Above (l to r): Kayvon Shakoori, David Tong, Matthew Leon, Thomas Borges, Brenden Forte joined by Mike Solomon of the RI General Treasurer's Office at the May 6th, 6th Anniversary Coalition Celebration.
For Immediate Release
Contact: Jim Hedemark, RI Jump$tart Coalition
401.385.9411 | director@rijumpstart.com
Five Ocean State High School Students Perfect in Personal Finance
Rhode Island Ranks 6th in National Challenge Participation
Providence, RI, April 30, 2010 – Junior Achievement of Rhode Island and the RI Jump$tart Coalition for Personal Financial Education are pleased to acknowledge five Rhode Island high school students who received perfect scores on the recent National Financial Capability Challenge as administered by the U.S. Department of Treasury and the U.S. Department of Education.
David Tong (Grade 12), Matthew Leon (Grade 12), and Brenden Forte (Grade 10) all students at Barrington High School and Kayvon Shakoori (Grade 11), and Thomas Borges (Grade 10) of Exeter-West Greenwich Senior High, were among 524 high school students in the United States who received perfect scores on the challenge.
An April, 28, 2010 U.S. Department of Treasury release on the challenge includes: For release see:http://www.treas.gov/press/releases/tg671.htm
While more than 76,000 high school students and 2,500 educators from across the country participated in the Challenge this spring, scores on the exam were generally low. Challenge participants scored 70 percent on average, demonstrating that students are not yet making the grade when it comes to understanding how to manage money.
"As we work to reform our financial system to better protect American families, we must also work to provide young adults the education, tools and access they need to make smart decisions for their own financial security," said U.S Treasury Secretary Timothy Geithner.
"I'm so proud that so many teachers turned out to help teach students the basics of personal finance," said U.S. Education Secretary Arne Duncan. "But the low scores on these test show us that, when it comes to financial literacy, we've got a lot more work to do to get our students where they need to be," Duncan continued. "I hope teachers, school leaders, and local officials will work together to make financial literacy a priority in every school district in America."
Rhode Island ranked 6th in highest state participation in the challenge based on the number of completed tests and the number of 9th – 12th grade public school students.Virginia, Iowa, Wisconsin, New Hampshire, and Pennsylvania ranked above Rhode Island respectively in participation. This ranking qualifies Rhode Island students for scholarships to be announced soon (see Charles Schwab Foundation below).
In Rhode Island 527 students took the challenge. The average Rhode Island score was 58% and 41 students scored in the top 20% nationally.
Both Junior Achievement of Rhode Island and the RI Jump$tart Coalition helped to promote the challenge throughout Rhode Island. Each organization’s national leaders serve on the President’s Advisory Council on Financial Literacy. The challenge has been implemented as a strategy recommendation of the President’s Council.
Lee Lewis, president of Junior Achievement of Rhode Island states, “Junior Achievement is dedicated to providing Rhode Island youth with the personal finance skills and knowledge to effectively manage their money and be fiscally fit. As proud as we are of the high scores achieved on the National Financial Capability Challenge by Rhode Island students, our goal is to reach every RI student with Junior Achievement’s K-12 financial literacy programs.”
Jim Hedemark, executive director of the RI Jump$tart Coalition states, “We are very grateful to Secretaries Geithner and Duncan who have carried forward the national challenge as a proactive element of the Administration’s plan for greater financial stability for all Americans, allowing us to recognize both student success and the need to continue our efforts.”
About the National Financial Capability Challenge
The National Financial Capability Challenge – announced in December by Treasury Secretary Geithner and Education Secretary Duncan – is designed to promote financial education among high school students across the country. Educators who registered for the Challenge received a free Educator Toolkit to complement their own lesson plans. Some educators taught the material to students before administering the exam, while others used the exam as a pre-test to establish a baseline of knowledge. Most teachers administering the Challenge were the only teachers in their schools to sign up.
Educators and 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. Additionally, the Charles Schwab Foundation will soon name 20 students, chosen from among the Challenge participants, who will receive $1,000 scholarships. Schwab will also donate $1,000 to the school of each scholarship recipient. Students who scored in the top 20 percent nationally and are from one of the ten states with the highest participation rates in the Challenge are eligible for these scholarships.
For more information about the National Financial Capability Challenge, top scorers by state and aggregated exam results, go to www.challenge.treas.gov.
About Junior Achievement of Rhode Island
Junior Achievement is the state's largest organization dedicated to giving youth access to opportunity and success. Through a dedicated volunteer network, Junior Achievement provides in-school and after-school programs for students which focus on three key content areas: work readiness, entrepreneurship, and financial literacy. Today, JA reaches over 10,300 Rhode Island students each year. For more information, visit http://ri.ja.org.
About the RI Jump$tart Coalition
The RI Jump$tart Coalition is a nonprofit organization, incorporated in May of 2004, comprised of stakeholders from the academic, business, and civic sectors whose mission is to increase youth financial education.www.rijumpstart.org
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