The University of Nebraska–Lincoln College of Business marks the intended destination for thousands of high school students from across the United States competing in the Personal Finance Challenge national competition this spring. Nebraska Treasurer Don Stenberg announced the event at a press conference held in association with the Nebraska Council on Economic Education (NCEE) housed in the college.
Joining Treasurer Stenberg in making the announcement were Dr. Kathy Farrell, James Jr. and Susan Stuart Endowed Dean of the College of Business, and Jennifer Davidson, president of the NCEE. Also attending the news conference was Kirk Kellner ’80 of Omaha, regional president of Wells Fargo, the signature corporate sponsor of the May 11 event.
Davidson expects 25 states to participate in the Personal Finance Challenge competition. She explained the competition teaches basic concepts of taking personal responsibility for financial decision-making.
“I am thrilled to partner with the Nebraska State Treasurer’s Office and Wells Fargo to make this event a reality,” said Davidson. “It’s the first time in the eight-year history of the competition that we’ll be hosting. Each state declares their own champion who will advance to Lincoln. Each team at the national competition will be provided a detailed fictitious family scenario including information such as family income, number of children, their ages, asset and debt information and financial goals. Teams put together financial plans and present them to a panel of judges.”
Stenberg emphasized the strong partnership between his office, the NCEE and the National Association of State Treasurers (NAST). NAST issued a resolution endorsing the Personal Finance Challenge and encouraging students to prepare, study and enter the competition.
“The State Treasurer relationship with the Nebraska Council on Economic Education goes back five years when my office launched a financial education initiative for high school students. One component of the initiative focused on offering an online financial education course to Nebraska schools at no charge to the students, the schools or the taxpayers. The second component was focused on helping exemplary students prepare for college by awarding Nebraska Educational Savings Trust college savings accounts to winners in the Personal Financial Challenge competition,” said Stenberg.
Kellner endorsed the efforts of Davidson in getting the event to Nebraska. He sees the value as foundational for the future of young people everywhere.
“Financial education and financial literacy are incredibly important,” said Kellner. “At Wells Fargo, we think it’s important to cultivate financial literacy in order to be successful in life. We support this competition because it’s not just about the young people who get here, but it’s all those competing across the country learning every day about the importance of personal finance.”
Farrell thanked program partners at the Nebraska State Treasury office, Wells Fargo and the NCEE for making it happen. She believes the event helps in continuing the strong reputation of Nebraska as a business leader, particularly being able to showcase the new business facility.
“We hope students who attend the competition consider coming to Nebraska – right here in Howard L. Hawks Hall. When you have a brand new facility that was so graciously provided by private support it’s a game-changer for us. Facilities matter in higher education and this is the first opportunity we’ve had to host the competition so we’re very excited,” Farrell said.
For more information about the NCEE, visit: http://business.unl.edu/outreach/econ-ed/nebraska-council-on-economic-education/