Bob McDonnell the Virginia governor has stated his desire to find out who amongst the students in his state have the best skills when it comes to personal finance.
In a recent statement released to reporters, McDonnell announced the launch of the Governor’s Challenge in Economics and Personal Finance that will run for an entire semester to help encourage financial understanding in high schools across the state. Groups of four students can qualify for the “quiz bowl” type competition in Richmond, if they manage to score the highest in the online test that runs from March 7th to April 4th.
The challenge set by the governor will see the teams tested on their aptitude to fully comprehend and make clear the crucial elements of personal finance, for example how to evaluate credit card deals, how to find the right product to help them invest for their retirement and how to handle daily cash flow.
Other more advanced topics will include being able to answer key questions on a much broader range of economic topics such as ones relating to tax and trading. Thirty-six of the best scoring teams across all three groups will earn themselves an invitation to vie in a championship in Richmond on the 20th April 2012.
This competition will mark the start and launch of a proposal that education administrators in Virginia hope will increase the understanding of financial situations and education across the state. Teachers in high schools can take part in specialized development institutes that will motivate imaginative economic coursework and discussions in classrooms. Financial giants such as Bank of America and SunTrust and various other credit card companies have helped to fund these teacher training establishments that are held at a number of colleges and universities across the state.
This announcement by McDonnell happens at the same time as the launch of a brand new state wide plan that will require all students at high school to obtain a course credit in economics as a bare minimum to be able to qualify for a diploma. Although only grade nine students starting this year will mandatorily take part in this graduation directive, although state bureaucrats have stated to reporters that they are hopeful that this initiative will encourage many upperclassmen to participate voluntarily in these personal finance classes.
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