Twenty-two high school students have learned that knowledge literally pays. Charles Schwab Foundation is awarding $1,000 scholarships to each of the 22 students who obtained scores of 100 percent on the fall 2008 National Financial Literacy Challenge.

Between November 3 and December 12, 2008, more than 75,000 high school students across the U.S. took the online exam—an increase of 63 percent over the first Challenge administered in May 2008. The 35-question online test of personal finance knowledge and understanding was administered by the Department of the U.S. Treasury.

The Foundation also is awarding $1,000 to each school or organization that contributed to the financial education of the winners.

Here are some quick facts about the fall 2008 Challenge:

• The 22 perfect-scoring students—20 boys and 2 girls—hailed from just 9 states.


• At least 362 students scored 94 percent or better and earned a National Financial Literacy Award medal from the Department of the U.S. Treasury.


• About 18,000 students scored in the top 25th percentile of the Challenge and have received certificates of recognition.


• Three perfect scorers hail from a single school, Buchholz High School in Gainesville, FL—all from the classroom of a single teacher. The school also boasted the Challenge’s youngest perfect scorer, a 13-year-old seventh grader enrolled in advanced placement classes at Buchholz High School.


• St. George’s School in Spokane, Wash. had two perfect scorers.


• The average score was 52 percent, proving that much more work is still needed to prepare youth for their financial futures.

“Over time, financial literacy is its own reward,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. “But for teens who tend to take more of a short-term view, our hope is that these 22 scholarship winners will become compelling examples to their peers that financial knowledge pays off.”

Charles Schwab Foundation congratulates these winners:

Huangzheng Chen in the 11^th grade at Buchholz High School in Gainesville, FL

Masen C. Christensen in the 11^th grade at Bingham High School in South Jordan, UT

Colleen Culbertson in the 12^th grade at St. George’s School in Spokane, WA

Bryan Dongre in the 11^th grade at Brookfield Central High School in Brookfield, WI

Eric S. Gentry in the 11^th grade at Hatboro-Horsham Senior High School in Horsham, PA

Collin M. Berger in the 11^th grade at Ridgefield High in Ridgefield, CT

Curran J. Hill in the 9^th grade, homeschooled in Apex, NC

Elissa Hill in the 11^th grade, homeschooled in Apex, NC

Andrew A. Hitti in the 12^th grade at Wheatley High School in Old Westbury, NY

Kevin Z. Huang in the 7^th grade at Buchholz High School in Gainesville, FL

Jacob Jaeger in the 11^th grade at Denmark High School in Denmark, WI

Michael R. Montanye in the 11^th grade at Mukwonago High School in Mukwonago, WI

Jordan Parker in the 12^th grade at Providence High School in Charlotte, NC

Ibrahim T. Peker in the 11^th grade St. George’s School in Spokane, WA

Christopher Reed in the 12^th grade at Houston High School in Germantown, TN

Joseph D. Rivera in the 12^th grade at Granby Memorial High School, Granby CT

Paul M. Sangrey in the 11^th grade, homeschooled in Landisburg, PA

Benjamin D. Seese in the 12^th grade at Brookfield Central High School in Brookfield, WI

Alexander H. Shapiro in the 11^th grade at Buchholz High School in Gainesville, FL

Dylan A. Tegen in the 12^th grade at Phillips High School in Phillips, WI

Nathan D. Tjio in the 12^th grade at Henry M. Jackson High School in Mill Creek, WA

Tommy Witmer in the 12^th grade at Warrior Run High School in Turbotville, PA

Special recognition also goes to the 17 teachers who provided personal finance education to winning students:

C. Steven Bell, Houston High School

Michele Brothers, Buchholz High School

Susan Clark, Granby Memorial High School

Julie Cooney, Providence High School

Jean Flower, Phillips High School

Josh Hayes, St. George’s School

Denise Hill, homeschool teacher

Emily Iverson, Mukwonago High School

Sean Kelly, Denmark High School

Catherine McDonald, Ridgefield High School

Carol Miller, Hatboro-Horsham Senior High School

Elyce Moschella, Brookfield Central High School

Linda Sangrey, homeschool teacher

Rose Smith, Henry M. Jackson High School

Randy Stander, homeschool teacher

Jennifer Vest, Warrior Run High School

Janet Woodward, Bingham High School

About the National Financial Literacy Challenge

The voluntary test is an initiative recommended by the President’s Advisory Council on Financial Literacy and administered by the Department of the U.S. Treasury. The Challenge was developed by the Office of Financial Education, Department of the U.S. Treasury, in consultation with four prominent academicians, the National Endowment for Financial Education, Junior Achievement USA, the National Council on Economic Education and the Jump$tart Coalition for Personal Financial Literacy.

About Charles Schwab Foundation

Charles Schwab Foundation is a private, nonprofit public benefit corporation, classified by the IRS as a charity under section 501(c),(3) of the Internal Revenue Code and  funded by the Charles Schwab Corporation. The Foundation is neither a part of Charles Schwab & Co., Inc. nor its parent company, The Charles Schwab Corporation. Its mission is to create positive change through financial education, philanthropy, and volunteerism.

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