On Saturday, Dec. 4, nine finalists, chosen from a field of 25 Allegheny College student entrants, competed virtually in the 2021 Financial Literacy Challenge, hosted by the Bruce R. Thompson Center for Business & Economics (CBE). First-year student Reece Smith took home the first place trophy. Rounding out the top finishers were Madelyn Hill ’22 in second place and Brandon Bolling ’22 in third. Nyonna Towler ’22 garnered an honorable mention award.
“All of our students acquitted themselves quite well,” said Chris Allison, CBE co-director. “The scoring was quite close, so all of our finalists put their best foot forward. The goal of the competition is preparing our students to manage their finances after graduation. Based on what I see, our students will leave well prepared for their life ahead.”
The Financial Literacy Challenge is a competition in which students develop and submit a personal financial budget and investing plan appropriate for life after graduation. The competition is open to all Allegheny students, however participation in the challenge is a mandatory assignment for students taking ECON 010 – Financial Literacy. There are $5,000 in prizes and trophies awarded to student winners.
Students each spend upwards of 20 hours developing their plans for the competition. In their plans, students outlined their financial goals and the steps to achieve them, including:
- A monthly budget
- A brief discussion of the impact of the current state of the economy
- An investment strategy that shows an understanding of the return characteristics of different asset classes, such as stocks, bonds and mutual funds
- An asset allocation, which is the mix of stocks and bonds that fits the student’s ages a well as investment objectives
The prizes for the Financial Literacy Challenge were provided through a gift from an anonymous longtime supporter of the Center for Business Economics.
For more information about the Financial Literacy Challenge, visit the Bruce R. Thompson Center for Business and Economics website.
