High School Students Across the U.S. to Compete Again in November for
Scholarships and Recognition
Charles Schwab Foundation will expand its funding of scholarship awards
for winners of the Fall 2008 National Financial Literacy
Challenge, a 35-question online test of personal finance knowledge
and understanding for high school students across the United States. The
test-taking window for the Fall Challenge begins November 3 and
continues through November 26. Teachers can sign up their students at
the U.S. Treasury’s website: http://flc.treas.gov/index.htm.
High school students enrolled in any subject from any U.S. high school
can participate.
Charles Schwab Foundation, which focuses many of its resources on
financial education for youth, will award scholarships of $1,000 each to
as many as 100 students who achieve a score of 100 percent on the test.*
In addition, the Foundation will award $1,000 to the student’s
school or organization that contributed to the student’s
financial education†.
The U.S. Department of the Treasury will also award medals to students
scoring in the top 1 percent and certificates of recognition to students
scoring in the top 25 percent. Winners will be announced in December.
“Understanding the basics of personal finance
is a life skill everyone needs,” said Carrie
Schwab-Pomerantz, president of Charles Schwab Foundation. “Through
the Challenge, we have the opportunity to raise awareness of the need
for more financial education,” she added, “and
at the same time reward the students and schools that do an outstanding
job. These kids—and their teachers—can
inspire others with the message that learning about money management is
not only smart, it’s essential.”
The Challenge was offered for the first time in the spring of 2008.
During the month of May, 46,000 students took the exam, turning in an
average score of 56 percent. Thirty-five students received a score of
100 percent, and, of those, ten regional winners were selected by
lottery to receive scholarship awards funded by Charles Schwab
Foundation and an all-expenses paid trip to Washington, DC, in June. For
the fall 2008 Challenge, up to 100 students who achieve a perfect score
will receive scholarship awards.
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.
