Gov. Branstad, Lt. Gov. Reynolds recognize Iowa Student Loan scholarship winners for proven financial literacy skills
Gov. Terry E. Branstad, Lt. Gov. Kim Reynolds and Iowa Student Loan leaders recognized today 20 Iowa high school seniors who each won a $1,500 college scholarship through participation in the Iowa Financial Know-How Challenge: Senior Scholarship, administered by Iowa Student Loan. The high school seniors from across the state were recognized in a special award ceremony at the Iowa Capitol.
This was the first year Iowa Student Loan offered the Iowa Financial Know-How Challenge: Senior Scholarship, which provided Iowa high school seniors the chance to win $1,500 for college while learning important financial literacy skills.
Between December 2013 and February 2014, registered high school seniors were asked to complete two online financial literacy tutorials — Student Loan Game Plan and the ROCI Reality Check — which Iowa Student Loan developed to help students understand the consequences of college borrowing and discover how to maximize their return on college investment, or ROCI. In addition, scholarship contenders were required to take an online financial literacy assessment test created by Ednalysis, an Iowa educational research company. Scholarship winners were determined from those who earned top scores on the assessment test.
We want everyone in Iowa to know how important financial literacy is to the individual and the community. We will continue to promote skills in financial literacy. Hopefully this proclamation will help Iowan’s see how serious the governor and community is in achieving this goal. Here is the wording in the Proclamation.
WHEREAS, The State of Iowa believes knowledge of personal finance is essential for the success of our citizens and state; and
WHEREAS, Iowa is taking decisive action to promote financial stability, and the State’s prosperity will ultimately depend on our willingness as individuals to empower ourselves and our families with financial knowledge; and
WHEREAS, To lay the foundation for continued prosperity, Iowa must strive to ensure all Iowans have the skills to manage fiscal resources effectively and avoid deceptive or predatory practices; and
WHEREAS, The Iowa College Student Aid Commission, the Iowa Department of Education, the Treasurer of the State, the Department of Commerce Banking and Insurance Divisions, and their partners wish to instill core concepts of personal finance in all Iowans including: savings, banking, credit scores, financing higher education, taxes and insurance, consumer fraud and investing; and
WHEREAS, Working with partners across the state, Iowa’s goal is to ensure all Iowans are prepared to successfully manage their finances; and
NOW, THEREFORE, I, Terry E. Branstad, Governor of the State of Iowa, do hereby proclaim the month of April, 2013 as FINANCIAL LITERACY AWARENESS MONTH.
The Iowa Division of Banking (IDOB), a member of the Iowa Jump$tart Coalition, is pleased to announce it has awarded financial literacy grants to TS Bank Institute and the Iowa Bankers Association. The legislature appropriated $100,000 to the IDOB to fund programs leveraging banks’ expertise to provide financial literacy education programs to Iowans.
Read the full Press Release here:
Once again the Community Bankers of Iowa is sponsoring a poster contest for Money Smart Week (April 5-12, 2014)! For showing Iowa bankers what they know about money, students in 2nd through 6th grades have the chance to win either a $500 Certificate of Deposit (1st place), or a $200 Certificate of Deposit (2nd& 3rd places). This is an increase from the single $200 prize offered in previous years!
As part of Money Smart Week 2014, elementary students can submit poster designs to community banks across Iowa. Posters should answer the question: “There’s a lot to learn about money. What should you know now?”
This year CBI has compiled a Marketing Implementation Kit to assist member banks in hosting the 2014 Money Smart Week Poster Contest. Included in this Marketing Implementation Kit are a Press Release Template, Poster Contest Flyer, Poster Entry Submission Labels, 2014 Money Smart Week Iowa Logo and CBI Logo.
Click below for more information and to download the Marketing Implementation Kit
The Iowa Department of Revenue is pleased to work with Jump$tart Iowa to promote financial literacy education. That education should include basic knowledge about how to complete a tax return. To assist with the development of that knowledge, the Department has created a student packet with examples, exercises, and instructions for teachers to expose students to the basics of completing an Iowa 1040 Individual Income tax return. The Department encourages the usage of this packet and welcomes any questions you may have about the information presented. Please contact firstname.lastname@example.org.
Please take time to fill in the Tax Packet Evaluation to help us know where we can improve on this tool.
Iowa high schools have a chance at $1,000 when they assess their students’ financial knowledge in the 2013 – 2014 Iowa Financial Know-How Challenge. Registration is free and simple, and participation can be completed in a single 45-minute class period.
Schools that register for the Challenge and have students complete the Ednalysis Financial Literacy Assessment by Jan. 31 will be entered in a drawing for a chance to win one of 30 cash prizes. The drawing will award each winning school $1,000 to benefit its financial literacy programs and scholarship fund.
Iowa Student Loan®, the Iowa Department of Education, the Iowa Jump$tart Coalition, Junior Achievement of Central Iowa and the Iowa College Access Network are the proud sponsors of this program.
Test Students’ Financial Knowledge
The assessment allows teachers to see how well their students understand essential financial literacy skills in five key areas:
- Achieving Financial Goals
- Managing Money Effectively
- Debt Decision-Making
- Investment and Asset Building
- Legal and Ethical Financial Behavior
Registered schools whose students complete the assessment will be entered in the drawing. Individual student scores are confidential and will be shared only with the high school.
Iowa high schools can now register at http://challenge.ednalysis.com for the 2013 – 2014 Iowa Financial Know-How Challenge and students can then begin taking the assessment. Use the “Get Started” link on the left to enter your school information and create your username and password. You will also be able to request login information for each 9 – 12 grade student who will participate in the Challenge.
Special Scholarship for Seniors
The Iowa Financial Know-How Challenge: Senior Scholarship expands the Challenge by awarding 20 scholarships worth $1,500 each to college-bound seniors who complete the Ednalysis assessment test and two financial literacy modules in February 2014. Interested seniors will receive emails highlighting financial literacy tips and reminding them to complete Student Loan Game Plansm and the ROCI Reality Check, two resources offered by Iowa Student Loan to help students realize their financial goals. Watch for more information about the scholarship.
For more information about the Challenge, contact Matt Brown at Iowa Student Loan at (800) 243-7552, ex. 7656, or by email at email@example.com.
Government-backed Money Advice Service (MAS) pointed to a Cambridge University study that suggested that most young children had grasped all the main aspects of how money works and formed “core behaviors which they will take into adulthood and which will affect financial decisions they make during the rest of their lives”.
Caroline Rookes, chief executive of the Money Advice Service, said: “This study really demonstrates the power of parental influences, and illustrates how much of what you learn and absorb when you are young, both consciously and subconsciously, affects the choices you make throughout the rest of your life.”
View the rest of the article here: Money habits are formed by the age of seven – News Article