ICFE eNEWS #10-35 - November 1st 2010
Launch of National Financial Capability Challenge for 2010-11 School Year
WASHINGTON - The National Financial Capability Challenge for the 2010-11 school year is now underway. The Challenge is a voluntary online exam and classroom toolkit that helps educators teach high school students about saving, budgeting, investing, the safe use of credit, and other important skills critical to developing strong financial knowledge and capability.
"The recent financial crisis taught us an enduring lesson. Financial literacy is essential not only to the financial security of millions of American families, but also to the economic health of our nation as a whole," said Treasury Secretary Tim Geithner. "Ensuring that young people have the skills they need to make wise financial choices today and into adulthood will help us build a stronger foundation for our nation's economic future."
Secretary of Education Arne Duncan said, "We know that a lack of financial literacy is a major roadblock on the path to college access and success for too many students. Through the Challenge, we're encouraging schools and teachers across the country to help make sure their students have the tools they need to make smart financial decisions for themselves, their families, and their communities - whether about investing in higher education, or the many other choices these young people will face."
Educators may begin registering for the Challenge today at Challenge.Treas.Gov. In late Fall, educators will be able to download a new and improved "Teacher Toolkit" with ready-to-use lesson plans to help teach their students about important financial concepts and prepare them for the online exam.
The online exam will take place between March 7 and April 8, 2011. Educators can administer the exam to their students at any time in that window. Educators and students who score in the top 20 percent nationally and those who are among the top scorers in their school will receive official award certificates.
More than 76,000 students and 2,500 educators in all 50 states participated in last school year's National Financial Capability Challenge. To build on that success, they have set a goal of increasing participation for this school year by 15 percent to over 87,000 students and 2,800 educators. Recognizing that participation previously averaged only one teacher per school, they are urging each of last year's participating educators to become ambassadors for financial education and recruit additional teachers to participate.
To help empower Americans to make wise financial choices, the Financial Literacy and Education Commission (FLEC), which the U.S. Department of the Treasury coordinates, announced the launch of its newly redesigned financial literacy education website, MyMoney.gov, which has already received over 17 million hits to date.
President - Executive Director
Institute of Consumer Financial Education (ICFE)
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