Morgan Fannon, an eleventh-grader at Edgewood-Colesburg Senior High School, has won the statewide financial literacy essay contest for Money Smart Week Iowa and has been named Iowa’s 2016 Money Smart Kid. Fannon was recognized April 25 at Edgewood-Colesburg Junior/Senior High School. Fannon will also receive a $1,000 Certificate of Deposit sponsored by the Iowa Bankers Association.
“How to plan for emergencies is an important aspect of financial education, and it is exciting to see these students applying what they learn to a realistic situation,” said Lori Ristau, vice president of marketing and communications at the Iowa Bankers Association. “Iowa banks are committed to helping Iowans reach their financial goals, and providing access to financial education resources through programs like Money Smart Week is just one of the many ways banks can help. We are pleased to sponsor this fun and educational opportunity for Iowa students on behalf of our member banks.”
Approximately 253 students from across the state participated in the essay contest. To be eligible, students had to be in grades seventh through eleventh and submit a 400-word essay. The essay asked students to consider ways their family could adjust spending if a medical emergency occurred and a parent/guardian could not work temporarily. Students were also asked to think of actions they could take to assist their family. Finally, students were asked to write about ways their family could better prepare for unexpected emergencies that can have a major financial impact. The top six essay finalists also participated in an interview with contest judges. From those finalists, Morgan Fannon was selected to be the 2016 Money Smart Kid.
“Another record number of essays were submitted from clever, selfless and forward-thinking students across Iowa,” said Matt Brown, chair for the Money Smart Kid Essay contest. “The question this year asked students to not only think about the financial impact of emergencies that limit household income, but step forward with bold ideas of how they could assist their families in such a difficult but not altogether uncommon event. The challenge was accepted by students in ways that exceeded my high expectations for this annual contest.”
About 240 students, more than 15 local bankers, Dr. Liang Wee, president of Northeast Iowa Community College and many others were on hand to hear Fannon read her essay as she was presented as the 2016 Money Smart Kid.
“If my family were to go through a financial crisis, like a medical emergency, these are the steps I would take to ensure financial peace,” Fannon began her award-winning essay. “I would first create a budget, begin working a part-time job (or additional job) and establish an emergency fund for the future.”
Click here to read Fannon’s full essay.