High School Students Across the U.S. to Compete for Scholarships and Recognition
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab Foundation today announced its sponsorship of awards for the winners of the newly-launched National Financial Literacy Challenge, a 35-question test of personal finance knowledge and understanding for high school students across the United States. The online, voluntary test is an initiative recommended by the President’s Advisory Council on Financial Literacy and sponsored by the Department of the U.S. Treasury. The test-taking window begins today and continues through May 16.
“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 have excelled 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. Promoting healthy habits for the next generation can potentially reverse the course of poor spending, budgeting, saving and investing decisions, which have caused systemic ills to our economy,” she added.
The ten highest-performing students will be selected from among ten geographic regions across the U.S. Winners will receive a $2,500 scholarship for use at the post-secondary institution of their choice. An additional $1,000 contribution in the winners’ name will be made to the schools or programs that provided their money management education1. In addition to the scholarship, each winner and two of his or her guests will also enjoy an all-expenses-paid trip to Washington, D.C. The trip will include an awards banquet on June 17, official recognition at the June 18 meeting of the President’s Advisory Council on Financial Literacy, and special tours and activities.
The ten regions from which winners will be chosen are as follows: New England (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut); the Northeast (New York, New Jersey, Pennsylvania); Middle Atlantic (Delaware, Maryland, District of Columbia, Virginia, North Carolina, South Carolina); South (Georgia, Florida, Alabama, Mississippi, Louisiana); Southwest (Oklahoma, Texas, New Mexico, Arizona); Mountain West (Nevada, Utah, Colorado, Wyoming, Idaho, Montana); Pacific (California, Hawaii, Alaska, Oregon, Washington); Midwest (Arkansas, Missouri, Kansas, Iowa, Nebraska, South Dakota, North Dakota); Great Lakes (Michigan, Wisconsin, Illinois, Minnesota); and Central states (Ohio, West Virginia, Tennessee, Kentucky, Indiana). In the case of a tie within any region, the winner for that region will be selected by lottery from among all of the students tied for the best score in that region.
The Challenge questions were developed by the Office of Financial Education, Department of the U.S. Treasury, in consultation with four prominent academicians, the National Endowment for Financial Education, Junior Achievement USA, the National Council on Economic Education and The Jump$tart Coalition for Personal Financial Literacy.
To date, approximately 1,800 teachers have signed up for the Challenge, representing some 45,000 high school students who will compete.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.2 million client brokerage accounts, 1.3 million corporate retirement plan participants, 318,000 banking accounts, and $1.4 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.
Charles Schwab Foundation is a private, nonprofit organization created by The Charles Schwab Corporation. Its mission is to give back to the community by supporting employee-selected causes and fostering financial literacy through funding, involvement and expertise. (0408-5281)
1 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 pre-school 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 will be disbursed to the winners' respective post-secondary educational institution. Winners will be required to present proof of their admission to or enrollment in their post-secondary educational institution.