Youth Investment Challenge

 

 

 

 

 

 

 

 

 

Investment Challenge Winners Announced

First American recently wrapped up another successful Youth Investment Challenge. The competition, open to both individuals and classrooms, ran mid-October through mid-November and encouraged all Stateline area students to play the stock market in a safe, no risk, educational environment.

Investment Challenge contestants were given $100,000 in fantasy cash. They were asked to research ten mutual funds chosen by First American Credit Union, then allocate their fantasy cash into up to five of those mutual funds. First American posted each participant’s portfolio value at the end of each week, but daily tracking and market research was done by the participants. Participants also had the opportunity to answer weekly challenge questions to earn extra fantasy cash; thus increasing their portfolio while learning about the stock market and funds in general.

According to a report from the Jump$tart Coalition, “…a full semester’s course in money management does not improve financial literacy while playing a stock market game boosts financial literacy significantly.” This is only one of many related statements in the 255-page report that reiterate why holding an investment or stock market challenge at the high school level has been proven to improve financial literacy among young American adults.

Kevin O’Leary, James Tyler Hathaway, and Trevor Lees, winners of this year’s Youth Investment Challenge, couldn’t agree more with above statement. All three agreed the Challenge was work, but it was worth it. “I learned about the ups and downs of the market and how to diversify my portfolio to earn the most money,” said Kevin O’Leary who earned $1,000 from his first place finish.

Understanding the importance of money management, each of the young men had already decided what they were going to do with their winnings. When asked what he planned to do with his $250 for taking 3rd place in the Investment Challenge, Trevor Lees replied he would be buying new tires for his car. Second place winner, James Tyler Hathaway planned to save his $500 but after a plug from his parents, he may invest some of it into the market.  

“First American offers a variety of financial literacy tools for teenagers, from on-site seminars to online resources to a checking 101 course, but we don’t always see if our efforts pay off. I guess we hope they do in the long run,” explained Assistant Marketing Director Jessica Marquis. “But when you meet young men like Kevin, James Tyler and Trevor, who plan to save or purchase a necessity rather than spend, spend, spend, it’s reassuring.”

More Financial Help from First American


Learn more about our Teen Checking account. The account offers the freedom having your own account with perks like a free debit/ATM card, checks with your high school's logo, 0.50% off your first auto loan, and much more.

Find information about our Young American Checking, exclusive for members
18-24. The account offers $175 off your closing costs on a new home, free
online banking & bill pay, e-statements, and much more. Click here for details.

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The Importance of Financial Literacy

    According to a 2007 annual back-to-school survey from Capital One, 52% of teens are eager to learn about money management, but only 14% have taken a class on the topic. When asked about the topics they'd like to learn about, teens expressed interest in how financing works for large purchases (74%), investing money (72%), identity theft (68%), saving money (62%), budgeting (58%), stocks (58%), checking accounts (55%), and credit cards (55%).
    First American is committed to giving teens the tools the want and need to succeed financially. The credit union offers area high schools the National Endowment for Financial Education's (NEFE) High School Financial Planning Program® (HSFPP) at no cost. HSPP is a comprehensive financial education tool that meets ALL Wisconsin state standards.
    A First American representative can also give a classroom or on-site seminar at the teacher's request.
    For more information about First American's financial literacy programs, please contact Jessica Marquis at marketing@firstamericancu.com or 608-368-5137.

CU Succeed

 

 

 

 

 

 

 

 

WI Credit Union Foundation This project is being funded in part by the Wisconsin Credit Union Foundation, Inc. in support of its REAL Solutions® Initiative.