CREDIT UNION FOCUSES ON FINANCIAL EDUCATION FOR YOUTH

April 3, 2006

INFORMATION:
Nellie Medeiros, Marketing Coordinator
Ph. 808-930-7650

For Immediate Release

KAILUA-KONA, Hawaii - During National Credit Union Youth Week, April 23-29, 2006, Hawaii Community Federal Credit Union (HCFCU) will join credit unions around the country to take the opportunity to stress the importance of financial education for youngsters - using the week to enlighten children and parents alike.

This year's youth week theme - "My Money, My Credit Union - Where I Belong" - aims to help children understand the importance of saving and financial planning while explaining the credit union philosophy of "people helping people."

A recent national survey revealed 34 percent of high school seniors said they were "not sure at all" or "not too sure" about their ability to manage their own finances. Sixty-six percent said they were "somewhat sure" or "very sure." All groups failed a test of financial literacy.

The same survey found that the students learned most about managing their money from family at home (58%), personal experience (18%), a class at school (20%) friends (2%), and media (2%). Again, all groups failed the financial literacy test.

In conjunction with Youth Week, HCFCU will participate in the National Youth Savings Challenge as a real-life exercise in making money grow. The Savings Challenge, now in its third year, is a focal point for teaching the benefits of saving for goals. HCFCU invites young people to open new savings accounts and make deposits this week and throughout the year.
Children who visit an HCFCU branch and open an account or make a deposit into an existing account will not only receive a free giveaway, but also will be eligible for prize drawings at both the local and national level.

At the national level, 10 credit unions participating in the Youth Savings Challenge will be chosen to award a $100 prize to one of their youth members, age 17 and younger. In 2005, an HCFCU member was on of 10 youth nationwide to receive a prize.

Locally, HCFCU will sponsor prize drawings in three different age groups: 0 to 6, 7 to 12 and 13 to 18. The winner in the 0 to 6 age group will receive a Leap Frog Learning System; the winner in the 7 to 12 age group will receive a portable DVD player; and the winner in the 13 to 18 age group will receive an Ipod Nano.

HCFCU will report goals and results for new youth accounts, number of young members saving, and total youth deposits during the week. In May, Credit Union National Association, the premier trade association for America's credit unions, will report the nationwide totals.

2005, the second year of the savings challenge, produced outstanding results, as thrifty youngsters nationwide deposited more than $4.62 million into their savings accounts throughout the week. The results more than tripled the also impressive inaugural year's deposits of $1.39 million. Additionally, the second year's 280 participating credit unions reported deposits from nearly 36,000 young members and welcomed more than 4,500 new youth members.

For more information about National Credit Union Youth Week and all guidelines for entering a youth in a local savings challenge, visit on of the HCFCU branches in Kailua-Kona, Kaloko, Kealakekua, Kohala or Pa`auhau; go online to www.hicommfcu.com and click on the Youth Challenge contest link; or call Nellie Medeiros at 808-930-7650.

HCFCU has been serving Island of Hawai`i residents since 1936. It is a $280 million asset, not-for-profit credit union that is wholly owned by its 31,200 members. In addition to providing complete checking and savings services, the credit union also offers credit cards; auto, mortgage, construction, small business, educational and personal loans; investment services; money saving programs and more. It sponsors two Student Credit Unions, one at Konawaena High School and the other at Kealakehe High School, and supports numerous Island of Hawai`i community programs and events. For more information, visit www.hicommfcu.com.