Summit Credit Union Honored With Governor’s Financial Literacy Award

February 20, 2020

Legacy Award recognizes cooperative’s sustained efforts to champion financial literacy in Madison schools

MADISON, Wis.— Summit Credit Union received the 2019 Governor’s Financial Literacy Legacy Award this week, awarded by the Governor’s Council on Financial Literacy. The honor recognizes Summit’s history of financial education programs for high school students in the Madison Metropolitan School District (MMSD).

Summit’s partnership with MMSD began in 2011 when it opened an in-school branch at La Follette High School. In the years since, in-school branches have been opened at Memorial, East and West high schools, giving over 7,500 total students access to financial education resources. Summit’s presence provides students the opportunity to interact with qualified financial professionals as they develop sound money management and financial literacy skills.

Students at these schools have access to financial education workshops, in-class presentations, educational videos and online tools. Summit also offers opportunities for students to gain real-life employment and money management experience by fulfilling an internship role or opening a checking account of their own. Further, students can participate in Project Teen Money, Summit’s annual interactive competition for students to inspire and educate one another about healthy financial habits.

“The best time to learn healthy money habits is early in life, and our presence in Madison high schools helps us provide students with the tools they need to succeed financially,” said Summit Credit Union CEO & President Kim Sponem. “This foundation of knowledge and skills will help them make smart financial decisions for the rest of their lives.”

The council noted Summit’s commitment to implementing innovative ways to reach an increasing portion of the student population. In the past two years, nearly 1,500 students have opened accounts at in-school branches, while over 3,800 students have engaged with financial education material. Summit has also awarded over $30,000 in scholarship prizes to MMSD students through Project Teen Money since its inception in 2013.

Established in 2011, the mission of the Governor’s Council on Financial Literacy is to measurably improve the financial literacy of Wisconsin citizens. Criteria considered during the evaluation process include innovative program implementation, demonstration of measurable results, collaboration with area partners and the effort’s focus on needs-based groups.