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Dozens of students spent this summer reading about personal finance and earned money through CommonWealth One Federal Credit Union’s first Home Run Reading Challenge.
The Home Run Reading Challenge helped children learn about money management while staying sharp on their reading skills over the summer break. Youth members of CommonWealth One were challenged to read four or more selections from the credit union’s list of money-focused books to earn cash rewards.
Children received $5 for each book they read, and when they completed four books they “hit a home run” and received an additional $5 for $25 total. The cash prize was deposited into their CommonWealth One savings account.
59 students participated in the reading challenge, earning a total of $1,435.
Feedback from parents was overwhelmingly positive. One parent stated, “My children were very motivated to read financially-themed books because of the summer reading promotion sponsored by CommonWealth One FCU. This is one of the family-based incentives that keep your customers loyal! Thank you to CommonWealth One for being so creative in devising ways to involve the ENTIRE FAMILY in financial conversations.”
Another parent wrote in an email to CommonWealth One, “[My son] is going to use the money to make crafts that he will sell at several Christmas craft fairs this year. Thank you for encouraging reading and entrepreneurship!”
Educating members and youth programs are a core component of CommonWealth One’s mission. This summer, The Credit Union National Association (CUNA) awarded CommonWealth One with first place in the Desjardins Financial Education Awards program in the youth category. The NCUA started the Desjardins program as a way to honor credit union leaders working to educate members.