Matched Savings Program¹
Program Overview:
The Matched Savings Program is an enhanced financial education initiative designed to help students develop real-world money management skills while building savings habits.
Under this initiative, students who have completed or are currently enrolled in our Adulting 101 program will have the opportunity to participate in a structured savings activity. Participants can receive matching contributions of up to $17 per week, with a goal of accumulating $400 in personal savings by the program’s conclusion. This enhancement aligns with ALICE (Asset Limited, Income Constrained, Employed) data, which shows that many individuals lack access to $400 for emergency expenses. By integrating a savings incentive, we aim to reinforce the importance of emergency savings, foster responsible financial habits, and strengthen students’ long-term financial independence.
Eligibility Requirements:
To participate in the matched savings component, students must:
-
Have completed or be currently enrolled in the Adulting 101 course.
-
Have earned income and provide proof of employment.
-
Be a high school senior or college student.
-
Be a credit union member in good standing.
-
Check in bi-weekly with the Branch Manager to review their budget and savings progress.
-
Submit a 250-word reflection essay on their program experience by the end of Week 11.
Savings & Matching Structure:
-
Students will deposit personal savings into their credit union account.
-
The credit union will match deposits up to $17 per week for twelve weeks.
-
By the end of the program, students will accumulate $400 in savings ($204 from personal contributions + $204 in matched funds).
-
Matching funds will be disbursed into a Stash Save Account at program completion, contingent upon meeting participation requirements.
-
Withdrawal of matching funds will be restricted for six months following the conclusion of the program.
¹Eligibility and participation requirements apply. Students must be a credit union member in good standing, be a high school senior or college student, be enrolled in or have completed an Adulting 101 course, check in bi-weekly with our team, write a short (250-word) reflection essay by week 11, and have a job with proof of income. Matching contributions (up to $204) are based on verified deposits. Matching funds are disbursed after successful program completion and held for six months in a Stash Save Account. Failure to meet participation requirements may result in forfeiture of matching funds. Program terms are subject to change at any time without notice. This program is made possible with the support from the Michigan Credit Union Foundation.
