Financial Education for Tennessee Students Creates Habits for a Sound Financial Future
The Securities Division of the Tennessee Department of Commerce and Insurance is proud to sponsor the 2021 EVERFI Financial Literacy Bee - a financial capability challenge and scholarship available for high school students to participate in from April 1-15, 2021.
Taking place during Financial Literacy Month, this challenge not only allows Tennessee students the opportunity to increase their financial literacy, it provides students throughout the state a chance to compete for one of three scholarships totaling $20,000.
EVERFI, the creator of the Financial Literacy Bee, is an international technology company driving change through education to address some of the most challenging issues affecting our society. This financial challenge and scholarship also aligns with Governor Lee’s priority of providing economic opportunity and prosperity for all Tennesseans – including those in distressed counties.
The unique virtual program promotes increased access and remote learning during the ongoing pandemic. As many families across the country are struggling financially in the wake of COVID-19 – from unemployment and career shifts to potential reductions in income – this financial challenge provides a chance for students to learn the vital importance of saving and budgeting for short-term and long-term financial goals while also competing for a scholarship that can be applied to their future education.
Speaking of future education, investor education is an important focus for us here in the Securities Division. Not only do want Tennessee students to have scholarship opportunities – we also want to educate them on the importance of investing early, investing wisely and investing often. The pandemic has shown us how important it is to be financially prepared for the unexpected and strong financial habits started at an early age can be key for a solid financial foundation. With national surveys reporting that many Americans are unprepared for even a small financial disruption – 40 percent of consumers report they had trouble paying at least one expense in 2020, and 43 percent of student loan borrowers are currently not able to make payments at all – it further solidifies that it is never too late, or too early, to start financial planning.
So how do students compete to win a scholarship during the Financial Literacy Bee?
All they have to do is visit https://tennessee.everfi-next.net/welcome/financial-bee-2021 and complete the brief online interactive lessons. Each lesson is approximately 10 minutes and teaches students how to save, set financial goals, budget and invest. Once the lessons are completed, students can then submit a short, capstone essay sharing a savings goal and how he or she plans to achieve that goal. If all activities are completed by April 15, the student will be entered into the scholarship contest. The first place scholarship totals $10,000, the second place scholarship is $6,000 and the third place scholarship is $4,000!
If you or someone you know is interested in participating, please visit: https://tennessee.everfi-next.net/welcome/financial-bee-2021. The financial courses are available starting April 1.
For more information and official contest rules and regulations, visit tn.gov/securities or https://tennessee.everfi-next.net/welcome/financial-bee-2021.
For questions or for more information on how you can participate by sharing this program with your students, neighbors or other parents in the Volunteer State, please email me at Rachel.Carden@tn.gov.
Good luck, Tennessee, and Happy Financial Literacy Month!
Rachel Carden serves as the Director of Investor Education for the Securities Division of the Tennessee Department of Commerce and Insurance.