UA Hosts Statewide High School Personal Finance Challenge

TUSCALOOSA, Ala. — The University of Alabama College of Human Environmental Sciences department of consumer sciences will host the Alabama Personal Finance Challenge April 14.

Sponsored by the Alabama Council on Economic Education, the challenge tests high-school students on their knowledge of income and money management, spending and credit, and saving and investing. The top 20 teams from across Alabama are invited to the final competition, which includes a comprehensive test and a quiz bowl.

The competition will start at 9 a.m. at UA’s Child Development Research Center.

“CHES is hosting the event as an opportunity to encourage financial literacy and careers in the financial planning industry,” said Caroline Fulmer,  UA assistant professor in consumer sciences. “We hope that the high-school students who are participating will continue their interest in financial literacy and build their knowledge in the subject.”

In the month leading up to the statewide competition, the four-member student teams were required to complete an online 30-question, rapid fire exam. The top online high school teams were invited to the state championship where teams complete three rounds of written tests. Test topics include earning income, protecting and insuring, spending, credit, saving and investing.

The two teams with the highest scores will then compete for the state championship in a fast-paced “Quiz Bowl” round. The winning team receives an expense-paid trip to compete in the National High School Personal Finance Challenge, which will be held May 22 at Federal Reserve Bank in Kansas City, Missouri.

“Financial literacy is important for success in all walks of life,” Fulmer said. “The earlier a student is exposed to the proper way to earn, save and spend money, as well as building a good credit rating, the better off he or she will be.

“Most students spend their entire academic career preparing for a business career, but only a small percentage learn how to manage money properly once they earn it. That is why taking steps to become financially literate are so important.”