Officials Praise Student Financial Capability Challenge Winners

By Rachel Whitt

Education Secretary Arne Duncan and Deputy Treasury Secretary Neal Wolin honored top scoring students of the National Financial Capability Challenge at a public meeting in Washington on Thursday. 

The Challenge, which includes high school students participating in a voluntary online exam, helps young Americans learn the necessity and skills of saving, budgeting, investing, and building future financial stability. 

“It’s critical for our young people to develop smart financial skills,” Duncan said. “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.”

Wolin also emphasized how important it is to teach students to manage their finances early in life, in order to avoid hardships later. 

“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,” he said. “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.”

Duncan congratulated the top-scoring states with official award certificates. Idaho, Vermont and South Dakota were among the states with the highest average scores, while Virginia, Pennsylvania and New Jersey had the most student participation. 

The complete results of The Challenge were posted on the Department of Education’s website Thursday morning.