WASHINGTON — Today the U.S. Department of the Treasury and Department of Education recognized high scoring students in the National Financial Capability Challenge. The Challenge, which was unveiled in December 2009 by Treasury Secretary Tim Geithner and Education Secretary Arne Duncan, is designed to increase the financial knowledge and capability of high school aged youth across the United States. To honor the outstanding achievement of many of the participating students, Treasury and Education hosted an event at the Treasury in which select students in the top scoring bracket were recognized by Secretaries Geithner and Duncan.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 Secretary Geithner.
“I’m so proud that so many teachers turned out to help teach students the basics of personal finance,” said Secretary 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.”
Idaho, South Dakota and Wyoming had the highest average test scores while Virginia, Iowa and Wisconsin boasted the highest student participation rates. The greatest number of participating schools and teachers came from Pennsylvania.
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