Release Date: April 25, 2016
BUFFALO, N.Y. — With National Financial Literacy Month underway, more than 900 high school students from across Western New York are putting their knowledge of everyday finances to the test during MoneySKILL® Mania, an in-school financial literacy challenge sponsored by the University at Buffalo School of Management and M&T Bank.
For the ninth annual competition, students from 30 area schools will be quizzed on such basic financial concepts as budgeting, credit, debt, income and interest, so they become confident using this knowledge in their daily lives. The top-scoring student from all schools will receive an Apple iPad, while the second- and third-place students will each win $250 for college savings.
Why it’s important: Research from the American Financial Services Association (AFSA) Education Foundation has consistently shown that many young people poorly understand the fundamentals of personal finance. The competition aims to increase awareness of MoneySKILL, a free, online curriculum that teaches students vital money management skills through interactive, self-directed modules.
More than 675,000 students nationwide have registered to use MoneySKILL since the program was developed in 2004 by Lewis Mandell, PhD, professor emeritus of finance in the UB School of Management, for the AFSA Education Foundation. Locally, 176 teachers from all eight Western New York counties are registered to use MoneySKILL in their classrooms.
What: While the competition takes place at individual schools, journalists are invited to see MoneySKILL Mania in action at Buffalo Public School 42, the Occupational Training Center. The program fits well into the school’s mission of helping young adults with developmental disabilities, ages 18-21, acquire skills necessary to achieve independence at home, work and in social settings.
Who: PS 42 students will participate in a fun, interactive game that tests MoneySKILL concepts, during which media are encouraged to capture photos and video. Representatives from the UB School of Management and M&T Bank will also speak on the benefits of financial literacy education and be available for interviews.
When: 2:30-3:30 p.m. on April 28.
Where: Buffalo PS 42 Occupational Training Center, 2495 Main St., Suite 100, Buffalo. (Enter through the main entrance on Main Street; additional parking is available on Halbert Street, behind the Tri-Main Center.)
The UB School of Management and M&T Bank have partnered for the past ten years to provide outreach, teacher training and the MoneySKILL Mania competition to help regional high school students improve their financial literacy.
M&T is a financial holding company headquartered in Buffalo. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.