For Immediate Release - June 11, 2012

Grossman Recognizes High School Students for Excellence on Financial Capability Challenge Exam

27 Massachusetts Students Achieve Perfect Scores on Financial Literacy Test

Treasurer Steven Grossman today presented citations of recognition to 27 outstanding students who achieved a perfect score on the National Financial Capability Challenge exam.  The Treasurer made the presentations at a ceremony held at the Boston headquarters of the Federal Reserve Bank.

"This event today not only recognizes students for their remarkable achievements, but it also highlights the growing enthusiasm for promoting youth financial literacy in the classroom,” said Treasurer Grossman.  “The National Financial Capability Challenge supports the integration of invaluable life skills into school curriculums.  As Treasurer, I want to see to it that participation in activities like this increases dramatically across the state.”

Grossman said that the exam builds on his efforts to raise awareness about the need for financial literacy.  In addition to participating in a series of forums across the state to offer day-long free tutorials on saving and budgeting, the Treasurer chairs the newly created Financial Literacy Trust Fund, which raises funds to provide training to targeted populations on saving tactics, consumer protection measures, and the power of compound interest in long-term financial planning.

The National Financial Capability Challenge is a joint initiative organized by the U.S. Departments of Treasury and Education.  It is designed to promote the incorporation of personal finance education into school curriculums to increase the financial knowledge of high-school aged youths across the country.  The 30-minute exam was taken by over 3950 students across Massachusetts in March and April of this year.

In just one year, the total participation in the Challenge in Massachusetts has increased by over 1300 students to 3951 students, a statistic Grossman characterized as, “indicative of a tremendous thirst for financial literacy programs among both educators and students.”  Also this year, 849 Massachusetts students were ranked in the top twentieth percentile nationally of all those taking the exam, an increase from 577 last year.  Sixty-three schools participated in the challenge this year, an increase from 45 schools last year.

All educators working with high school aged youth – regardless of whether or not they currently offer a financial education program - are encouraged to participate in the 2013 Challenge by registering at: www.challenge.treas.gov/educator_SignUp.aspx.  Along with further details about the Financial Capability Challenge, the site also provides free classroom resources for teachers.

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A complete list of Massachusetts students who achieved a perfect score on the Challenge is attached pdf format of    financial-capability-perfect-scores  .