Teen Banking Program Makes Finance Education Easier Than Ever

Teens in Virginia just got a financial upgrade. UVA Community Credit Union ($1.5B, Charlottesville, VA) is putting plastic in their pockets and money smarts in their minds with a new checking account made just for them.

Teen Ri$e, a youth-focused banking program designed to empower members ages 13 to 17 with essential financial tools and guidance, includes a checking and savings bundle, a personalized Visa debit card, an educational handbook, and digital content to build confidence and independence.

“There’s a surprising lack of knowledge about even the most basic financial concepts,” says Tim Alther, senior vice president of retail and deposits. “Teen Ri$e is our way of helping young members start their financial journey with structure, tools, and support.”

Michelle Simon, senior vice president of marketing, adds that the program reflects the credit union’s mission of promoting financial wellness through its own products and services.

“We wanted to introduce ourselves to this demographic while we teach them how to manage their money,” she says.

Indeed, the integrated program is designed to instill good habits and prepare teens for lifelong financial success.

Rising Above The Knowledge Gap

UVA Community developed Teen Ri$e after identifying a gap in financial literacy among teens. Alther says the cooperative discovered a surprising lack of knowledge among students regarding fundamental financial concepts, including basic retail banking transactions and practices like what a debit card is and how to manage account balances. In other words, the knowledge necessary to navigate their financial journeys confidently.

To address this gap, the program incorporates educational resources, such as a 12-page handbook, and ongoing digital content to reinforce learning. Additionally, the checking account serves as an entry point into the financial world, especially as these digital natives are as accustomed to payment rails like Apple Pay and Google Pay as much as cash.

All in all, Teen Ri$e supports the credit union’s broader mission of promoting financial wellness within the community. By targeting a younger demographic, UVA Community aims to instill good financial habits early on, setting the foundation for a lifetime of sound financial decisions.

Tools For Financial Empowerment

An important benefit of Teen Ri$e is that it is not simply an account, it is a holistic approach to financial independence.

“We wanted to make sure we weren’t just offering a checking and a debit card,” Simon says. “We want to provide added value and resources. We have an onboarding process that, once they open their account, starts them on an education journey throughout the whole life of their account.”

Upon opening a Teen Ri$e account, new members receive a 12-page handbook that covers topics like budgeting, saving, and understanding credit. The resource serves as a foundational guide and is complemented by ongoing digital content that reinforces concepts.

UVA Community Credit Union built Teen Ri$e checking to empower members ages 13 to 17 with essential financial tools and guidance.

The comprehensive program includes checking and savings accounts, a personalized Visa debit card, and online and mobile banking. The debit card is specially designed for the Teen Ri$e program, adding a personalized touch intended to resonate with the younger audience, Simon and Alther say. Features such as mobile check deposit, account alerts, and budgeting tools round out the banking experience.

To ensure safety and prevent overspending, the account has built-in safeguards. The account is free of monthly fees and has spending caps, plus it doesn’t allow teens to spend or withdraw more than what’s available in their account, effectively teaching them the importance of budgeting and financial discipline.

Engagement With Schools, Parents, And Influencers

UVA Community actively partners with local schools to conduct financial education sessions focused on essential financial knowledge without promoting specific products.

To connect with teens on its own platforms, the credit union initially launched TikTok and Instagram campaigns. It brought in teen influencers — local students with existing online followings — to create content and share their experiences (watch “How To Create A Budget” and “Terms To Know For Your New Debit Card” on TikTok). The approach helped establish authenticity and relatability but also presented additional responsibilities for the credit union.

UVA Community engages local teen influencers to create content and share their experiences with Teen Ri$e. Check out this TikTok at tiktok.com/t/ZTjyFtJ8a.

UVA Community engages local teen influencers to create content and share their experiences with Teen Ri$e. Check out this TikTok at tiktok.com/t/ZTjyY1YvQ.

UVA Community carefully vetted each influencer, including via in-person interviews, and provided them with the program handbook to ensure they understood what they were promoting to strike a balance between creative freedom and accurate, educational messaging. It paid some influencers; others participated as volunteers. Either way, ensuing the program’s integrity while providing trustworthy, peer-based messaging was of utmost importance.

In its marketing efforts, UVA Community quickly learned that parental involvement is critical.

“We adjusted so we were effectively also influencing the parents,” Simon says.

According to Simon, teens were less likely to open and maintain their accounts without parental or guardian encouragement — even if they received messaging from their peers.

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Lessons And Direction

Ongoing feedback has steered the evolution of Teen Ri$e since UVA Community launched the program in July 2024.

For example, the credit union developed a Teen Ri$e-specific debit card after learning teens place a high value on tangible ownership — particularly on their own debit card, Alther says. Also, learning these members prefer hybrid experiences prompted the credit union to launch online and ITM video appointments specifically for Teen Ri$e account holders before UVA Community even offered such access to the entire membership, which is now in the works.

Looking forward, UVA Community will continue refining Teen Ri$e, using surveys and data to measure impact and improve educational content, with an eye toward ensuring teens receive continuous guidance throughout their financial journey to develop sustainable money habits.

Although young members have shown strong interest and early signs of engagement, Alther and Simon are quick to point out that it’s still early to draw conclusions about long-term results, and the credit union will be watching closely as these teen members age. Whether these members remain engaged and continue their financial journey with the credit union is a key metric UVA Community will track over time, Alther says. It also will keep an eye on deposit levels and transaction activity to assess financial engagement and sustainability.

“It’s still early,” Simon says. “We want to continue to grow the program and make it stronger, especially as we refine our targeting to include parents as key influencers.”