The Nebraska Council on Economic Education hosted the National Personal Finance Challenge competition at the University of Nebraska–Lincoln College of Business in Howard L. Hawks Hall, Friday, May 11. The competition brought together high school students from 17 states who advanced to the nationals in Lincoln, based on winning their individual states. In its eighth year, the event previously took place in Kansas City or St. Louis.

Jennifer Davidson, president of the Nebraska Council on Economic Education, said the event, which began with a welcoming dinner Thursday night, was “fantastic,” describing the competition as “fierce.” In her opening remarks, Davidson thanked the Nebraska State Treasurer’s office, including Nebraska State Treasurer Don Stenberg.

“We could not have pulled this off without Don and the team at his office,” said Davidson. “The State Treasurer’s office and the Nebraska Educational Savings Trust (NEST) are responsible for the $14,000 in scholarship prize money up for grabs today.”

Dr. Kathy Farrell, James Jr. and Susan Stuart Endowed Dean of the College of Business, thanked signature corporate sponsor Wells Fargo for their collaboration in getting the event to Nebraska. She reminded students of the importance of being grounded in basic concepts of everyday finance.

“The skills and concepts utilized in the competition are tools all students need in order to be successful in life. Understanding the importance of budgeting and saving early to capitalize on compound interest truly changes financial outcomes. As students, your understanding of financial decision making and cost benefit analysis allows you to effectively plan for your future and be more successful. Our community relies on future business leaders, like you, making positive financial decisions,” said Farrell.

Student teams received a hypothetical family financial scenario and had two hours to come up with a resolution to the family’s financial situation. In the preliminary round, teams were randomly divided into three groups and presented their findings to judges. The top team in each group then presented to a panel of elite judges in the final round.

The winning team from Chelsea High School in Chelsea, Michigan, received $2,000 college savings account contributions from NEST. The second place team from BASIS Scottsdale of Scottsdale, Arizona, received $1,000 college savings accounts. In third place, team members from Clarinda High School in Clarinda, Iowa, received $500 college savings accounts. Teachers from all three teams also received an Apple iPad courtesy of NEST.

Judges for final presentations were Stenberg; Farrell; Dr. Nathan Kauffman, assistant vice president and branch executive at the Federal Reserve Bank of Kansas City – Omaha Branch; Kirk Kellner, region bank president of Wells Fargo; Darlene Goins, senior vice president and head of hands on banking, Wells Fargo, San Francisco; and Richard Baier, president of the Nebraska Bankers Association.

“I want to congratulate all the students who participated in the national competition and thank them for their hard work, knowledge, creativity, and resourcefulness,” said Stenberg, who is also a trustee of NEST. “The students were well prepared, and their presentations were thoughtful, detailed, and easy to understand. I also want to acknowledge the teachers who encouraged their students to enter the competition, helped them prepare and guided them along the way.” 

Besides Wells Fargo, other sponsors included the College of Business Dean’s Start Something Fund, Nelnet, TIAA and the Omaha Branch of the Federal Reserve Bank of Kansas City.

Winning Team Members

First Place – Michigan: Jeremy Burby, Zachary Barhite, Connor Gilbreath and Riley Lukomski
Second Place – Arizona: Shivank Agrawal, Alexander Burt and Jion Vicente
Third Place – Iowa: Hunter Crawford, Jesse Espinosa, Austin Gutknecht and Raymond Nellis Published: May 14, 2018