Manassas Journal Messenger | Synergy One honored again

Synergy One Federal Credit Union, Manassas, has won another Desjardins Youth Financial Education Award for its efforts to teach personal finance skills to students.

The award, sponsored by the Virginia Credit Union League and the Credit Union National Association, recognizes leadership within the credit union movement on behalf of youth financial literacy.

The credit union’s entry focused on its partnerships with Future Business Leaders of America chapters in high schools in Manassas, Manassas Park and Prince William County.

Through these partnerships, the credit union has established a student-run credit union branch at Brentsville District High School; provided personal finance training to students through classroom presentations; and coordinated a Reality Store simulation for local students, which teaches real-world money management skills.

The credit Union will also launch a student-run branch at Stonewall Middle School.

“We look at financial literacy as an investment in our communities,’ said CEO Bill White. “Young people without a sound foundation in personal finance are often doomed to a lifetime of financial missteps, potentially leading to debilitating debt and even bankruptcy. By providing personal finance training in partnership with local schools, we offer young people a basic understanding of credit, the value of saving and how to budget. That makes them better prepared for life as an adult and gives them a step up in achieving their financial dreams.”

Synergy One was also recognized for its participation in the National Savings Challenge, a nationwide program by credit unions to encourage young people to save.

During the weeklong celebration, the credit union collected deposits of more than $81,000. Synergy One’s initiatives also included a program to aid lower-income families to filing their tax returns, while offering young people an opportunity to learn about the real-world finances and develop skills for the workforce.

Synergy One has won a state-level Desjardins Award for each of the past five years and it has twice won a national Desjardins Award. The award is named in honor of banker Alphonse Desjardins, an ardent believer in the value of teaching children to save.

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