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Charles Schwab Foundation Announces Winners of Fall 2008 National Financial Literacy Challenge Scholarship Awards.

22 High School Students Achieve Perfect Test Scores

SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden  -- Twenty-two high school students have learned that knowledge literally pays. Charles Schwab Charles Schwab can refer to:
  • Charles M. Schwab, founder of Bethlehem Steel.
  • Charles R. Schwab, founder of the brokerage.
  • Charles Schwab Corporation, the brokerage.
 Foundation is awarding $1,000 scholarships to each of the 22 students who obtained scores of 100 percent on the fall 2008 National Financial Literacy Financial literacy is the ability of individuals to make appropriate decisions in managing their personal finances. Raising levels of financial literacy is now a focus of government programmes in countries including[1] Australia, Japan, the United States and the UK.  Challenge.

Between November 3 and December 12, 2008, more than 75,000 high school students across the U.S. took the voluntary online exam, an increase of 63 percent over the first Challenge administered in May 2008. The 35-question online test of personal finance knowledge and understanding was administered by the Department of the U.S. Treasury U.S. Treasury

Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S.
. Of the 75,000 students who took the exam, the average score was 52 percent, demonstrating that much more work is needed to prepare youth for their financial futures financial futures

Obligations to buy or sell particular positions in financial instruments. The features of financial futures are identical to those of any futures contract except that the asset for delivery is of a financial nature.

In addition to providing scholarships to the 22 students who earned perfect scores (20 boys and 2 girls), the Foundation also is awarding $1,000 to each school or organization that contributed to the financial education of the winners.

"Over time, financial literacy is its own reward," said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. "But for teens who tend to take more of a short-term view, our hope is that these 22 scholarship winners will become compelling examples to their peers that financial knowledge pays off."

Interestingly, three perfect scorers hail from a single school, Buchholz High School Buchholz High School (also B.H.S. or F. W. Buchholz High School) is a high school in Gainesville, Florida. B.H.S. is one of seven high schools in Alachua County. It is the largest of the public high schools in Gainesville. The B.H.S. mascot is the Bobcat.  in Gainesville, Fla., and from the classroom of a single teacher. St. George's School Saint George may refer to:
  • Saint George, the best known saint of this name
  • George, a saint and one of the Martyrs of Cordoba with Aurelius and Natalia
  • St George's Church or St. George's Cathedral churches with this name
  • St.
 in Spokane, Wash. had two perfect scorers from the classroom of one teacher, as did Brookfield Central High School Brookfield Central High School is a comprehensive public secondary school located in the city of Brookfield, Wisconsin. It is a sister-school to Brookfield East High School, also located in Brookfield.  in Brookfield, Wis. Homeschoolers accounted for three perfect scores, two from a single family.

Buchholz High School also boasted the Challenge's youngest perfect scorer, a 13-year-old seventh-grader enrolled in advanced placement classes. Buchholz's Academy of Finance Director Michele Brothers had signed up 48 of her students to take the Challenge, and 46 scored in the top 25th percentile; 11 of those, including the three perfect scorers, were in the top one percent.

A long-time math teacher, Brothers has been teaching personal finance to students for the past two years. "When I taught math, I'd often hear students ask 'When are we ever going to use that?'" she said. "Students in my Personal Financial Planning Financial planning

Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against
 class never ask me about the relevance of what they're learning; they know they'll be applying these concepts every day of their lives."

"As educators, we're always talking about the importance of teaching subjects across the curriculum," she added. "The current state of the economy clearly points out that we need to be talking about more than mathematics and English composition; we need to be teaching finance and personal responsibility across the curriculum, too."

Approximately 18,000 students who scored in the top 25th percentile of the Challenge received certificates of recognition from the Department of the U.S. Treasury, and 362 students who scored at least 94 percent earned a National Financial Literacy Award medal for demonstrating exceptional levels of financial literacy.

An opportunity for students to take civic action

High school students who watched the historic presidential inauguration are aware of President Obama's desire to usher in a new era of personal responsibility.

In his inaugural address, the president said, "Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some but also our collective failure to make hard choices and prepare the nation for a new ageO. What is required of us now is a new era of responsibility - a recognition on the part of every American that we have duties to ourselves, our nation and the worldO." *

The National Financial Literacy Challenge continues to offer an opportunity to raise awareness of the need for financial education and to enable inspired teachers and students to take action. By equipping themselves as individual consumers, students can get involved and play a role in helping themselves, their peers and their families take greater responsibility for sound financial decision-making.

A closer look at the perfect scores

The 22 perfect-scoring students hailed from just 9 states. States with multiple winners included:

* Wisconsin - five (two from the same school)

* Washington - three (two from the same school)

* Florida - three (all from the same school)

* North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures

Area, 52,586 sq mi (136,198 sq km). Pop.
 - three

* Pennsylvania - three

* Connecticut - two

Individual perfect scorers included:

About the National Financial Literacy Challenge

The voluntary test is an initiative recommended by the President's Advisory Council on Financial Literacy and administered by the Department of the U.S. Treasury. The Challenge was developed by the Office of Financial Education, Department of the U.S. Treasury, in consultation with four prominent academicians, the National Endowment for Financial Education, Junior Achievement USA, the National Council on Economic Education The National Council on Economic Education (NCEE) is a nationwide non-profit organization that leads in promoting economic and financial literacy kindergarten through 12th grade students and their teachers. External links
  • Official NCEE website
 and the Jump$tart Coalition for Personal Financial Literacy.

Additional information is available at

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW SCHW Silver Chitin Handwraps (Everquest gaming) ) is a leading provider of financial services, with more than 300 offices and 7.4 million client brokerage accounts, 1.5 million corporate retirement plan participants Plan participants

Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan.
, 468,000 banking accounts, and $1.1 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services advisory services

advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal
 to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. ,, and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment Fee-Based Investment

An investment account in which the advisor's compensation is based on a set percentage of the client's assets instead of on commissions. Contrast this to commission-based investment, in which the advisor makes money based on the amount of trades made or the
 advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. The Charles Schwab Bank (member FDIC FDIC

See: Federal Deposit Insurance Corporation


See Federal Deposit Insurance Corporation (FDIC).
) provides banking and mortgage services and products. More information is available at

About Charles Schwab Foundation

Charles Schwab Foundation is a private, nonprofit organization Nonprofit Organization

An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well.

Examples of non-profit organizations are charities, hospitals and schools.
 funded by the Charles Schwab Corporation. Its mission is to create positive change through financial education, philanthropy, and volunteerism. More information is available at (0309-7375)

Photo caption

Gainesville, Florida, teacher Michele Brothers and her three winning students from Buchholz High School: From left to right, Kevin Z. Huang, Alexander H. Shapiro and Huanzheng (Bob) Chen.


Photos/Multimedia Gallery Available:
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Publication:Business Wire
Article Type:Awards list
Date:Mar 3, 2009
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