PLYMOUTH, Mich.–Teams of high school students from 16 different schools in Michigan tested their knowledge and skills in the Personal Finance Challenge State Finals, sponsored by Michigan credit unions through the Michigan Credit Union Foundation. This year’s event was held at the Detroit branch of the Federal Reserve Bank of Chicago.
“This competition is one of several financial literacy activities our credit union supports in April during Money Smart Week, created by the Federal Reserve Bank of Chicago,” said Emma Teller, vice president of business development and marketing at Catholic Vantage Financial (CVF).
A team of four students from Detroit Catholic Central High School in Novi earned the opportunity to participate after learning about the competition from Teller.
Anthony Cornish, Catholic Central teacher and sponsor of the school’s Finance Club, invited several students to take an online quiz that enabled top scorers to advance to the state competition.
CC students who qualified for the state competition were sophomore Hayden Kibbey, junior Nathanial Pascual, and seniors Michael Collins and Liam Fleming.
During the Financial Reality Fair, which was held during the morning of the state finals, each student was given budget sheets to correspond with their career interest, and included defined amounts of monthly income, student loan debt and credit scores.
Students then visited different areas, staffed by volunteers, to budget in expenses for housing, food, transportation, phone and Internet, insurance, etc. and income from investments and part-time employment.
At right, CC senior and team member Liam Fleming discusses housing costs with Emma Teller, Financial Reality Fair volunteer from Catholic Vantage Financial.