Charles Schwab Foundation Honors Ten Teen Superstars of Personal Finance

Ten high school students won scholarships and special recognition in Washington, D.C. for achieving perfect scores on the inaugural National Financial Literacy Challenge. The exam, sponsored by the U.S. Department of the Treasury, aims to measure the financial knowledge of high schoolers. Among the more than 46,000 students nationwide who took the exam, the average score was 56 percent.

 

Front Row L to R: Dennis Saneski, Alex Oswalt, Charles R. Schwab, Jennifer Fisher, Olivia Moran, Carrie Schwab Pomerantz; Back Row L to R: Nicholas Bruno, Daniel Weyers, Justin Fager, Bret Wilkins, Tucker Johnson (Photo: Business Wire)

 

Charles Schwab Foundation awarded each of the ten winners a $2,500 scholarship to the college or university of their choice as well as an all-expenses-paid trip to Washington, D.C. for an awards ceremony and special recognition at the June 18 meeting of the President's Advisory Council on Financial Literacy, chaired by Charles R. Schwab. In addition, $1,000 was awarded to the high school or program that provided each student's personal financial education.

 

"These winning students and the teachers who enrolled their classes for the Challenge are an inspiration for all of us, and especially for their peers, their schools and other educators and parents across the country," said Carrie Schwab Pomerantz, president of Charles Schwab Foundation. "Financial literacy is the foundation for lifelong financial well-being, and these kids have truly shown they're already on that path."

 

• Learn about the winners of this year's Challenge.
• Find out how teachers can register their students to take the Challenge at the U.S. Treasury website.
• Get practical tips for putting kids of any age on the path to financial well-being in our downloadable Schwab MoneyWise Guide.
• Teach your students and children about the Financial Basics with Schwab MoneyWise.

 

About the Challenge

High-school students across the nation can compete for scholarships and other awards by taking the National Financial Literacy Challenge, an initiative recommended by the President’s Advisory Council on Financial Literacy and sponsored by the U.S. Department of Treasury. The Challenge measures the financial literacy of America’s high-school students through a 35-question online test that covers a broad range of financial topics. 

 

“The Challenge questions cover important topics young people need to master, such as budgeting, credit management, insurance, and saving and investing,” said Dan Iannicola, Jr., Treasury’s deputy assistant secretary for financial education and the executive director of the President’s new Council. “By recognizing the students who excel in financial education, we will be encouraging more teachers and schools to bring personal finance lessons into America’s classrooms.”

 

“Our hope is that the Challenge will help focus national attention on the benefits of personal finance education,” said Carrie Schwab Pomerantz, president of Charles Schwab Foundation. “While financial education is important for adults, it can have an even greater impact on today’s youth who haven’t yet developed poor money habits.”

 

The Challenge questions are developed in consultation with economists, Junior Achievement USA, the National Council on Economic Education, the National Endowment for Financial Education, and The Jump$tart Coalition for Personal Financial Literacy.

 

The next Challenge will be offered November 3-26, 2008. Teachers can register their students to take the Challenge at the U.S. Treasury website.

 

Important Disclosures:

* Eligible organizations must be located in the U.S. or one of its possessions and be recognized by the IRS as a tax-exempt public charity under Section 501(c)(3) of the IRS Code (under section 170) or a public preschool through university educational institution. Educational organizations must be accredited by a nationally recognized regional or professional association to be eligible. The scholarship award grants for the winners of the National Financial Literacy Challenge are disbursed to the winners’ respective post-secondary educational institution. Winners are required to present proof of their admission to or enrollment in their post-secondary educational institution.

 

Winners are chosen from the following regions: New England–Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut; Northeast–New York, New Jersey, Pennsylvania; Middle Atlantic–Delaware, Maryland, District of Columbia, Virginia, North Carolina, South Carolina; South–Georgia, Florida, Alabama, Mississippi, Louisiana; Southwest–Oklahoma, Texas, New Mexico, Arizona; Mountain West–Nevada, Utah, Colorado, Wyoming, Idaho, Montana; Pacific–California, Hawaii, Alaska, Oregon, Washington; Midwest–Arkansas, Missouri, Kansas, Iowa, Nebraska, South Dakota, North Dakota; Great Lakes–Michigan, Wisconsin, Illinois, Minnesota; Central–Ohio, West Virginia, Tennessee, Kentucky, Indiana.

 

In the case of a tie in a region, the winner is selected by lottery from among all of the students tied for the best score in that region.

 

Sponsored by Charles Schwab Foundation in consultation with the Office of Financial Education, Department of the Treasury. Charles Schwab Foundation is a nonprofit public benefit corporation, classified by the IRS as a charity under section 501(c),(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab & Co., Inc. (member SIPC) nor its parent company The Charles Schwab Corporation. Employees of Charles Schwab Foundation and The Charles Schwab Corporation, as well as their immediate family members, are ineligible for the awards or scholarships.

 

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