Credit union holds Second Annual Youth Investment Challenge
• Participants can win $1,000, $500 or $250
From press release
According to a report on the findings from the 2008 national Jump$tart survey of high school seniors, financial literacy of high school students has fallen to its lowest level ever, with a score of just 48.3 percent. College students, however, scored nearly 15 percentage points higher. In fact, if measured on the high school senior base of 48.3 percent, college students actually did nearly 29 percent better. In addition, scores improved for every year of college with seniors averaging 64.8 percent. Although college graduates are close to being financially literate and probably will be so with more life experience, the bad news is that just 25 percent of our young adults are graduating from college, and this number appears to have stabilized. This means that 75 percent of young American adults are likely to lack the skills needed to make beneficial financial decisions. With the economic times in their current state, it’s uncertain if personal funding for higher education will be available, meaning more people requesting government assistance. Throw in the fact that public and private universities’ costs are continually on the rise, and we can assume that the number of graduating high school seniors that may not be able to afford college is also on the rise.
The following is a statement extracted directly from the Jump$tart’s report:
It has been consistently clear that a full semester’s course in money management does not improve financial literacy while playing a stock market game boosts financial literacy significantly.
This is only one of many related statements in the 255-page report that reiterate why holding an investment or stock market challenge at the high school level has been proven to improve financial literacy among young American adults.
Because of these findings coupled with its commitment to reinvesting in youth financial literacy, First American will be holding its 2nd Annual Youth Investment Challenge. The Challenge, open to both individuals and classrooms, provides teens with real-life investment experience in a safe learning environment. Teens between the ages of 14 and 19 are encouraged to sign up by Oct. 16 for their chance to win $1,000, $500 or $250. Once signed up, teens receive $100,000 in fantasy cash to invest in the Stock Market. Throughout the Challenge, participants will be put into decision-making roles using real-time data. Additional fantasy cash can also be earned by answering financial questions throughout the Challenge. Participants do not need to be a member of the credit union to participate.
I believe this was a good opportunity for us to learn about investing. It was fun looking at the mutual funds and how they were doing,
said one of last year’s winners, a student from Parker High School. For more information about First American’s Youth Investment Challenge and to sign up, log onto www.firstamericancu.com.
First American’s Youth Investment Challenge is being funded in part by the Wisconsin Credit Union Foundation, Inc. in support of its REAL Solutions(R) Initiative.
First American Credit Union is a member-owned financial cooperative serving anyone who lives or works in Winnebago County, Ill.; Walworth County, Wis.; Green County, Wis.; and Rock County, Wis. Founded in 1933, the credit union has more than $160 million in assets and serves more than 18,500 members.
From the September 30 – October 6, 2009 issue.
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