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CommonWealth One Federal Credit Union Wins First Place in Desjardins Youth Award

Feb 24, 2014 by Bethany Scott

CommonWealth One Federal Credit Union won a 1st Place Award in the state 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.

The credit union was recognized for its partnerships with eight local schools, which allowed the credit union to reach more than 900 students with money management lessons during the 2012-2013 school year. COFCU also sponsored "reality store" events for its local schools, providing teens with real-world lessons in budgeting and personal finance, and participated in the Mayor of Alexandria's Dollarwi$e program, which seeks to provide financial education to citizens all across the city.

Its current program offerings include four youth and young adult clubs that deliver age-appropriate lessons and resources on money basics for pre-Kindergarten children through young adults entering college.

"Money management is a basic skill everyone needs," says CommonWealth One President/CEO Charlotte Cash. "We believe it’s our responsibility to provide young people with the skills they'll need to make wise financial decisions so they can avoid a lifetime of financial troubles."

CommonWealth One Federal Credit Union is a full-service, member-owned, not-for-profit financial cooperative committed to being the lifetime financial institution of its members. Learn more about the credit union online at www.cofcu.org.

The award is named in honor of Alphonse Desjardins, the founder of the North American credit union movement, who established the first “caissepopulaire” (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 (caissesscolaires).

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