess of $1.3 billion, BayPort Credit Union is a member-owned, full-service financial institution with branch locations in Newport News, Hampton, Grafton, Gloucester, Chesapeake, Suffolk, Smithfield, Williamsburg and Virginia Beach serving individuals and businesses in the Greater Hampton Roads community. Visit us at www.bayportcu.org.
The award is named in honor of Alphonse Desjardins, the founder of the North American credit union movement, who established the first “caisse populaire” (people’s bank) in Quebec in 1900, and helped establish the first American credit union in New Hampshire in 1909. Desjardins was an ardent believer in the value of teaching individuals to save, and he promoted the idea of in-school savings programs (caisses scolaires).