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.
ends