Money Smart Essay Contests Offer Students a Chance to Win $1,000 for College
Statewide financial literacy essay contests open to students in grades 6 to 12
Malvern Bank is proud to participate in Money Smart Week April 4-11, 2020, and encourages Mills County students to enter the Money Smart Kid and Money Smart Teen Essay Contests, sponsored by the Iowa Bankers Association in partnership with the Federal Reserve Bank of Chicago. Money Smart Week is a national public education program coordinated by the Federal Reserve Bank of Chicago and delivered by a network of supporters that empowers people with the knowledge and skills to make better-informed personal financial decisions around the key financial pillars of saving, spending, borrowing and planning.
Eligible junior high school students (in grades 6 to 8) can enter the Money Smart Kid Essay Contest by writing an essay of 500 words or fewer, addressing the following:
“Many families fall prey to predatory lending every year, which is a term used to describe a wide range of unfair financial practices that involve borrowing, lending and check cashing. Please explain the most common types of predatory lenders and share reasons why people might use them. Please explain the financial consequences or negative effects for people who use predatory lenders. Consider examples from your own community or neighborhood. Please also offer financial tips (one or two ways) a person could avoid taking out these types of loans.”
Eligible high school students (in grades 9 to 12) can enter the Money Smart Teen Essay Contest by writing an essay of 650 words or fewer, addressing the following:
“If an investor gave you $25,000 to solve an economic issue in your community, what would you create to help solve the problem? This creation should improve the financial health and wellness of your community. Examples of possible solutions are a service, business, product or mobile app. Make sure to include specific issue areas that are relevant to your community such as violence prevention, obesity, food deserts or predatory lending. Also include supporting data points that demonstrate the need for this service and people affected by the problem.”
“The Money Smart Kid Essay Contest is a fun way to start the next generation thinking about the importance of saving,” said Tina Bakehouse, Chief Creative Officer and Financial Educator at Malvern Bank. “We would love to see a student from Mills County receive this year’s award and encourage all eligible students to participate.”
Essays are due by March 13, 2020, and interested students can download the Money Smart Kid application here and the Money Smart Teen application here.
The students with the winning essays will be selected as Iowa’s Money Smart Kid and Money Smart Teen for 2020 and will receive $1,000 toward their savings funded by the Iowa Bankers Association. Additionally, in each category a runner-up will be awarded $500 and three semifinalists will receive $250 toward their college savings. For more information about the Money Smart Kid and Money Smart Teen Essay Contests, visit the website or email email@example.com.
About Money Smart Week
Money Smart Week is a national public education program coordinated by the Federal Reserve Bank of Chicago and delivered by a network of supporters that empowers people with the knowledge and skills to make better-informed personal financial decisions around the key financial pillars of saving, spending, borrowing and planning. Throughout Money Smart Week, community groups, financial institutions, government agencies, educational organizations and financial experts from across the state host dozens of free educational events to help Iowans of all ages learn to better manage their personal finances.