OLYMPIA - Three Washington students — Nathan D. Tijio of Mill Creek and Ibrahim T. Peker and Colleen Culbertson of Spokane — have proven they have what it takes to make smart financial decisions. Each student scored a perfect 100 percent on the Fall 2008 National Financial Literacy Challenge test of personal finance knowledge and understanding.
Of the 75,000 students who took the exam, Tijio, Peker and Culbertson are among an elite 22 in the nation to ace the test and earn $1,000 scholarships from the Charles Schwab Foundation and $1,000 for their schools.
“These young Washington residents should be exceptionally proud of their accomplishments,” Governor Chris Gregoire said. “Having a firm understanding of personal finance today will help them build a strong foundation that will support and sustain sound financial decisions for a lifetime.”
“Their teachers should be proud as well,” Rep. Sharon Tomiko Santos (D-37), Chair of the Washington Financial Literacy Public Private Partnership added. “These teachers are helping their students become lifelong learners who will have a greater chance of discovering personal financial freedom than many of their peers. Today’s economy is a stark reminder of the importance for all Americans to have the financial education necessary to make potentially life-changing decisions as they manage their personal finances.”
Approximately 18,000 students who scored in the top 25th percentile of the Challenge received certificates of recognition from the U.S. Department of the Treasury, and 362 students who scored at least 94 percent earned a National Financial Literacy Award medal for demonstrating exceptional levels of financial literacy. The National Financial Literacy Challenge enables inspired teachers like Josh Hayes of St. George’s in Spokane and Rose Smith of Henry M. Jackson High School in Mill Creek to help their students step up and improve their financial fitness. The Challenge also offers a unique opportunity to raise awareness of the need for financial education. Students took the Challenge between Nov. 3 and Dec. 12, 2008. The 35-question online test was taken by 63 percent more students than the first Challenge, administered in May 2008 by the U.S. Department of the Treasury. The average score, however, was only 52 percent, a clear indication of the need for more financial education for today’s youth to make sound financial decisions later in life.
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 – three
- Pennsylvania – three
- Connecticut – two