Annamaria Lusardi is the Denit Trust professor of economics and accountancy at the George Washington School of Business.
Tomorrow is the 18th Annual National Economics Challenge Finals!
Congratulations and good luck to the USA and China teams who will compete in the QuizBowl for the Championship title:
USA David Ricardo Division:
- Hunter College High School, New York
- Monta Vista High School, California
USA Adam Smith Division:
- Lexington High School, Massachusetts
- Mount Hebron High School, Maryland
CHINA David Ricardo Division:
- Shanghai Pinghe School
- Shenzhen Foreign Language School, Team #3
CHINA Adam Smith Division:
- WHBC of Wuhan Foreign Language School, Team #1
- Shanghai High School International Division
Steve Liesman, Senior Economics Reporter for CNBC, will serve as the emcee and Raphael W. Bostic, President and CEO, Federal Reserve Bank of Atlanta will make a video appearance asking the students questions.
Tune in to see the finalists and the competition live. Here’s the line-up starting tomorrow morning:
- CNBC’s Squawk Box will be interviewing the students at 6:45 a.m. ET.
- CNBC’s Squawk on the Street will be interviewing the students at 10:45 am ET.
- CNBC’s Power Lunch will be airing live snippets of the Challenge from 1 p.m. to 3 p.m. ET.
- And, the Challenge will also be streamed live in its entirety on CNBC.com starting at 12:50 p.m. Watch here.
Watch live to support your team!
~The National Economics Challenge Staff
PS: We will also be live tweeting throughout day. Follow us: @council4econed and the hashtag #EconChallenge.
ADAM SMITH DIVISION:
DAVID RICARDO DIVISION:
We are excited to announce we have teamed up with Kidfund to make it easier for families to save for their children’s future and college tuition. Kidfund is a socially powered savings app that lets families and friends contribute to the child’s account. The app engages the child in the process so they can understand the power of saving and watch their money grow.
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While standardized tests in our nation’s schools address the topics that we would most expect – math concepts, reading comprehension – what they fail to cover are the real-world skills that students need to be successful after graduation.
Since its creation just after World War II, CEE’s mission has been to equip K-12 teachers with the tools they need to create a strong financial education foundation for their students. “We provide professional development and resources for teachers,” said Nan Morrison, President and CEO of CEE. “The resources range from lesson plans for the classroom, interactive activities, games, an assessment center, and videos.” Most of these resources you can find on CEE’s online teacher portal, EconEdLink, which accrues over 1.2 million sessions each year, or you’ll find them in one of CEE’s in-person professional development workshops.
Whether its through EconEdLink, or in-person professional development workshops, webinars or student competitions, CEE has the resources to meet teachers where they are with what they need.
BY: RYAN LEUNG, rising senior, Lexington High School and 2016 winner of the National Economics Challenge
If the goal of high school is to prepare students for life after graduation, then most schools in our country are not meeting that standard. While our school system prepares students with the academic skills needed to succeed, there is one glaring flaw: most students graduate with next to no knowledge on managing finances.
Money-management skills are more important than ever to navigate the economic realities of the modern marketplace, yet most states still do not require high schools to offer personal finance classes. In lieu of high school personal finance classes, most teens either learn from their mistakes or look to parents for personal finance lessons. Unfortunately, not all parents are well-equipped to serve as financial models for their children.
To address this growing national problem, a group of students from Lexington, Massachusetts founded Project Finance, an organization to promote financial literacy in high schools. We distributed a survey to all public high schools across the state and found an absence of universally accepted financial literacy standards across the Commonwealth. As such, Project Finance has been pushing for the adoption of financial literacy standards, and in March 2017 successfully requested the State Board of Education to review the Council for Economic Education’s National Standards for Financial Literacy for implementation into the state curriculum. This is only a start; offering a personal finance class in each high school is the necessary next step to prepare our students to become informed consumers, investors and participants in our global economy.
Being financially literate cannot guarantee future success, but the personal and national costs of being financially ignorant are immense. My generation is being academically prepared for life after graduation; it is now time for us to be financially prepared.
This op-ed piece was published in the Council for Economic Education’s 2018 Survey of the States.