BECU “Closing for Good” to Support Financial Education

BECU locations to remain closed until 1 p.m. today as 1,300 employees
lead financial literacy workshops at 21 Puget Sound high schools

TUKWILA, Wash.–(BUSINESS WIRE)–To celebrate BECU’s 80th anniversary, BECU is remaining
closed until 1 p.m. as a part of its “Closing for Good” initiative.
While BECU is closed, more than 1,300 employees will visit 21 high
schools around the Puget Sound to lead Financial Reality Fairs with more
than 3,000 students.

The Financial Reality Fairs will give teens the opportunity to make
real-world financial decisions and see the impacts they make. During the
fairs, students will be assigned a job and income, and then attempt to
balance their household budget while managing living expenses for
transportation, clothing, cell phones, food and more.

“We want to make sure that the teens in our community understand
personal finances and are prepared as they enter the next stage of their
lives,” said BECU CEO Benson Porter. “Investing in the financial
well-being of students is the right move as a community member and as a
business. Starting adulthood on firm financial footing makes for
healthier, happier lives and a healthier, happier economy.”

Recent studies indicate that American teens lag behind in financial
literacy. A 2012 Inceptia survey of first-year college students showed
that 60% had not created a budget for the current school year and 31% do
not track their expenses.

These teens are joining an adult population that already struggles with
managing finances – more than half of American’s do not have rainy-day
savings to cover three months of unanticipated financial emergencies
according to the Financial Industry Regulatory Authority.

As an organization, BECU will invest more than 4,500 hours into
financial education for high school students on October 20 alone. The
event is an addition to an internal initiative that pays BECU staff for
up to 12 hours of volunteering time per year.

“BECU is focused on the philosophy of ‘people helping people,’ not just
financially, but through community involvement,” said BECU vice
president of co-op affairs Sara Moorehead. “Everyone deserves to know
how to use their money wisely. Through ‘Closing for Good’ we are
empowering young people with financial knowledge that will prepare them
for the future.”

While all 40 BECU locations will be closed until 1 p.m., call centers,
ATMs and other support services will remain open during the event. To
see a list of the schools that are participating and to learn more about
“Closing for Good,” please visit www.becu.org/ClosingForGood.

About BECU

BECU is a not-for-profit credit union owned by the members. Earnings are
returned to the members in the form of better rates and fewer fees. With
more than 900,000 members and more than $13.0 billion in assets, BECU is
the largest credit union in Washington and one of the top five financial
cooperatives in the country. BECU currently operates 40 locations in the
Puget Sound region. All Washington state residents and students
attending Washington colleges and universities are eligible to join. For
more information, visit www.becu.org.

Contacts

BECU
Todd Pietzsch, 206-439-5906
Todd.pietzsch@becu.org