ICFE eNEWS #09-07 - March 20th 2009
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Treasury Announces Results of High School November 2008 Financial Literacy Challenge


Student participation increases by 29,000 to over 75,000 students

Washington - The Treasury Department today announced the results of the fall National Financial Literacy Challenge, a web-based contest open to high school students across the country. At the recommendation of the President's Advisory Council on Financial Literacy, the Department administered the test from November 3 to December 12 to identify and recognize high school students demonstrating knowledge of important personal finance concepts.

The first National Challenge was held in May 2008 and attracted 46,000 students. Due to a positive response from teachers, parents, and students, over 75,000 students participated in the voluntary exam this round.

"We're pleased with the quick growth of the National Challenge and hope it continues, but there is additional work left to do. The `challenge' to parents, teachers, school administrators and policy makers across the country is to get effective personal finance education into every classroom, for every student. We owe it to the members of the next generation to properly equip them for the financial choices and challenges they will face," said Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr.

Students who scored in the top 25th percentile received certificates of recognition and 362 students earned the National Financial Literacy Award medal for demonstrating exceptional levels of financial literacy with perfect or near-perfect scores. In addition to the certificates and medals, each student who obtained a perfect score received a college scholarship from the Charles Schwab Foundation, with an additional financial contribution going to each winning student's school.

Laura Levine, member of the President's Advisory Council and Executive Director of the Jump$tart Coalition for Personal Finance said, "We're proud of the students who excelled on the Challenge and the parents and teachers who taught them about money. The reason the President's Advisory Council recommended implementing the Challenge was to raise awareness of the good work by students and teachers in the field of personal finance and to encourage other schools to follow that example."

The Challenge's 35 questions are correlated to the National Standards in K-12 Personal Finance Education published by the Jump$tart Coalition for Personal Finance in 2007. The questions were developed in consultation with economists, Junior Achievement USA, the National Council on Economic Education, the National Endowment for Financial Education and the Jump$tart Coalition for Personal Financial Literacy.

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

 
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