Above:  Barrington H.S. (right) squares off against North Providence H.S. (left) in the Final Round of LifeSmarts 2010.

For Immediate Release

Contact: Jim Hedemark | Executive Director
RI Jump$tart Coalition
401.385.9411 | director@rijumpstart.com

Barrington H.S. Team Wins CollegeBoundfund
“March Smartness” Consumer Competition

2010 Rhode Island LifeSmarts Competition Decided in Overtime

PROVIDENCE, RI, March 26, 2010 – A team of Barrington High School students won the 2010 Rhode Island LifeSmarts consumer competition a.k.a. “March Smartness” presented by Collegeboundfund at the State House.

The Barrington team is comprised of Gabrielle Sclafani (Captain), Christopher Dow, Dane Mainella, Benjamin Shand, Bryan Le and is coached by Karen Proule, a Barrington High School business teacher.

LifeSmarts: the ultimate consumer challenge is a fast-paced, quiz-bowl format program of the National Consumers League with the purpose of teaching and rewarding high school students for their knowledge of consumer topics in five categories; personal finance, technology, environment, health & safety, and consumer rights & responsibilities.  Prior to the state competition, students compete online for best scores out of sixty consumer questions.The program is managed in Rhode Island by the Jump$tart Coalition for Personal Financial Literacy.

To claim the Consumer Cup and earn the right to represent Rhode Island at the national LifeSmarts competition in Miami Beach, April 24-27, Barrington had to beat the defending state champions from North Providence in the final round and again in overtime due to the double-elimination format of the competition.  North Providence had beaten Barrington in the second round of competition earlier in the day.

Jim Hedemark, program coordinator, recalls the overtime victory, “Once again, all of the excitement of March Madness was present at our state finals complete with brackets and buzzer-beaters.Barrington’s improbable come-from-behind victory was a reversal of fortune from last year’s competition where North Providence accomplished the same feat over Barrington.  This academic and life skills rivalry is very gratifying.”

North Providence and Barrington have dominated the six year old competition with North Providence winning the state title in 2005, 2005, 2008, and 2009, and Barrington in 2007 and 2010.

This year, North Providence ended up in second place and Lincoln finished third.Other high schools participating were Burrillville, North Smithfield and Tolman.

Secretary of State, A. Ralph Mollis who spoke to students during the certificate ceremony about the importance of civic involvement and consumer awareness applauds the goal of financial literacy, “I am extremely proud of every one of the students who competed.  Their parents should know that their children represented their families and schools tremendously at our State House.”

Peter Kerwin, spokesperson for CollegeBoundfund, Rhode Island’s college savings plan recalls the over 150 questions posed to the teenagers throughout the competition, “The National Consumers League has done a fantastic job of presenting information to teens that is far-to-often learned by adults in a ‘live and learn’ manner.In this respect, our missions of preparation for life events are directly aligned.”

Paul Horwitz, community affairs specialist, FDIC Boston Area Office, who served as a volunteer official at the competition, added, “It may be that the Consumer Cup and the chance for a trip to Miami Beach were the immediate rewards, but as today’s students become tomorrow’s adults, LifeSmarts competitors will have a significant advantage over their peers.  Students involved in LifeSmarts know many of the answers to real life issues, where far too few of their peers may not even understand the questions.”

The Rhode Island LifeSmarts competition is coordinated by the Rhode Island Jump$tart Coalition for Personal Financial Literacy through the support of CollegeBoundfund (presenting sponsor), the Verizon Pioneers, the Herff Jones Company, and the Rhode Island Federation of Teachers and Health Professionals, AFT, AFL-CIO.

Sample Questions from the 2010 LifeSmarts Competition

What is a 529 plan?

Correct Answer:A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs

What happens during a recession?

a.Goods are plentiful, and buyers are plentiful
b.Good are plentiful, but buyers are scarce
c.Goods are scarce but buyers are plentiful

Correct Answer:b.Good are plentiful, but buyers are scarce

What is the nation's single most common natural disaster and can happen in every U.S. state and territory?

a. Tornadoes
b. Hurricanes
c. Flooding

Correct Answer:c. Flooding

You work as a server in a restaurant.  How much of your tip income is reportable on your federal income tax return?

Correct Answer:All of it, 100%