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2021 Indiana Personal Finance Challenge

ARE YOUR STUDENT UP FOR THE CHALLENGE!

The Indiana Personal Finance Challenge will be online again this year.

The Indiana Economics and Personal Finance Challenge is where students compete by taking an online exam (monitored by their teacher). Teams – three or four students – earning the highest combined score and the option to advance to the state finals (quiz bowl or case study). Challenges are open to middle and high school teams.

Student teams in the Personal Finance Challenge will apply and demonstrate their knowledge of money management through online exams and a personal finance case analysis.  Teams will showcase their expertise in earning income, buying goods and services, saving, using credit, investing, as well as protecting and insuring.

Teams of up to four students, with one teacher/coach, can qualify to represent Indiana at the National Personal Finance Challenge by winning the state competition.

Students competing in the Personal Finance Challenge may also participate in the Economics Challenge competition.

Who Can Compete?

Open to Middle School and High School students.

When Is the Personal Finance Challenge?

Registration

January 25 – March 17th

Indiana Personal Finance Challenge Round 1 (Select a Date Between March 29th and April 16, 2021).

  • Teams will have up to 35 minutes to complete the challenge.
    • All topics will be included in one test. 
    • The topics covered are as follows: earning income, buying goods and services, saving, using credit, investing, and protecting.
    • Scoring in all rounds is based on the following system: +10 points for each correct response, 0 points for each incorrect response, and 0 points for no response.
    • There will be 30 questions.
    • Each member competes individually. The team score in each of the first three rounds is the sum of the top three individual scores from each round.
  • The challenge exam window begins March 29th and must be completed by 4:00 pm ET on April 16, 2021.

Indiana Personal Finance Case Study Round

  • The top scoring team from each school will be invited to submit an entry into the Case Study Round.  The case study is due by 5 PM ET, April 30th.  

  • A panel of judges will review the entries and select a high school state winner to advance to the National Personal Finance Competition.

National Semi-Final (Online)

  • NPFC Semi-Finals: May 6-26, 2021 and will be scheduled by region.

National Final (Online)

  • June 3, 2021

Format

The state competition format is as follows: 

Round 1 (35 minutes) Students will have up to thirty-five minutes to complete this test which covers earning income, buying goods and services, saving, using credit, investing, and protecting.

In Round 1, each team member completes the tests individually with the lowest score being dropped.  The teacher that registered students will monitor their testing.  

Case Study State Final Round.  

Each team (no more than 4 students) will be provided with incomplete financial information about a fictional family’s financial situation. You are not given all information necessary and are free to create additional information about your family if you wish.

Your team will be charged to study this family’s finances and make recommendations as if you were their financial advisor. You can create a budget and expense sheet and anything else you might want to show them as you present your recommendation.

Most financial advisors suggest you follow the steps listed below in developing a plan for clients.

  1. Assess Client’s Current Financial Position (Budget creation, Net worth statement, etc.)
  2. Define Client Goals/Objectives
  3. Answer Client’s Questions/Concerns
  4. Develop Recommendations
  5. Make sure that your recommendations to the family include each of the 4 areas:
    • debt
    • savings
    • insurance
    • taxes
  6. You will create your plan as a team. The presentation should be no fewer than 5 slides and no more than 10. You may use your choice of PowerPoint or Google Slides.
  7. Use the notes section of the slides (Include names of students working on the presentation in the notes section of first slide.) Each member of your team must have some part in your presentation. You may use any creative method of presentation to enhance your presentation.  For example, you may create a video presentation (no longer than 7 minutes) and include the link in your presentation.
  8. Your goal is to give the family sound advice for their future based on your knowledge of financially sound practices. Your teacher may not assist you in anyway except to help make sure that you can access the technology.

The winning team from the Case Study Round will be crowned state champion.

Registration and Rules

To register a team(s) using the Personal Finance Challenge portal, visit: http://financechallenge.unl.edu/ and click on Indiana

    1. New teachers will Click on “Teacher Registration” and complete the online form.
    2. Once your registration is approved, you will receive an email asking you to log in to set up your team(s).
    3. Log back in and click “Create new team” to create your team(s) of 4 students. Competing with 3 team members is acceptable, if necessary.  Click “Team Management Page” to create more teams.

ALL REGISTRATIONS MUST BE COMPLETED BY MARCH 17, 2021.

  1. For rules, practice tests, and more information on preparing for the competition, visit: the National Personal FinanceCompetition website.

For questions or more information, contact Jeff Sanson at ICEE.

Prizes

State Champions:  David Ricardo/Adam Smith Divisions

State champions represent Indiana in the National Personal Finance Challenge Semifinals.

First Place – each divisional site

TBD

Second Place – each divisional site

TBD

All Participants and Teachers/Coaches

T-shirts