Federal Reserve Bank of Chicago Announces 2016 Money Smart Kid Essay Contest

In conjunction with Money Smart Week, April 23-30, the Federal Reserve Bank of Chicago and its partner organizations will sponsor the 2016 Money Smart Kid Essay Contest.

MEDIA CONTACT:

Laura LaBarbera

312-322-2387

Laura.LaBarbera@chi.frb.org

 

FOR IMMEDIATE RELEASE

 

 

Federal Reserve Bank of Chicago Announces 2016 
Money Smart Kid Essay Contest

 

CHICAGO- (January 20, 2016) –- In conjunction with  Money Smart WeekApril 23-30,  the Federal Reserve Bank of Chicago and its partner organizations will sponsor the 2016 Money Smart Kid Essay Contest.

 

Students, grades 5-8, in the greater Chicago area are asked to write an essay of 300 words or less on the following topic:


Please consider the following hypothetical/fictitious situation. (You are not expected to relate personally with the situation, but rather be challenged to think of effective financial strategies to pursue in such a situation):  

 

Your family faces a medical emergency. Due to this situation, your parent/guardian cannot work temporarily. Your family does not have much savings and will need to find ways to adjust spending.

 

Given these changed circumstances…

  1. How could your family adjust spending?
  2. What action might you take to assist your family in this situation?
  3. How can your family better prepare in the future for unexpected emergencies that have major financial impact?

 

In addition to writing the essay, students must be recommended by a teacher or guardian and be able to demonstrate how they practice good money management. 

 

Six finalists will be selected to attend the Money Smart Kick-Off breakfast on April 20th at the Federal Reserve Bank of Chicago. One student will be named 2016’s Money Smart Kid and spend a year as Chicago’s financial literacy ambassador. Prizes include a $3,000 scholarship for the first place winner and two $1,000 scholarships will be awarded to the runner-ups sponsored by COUNTRY Financial. The three (3) other finalists in attendance will receive laptop computers courtesy of Woodforest National Bank.

“The Money Smart Kid essay contest has been a fun and exciting way to engage students with a wide variety of money concepts and challenges them to critically think about solving real life money issues,” says Alejo Torres, Senior Outreach Manager, Federal Reserve Bank of Chicago. “All past winners have been outstanding and very impressive young men and women and we fully anticipate meeting yet another future money expert with this year’s contest.”


All essays must be submitted (postmarked) by March 14, 2016. Students must include a teacher recommendation and have parent or guardian permission. For rules and entry forms, visit http://www.moneysmartweek.org/ms_kids_contest, and choose the Chicago contest tab.

 

Created by the Federal Reserve Bank of Chicago in 2002, Money Smart Week® is a public awareness campaign designed to help consumers better manage their personal finances. This is achieved through the collaboration and coordinated effort of hundreds of organizations across the country including businesses, financial institutions, schools, libraries, not-for-profits, government agencies and the media. Programming is offered to all demographics and income levels and covers all facets of personal finance. Partnering Organizations will host their events April 23 - 30, 2016. For more information about events or becoming a partner, visit www.moneysmartweek.org

 

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