Money Monday: What is Young & Free?

If you are recently finding out about Young & Free Maine or have heard about it in a passing conversation, you might be wondering what the heck is this Young & Free thing?

Well, I’m going to explain it. It’s simple, it’s easy, and it totally makes sense. 

Young & Free is program powered by credit unions in order to engage with the 18-to-25 crowd to let us know that credit unions will better suit our financial needs. 

The movement started in 2007 when the first Young & Free program was launched in Alberta, Canada. Since then the program has grown to eight active regions in the United States and Canada. 

Throughout North America, the average age of a credit union member is nearly 50 years old. Yet the average age of a North American is 37 years old. The fact is, there is a disconnect between the average credit union member and Generation Y. 

So to bridge this gap, Young & Free is a program to make things relevant, fun, and educational for 18-to-25 year olds. 

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Credit unions are local, member-owned, and not-for-profit financial institutions. What does all that mean? It means there are no investors making money off us! And not-for-profit means that when credit unions expenses are paid, the profits go back to the members in the form of low interest rates, higher savings rates, and low cost or free services - like free4Me Checking accounts!

So the question is, don’t you want to be Young & Free?

Lauren R.