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Youthful Contribution Should Be Recognised

Media Release

Tuesday 27 May 2008, Auckland.

Youthful Contribution Should Be Recognised

Youth are contributing to the financial strength of their communities and this needs to be recognised during Youth Week says the New Zealand Association of Credit Unions.

There is no stereotype when it comes to saving says Doug McLaren, Chief Executive of the New Zealand Association of Credit Unions.

“All ages are saving at Credit Unions, even young people, and the savings of youth contribute to the community in the same way that everybody else’s does.”

Savings at Credit Unions are used to provide loans for people in the community so those who borrow can pay their loans off quicker and become financially independent sooner.

While New Zealanders, regardless of age, struggle to understand the importance of saving Credit Unions seek to teach their member customers to plan and save towards a goal.

“Attitudes to debt have changed in the past twenty years and student loans have helped to make young New Zealanders comfortable with it but many of our members are younger than 25 and are successful savers,” says Doug.

“We share a genuine commitment to making a difference in people's lives by gaining a real understanding of people's different situations and needs. For this reason we have developed specialised youth accounts such as our Bfree account to allow young people to use our services and develop sensible attitudes towards spending and saving.”

“Because we guide our member customers to make the best financial choices for themselves through a professional approach and a prudent attitude towards their investment, we believe every young person who joins a Credit Union will have a financial advantage at the right time in their lives to set themselves up for a lifetime of financial independence.”

Credit Unions provide savings, loan, investment and insurance services and they encourage savings, thrift and the wise use of money with all their member customers regardless of age. All their customers are members of the Credit Union and they are 100% owned by their member customers.

About Youth Week
Youth Week 08, Monday 26 May to Sunday 1 June, aims to create a society that values young people and affirms their diversity. It highlights the amazing things those aged 12-24 do all year.
Youth Week started in Canada in 1995 and has since spread to countries all around the world. In New Zealand Youth Week is coordinated by New Zealand Aoteroa Adolescent Health and Development (NZAAHD) and is supported by the Ministry of Youth Development, Cancer Society, Families Commission, Office of the Children’s Commissioner, Mayor’s Taskforce and World Smokefree Day.

About the New Zealand Association of Credit Unions
The Association was established in 1961 as the Credit Union League and later changed its name in 1989. It acts as the main trade association for Credit Unions in New Zealand and provides a range of products and services to its Member Credit Unions. Its 30 Member Credit Unions operate in more than 95 locations nationwide serving over 177,000 New Zealanders. The Association is a member of the World Council of Credit Unions and an affiliate of the Credit Union Services Corporation of Australia Ltd.


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