In an effort to help parents educate their teenagers about earning, saving and spending money, PAYjr has entered into a strategic marketing partnership with the Credit Union Association of New Mexico. The partnership enables CUANM to offer a co-branded version of the PAYjr Programs to their existing customer base of more than 500 credit unions as well as future clients of the association’s CU Succeed youth financial education program. The PAYjr Programs include an online Allowance and Chore Management system designed for younger kids and a PAYjr Prepaid Card for teens 13 and up.
“We view CUANM as a pioneer in promoting the cause of financial literacy with their CU Succeed program, so this partnership is an ideal fit,” said David S. Jones, CEO for PAYjr. “It gives CUANM another tool it can use in its efforts to educate its younger members about smart money management and smart savings practices, and it gives us a direct channel to reach our target market.”
Under the agreement, CUANM will offer a PAYjr CU Succeed Prepaid Card that provides teenagers flexibility and spending independence while also preventing overspending because it is a debit card rather than a credit card. Money is loaded electronically to the card through the completion of chores, recurring allowances set up by parents, one-time loads or by direct deposits from employers. Cardholders can track and manage their own expenses online, and the PAYjr system also provides SMS text messaging or email notifications to keep parents and teens aware of card activity, including balances and loads to the card.
In addition, parents can use the PAYjr Program to assign, manage and track household activities as well as keep a tally of the money earned by their children. Parents can print weekly calendars for the refrigerator to review progress, or log on to the system at any time to view and manage their accounts.
“Teens are early adopters of new things, and as we become more ‘cashless’ they will need a means to make purchases online and other venues that accept major credit cards. It makes sense to start them out with a prepaid card that limits how much they spend, when they spend, and where they spend,” said Sylvia Lyon, President/CEO of CUANM. “The PAYjr partnership will enable our CU Succeed clients to deploy this program with little or no commitment of IT resources in a relatively short period of time, and simultaneously deliver a product that parents need and teens want.”
“We believe that personal financial responsibility begins at a young age, and PAYjr’s tools will enable our members to help their children develop that responsibility,” said Ray Beauchamp, Vice President of Association Services for CUANM. “This partnership enhances our CU Succeed and Kirby Kangaroo programs and serves an educational purpose by encouraging a good work ethic and a sense of financial accountability.”
Headquartered in Dallas, Texas, PAYjr provides smart, practical and easy-to-use online tools that help parents teach their children about money management and budgeting. The company’s central focus is helping kids make the connection between financial reward and effort, hard work and discipline, which ultimately establishes a lifetime of smart financial habits. PAYjr also works closely with banks, credit unions and major youth brands to help create market differentiation with branded and co-branded PAYjr programs. PAYjr supports these institutions in their efforts to educate consumers on a wide range of financial management topics, while driving new accounts and increasing sales. For more information, visit http://www.payjr.com.
About the Credit Union Association of New Mexico
The Credit Union Association of New Mexico is a not-for-profit trade organization that serves the needs of credit unions throughout the state through services, products, education and advocacy. The association’s CU Succeed and Kirby Kangaroo youth financial education programs are available to credit unions nationwide. These programs help credit unions teach their younger members about sound financial management habits in an entertaining and engaging way. More than 500 credit unions across the country use the CU Succeed and Kirby Kangaroo programs to reach out to their younger members.