EDUCATION, TREASURY RECOGNIZE NEW YORK STUDENTS IN THE NATIONAL FINANCIAL CAPABILITY CHALLENGE
As part of an ongoing effort to mark national Financial Literacy Month, the U.S. Department of Education and U.S. Department of the Treasury today recognized the 4,296 New York students and 143 New York educators who participated in the National Financial Capability Challenge for the 2010-11 school year. The Challenge, which includes a voluntary online exam for high school students, helps teach young Americans about saving, budgeting, investing, and other important skills critical to building a secure financial future.
A total of 936 New York students scored in the top 20 percent nationally and 20 New York students received perfect scores. State-by-state results and sample questions from the exam are included below and at www.challenge.treas.gov.
“It's critical for our young people to develop smart financial skills,” said Secretary of Education Arne Duncan. "If we're going to prepare our students for 21st century success, we have to teach them about earning and spending, saving and investing. Otherwise, they're going to learn the hard way: by making mistakes. I'm encouraged to see the steps that teachers and states are taking to make basic financial education a priority and congratulate these students on their great work."
“Empowering students with the knowledge they need to make good decisions about saving, budgeting, and investing is critical to helping them build secure financial futures,” said Deputy Secretary of the Treasury Neal Wolin. “I want to congratulate these students on their achievements and thank them for serving as examples to their peers about the importance of financial education.”
Education Secretary Duncan and Treasury Deputy Secretary Wolin honored top-scoring students today at a national awards ceremony today at the U.S. Department of Education in Washington, DC. Nationwide, more than 84,000 high school students and 2,500 educators in all 50 states, as well as in U.S. Department of Defense schools for children of military members around the world, participated in the 2010-11 Challenge. Students who scored in the top 20 percent nationally and those who were among the top scorers in their school will receive official award certificates.
The Challenge is one of many important steps the Obama Administration has taken to help empower Americans through improved financial capability. In November, the Administration unveiled a new coordinated National Strategy for Financial Literacy to help guide the ongoing efforts of the federal government and private organizations to empower Americans with the financial skills they need to strengthen their long-term economic security. Additionally, the Administration established the President’s Advisory Council on Financial Capability to provide advice on how to maximize the effectiveness of existing private and public sector efforts, and to identify new approaches to increase financial capability.
State-by-state results from the 2010-11 Challenge are included below:
State State Average Score Participating Students Perfect Scores Students Who Scored in the Top 20% Participating Educators in the State
Alabama 66.26% 1,712 5 264 43
Alaska 70.28% 154 2 32 7
Arizona 65.14% 900 1 133 26
Arkansas 68.61% 656 2 117 25
Armed Forces (Europe) 73.59% 110 0 32 11
Armed Forces (Pacific) 74.46% 165 0 51 5
California 66.12% 1,801 13 368 81
Colorado 68.13% 1,476 15 355 44
Connecticut 72.32% 1,675 13 469 62
DC 56.33% 217 0 22 4
Delaware 65.25% 348 0 29 9
Florida 69.51% 4,477 47 1024 85
Georgia 64.60% 1,612 13 268 54
Guam 75.29% 14 0 4 3
Hawaii 73.62% 171 4 58 12
Idaho 80.82% 100 1 44 7
Illinois 71.17% 1,989 26 567 71
Indiana 68.21% 2,186 18 479 63
Iowa 70.02% 2,541 9 574 71
Kansas 70.26% 455 1 121 22
Kentucky 67.75% 607 9 127 23
Louisiana 67.69% 367 1 55 9
Maine 74.14% 234 5 72 15
Maryland 66.83% 2,955 19 533 71
Massachusetts 69.06% 2,642 19 577 71
Michigan 70.51% 1,835 17 514 66
Minnesota 70.88% 1,104 16 290 38
Mississippi 67.00% 123 1 18 9
Missouri 71.81% 2,061 20 568 60
Montana 68.23% 323 1 77 20
Nebraska 72.02% 567 3 142 25
Nevada 64.38% 1,276 6 171 19
New Hampshire 70.28% 655 5 177 24
New Jersey 66.49% 4,876 18 882 106
New Mexico 66.04% 157 1 26 9
New York 69.11% 4,296 20 936 143
North Carolina 66.22% 1,438 7 245 67
North Dakota 70.26% 399 3 94 13
Ohio 67.57% 4,513 23 827 134
Oklahoma 67.03% 1,057 0 163 29
Oregon 75.60% 229 2 77 24
Pennsylvania 68.33% 7,155 40 1563 200
Rhode Island 61.72% 794 3 120 17
South Carolina 67.50% 654 4 128 29
South Dakota 76.28% 145 0 54 12
Tennessee 69.32% 1,602 8 353 38
Texas 66.02% 4,326 21 762 128
Utah 73.35% 631 7 157 22
Vermont 79.88% 145 5 80 7
Virginia 69.07% 7,328 47 1521 180
Washington 71.43% 1,830 16 449 53
West Virginia 61.51% 813 2 120 21
Wisconsin 73.23% 4,399 44 1280 123
Wyoming 69.55% 77 0 23 7
Example questions from the Challenge’s online exam include the following:
1. Carolina has $5,000 saved from working at different jobs. She puts her money in a savings account that pays 4 percent per year in interest. How much money will be in her account at the end of the first year and at the end of the second year?
A. End of first year: $5,100; end of second year: $5,400.
B. End of first year: $5,200; end of second year: $5,400.
C. End of first year: $5,200; end of second year: $5,408.
D. I don’t know.
(Answer: C)
2. Marco went to the grocery store to buy a box of cereal. The type of cereal he liked came in three different brands and three different size boxes. To select the brand and the box with the lowest unit cost, he should look at the:
A. largest cereal box on the shelf.
B. most popular brand of cereal.
C. price per ounce of cereal in each box.
D. I don’t know.
(Answer: C)
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U.S. DEPARTMENTS OF EDUCATION AND TREASURY RECOGNIZE NEW YORK STUDENTS PARTICIPATING IN THE 2010-11 NATIONAL FINANCIAL CAPABILITY CHALLENGE
Total of 4,296 New York Students Take “Challenge”
State-by-state Results Available at www.challenge.treas.gov
