Fidelity Investments has launched a grant challenge that will award the applicant with the winning idea $100,000, volunteer support, and financial expertise to help low-income high school students make better financial decisions.
The first program of its kind at the Boston, Mass.-based financial firm, the Fidelity Investments Financial Education Grant Challenge was created based on some alarming numbers regarding financial literacy among the nation’s youth. Specifically, research from the Michigan Retirement Research Center revealed that less than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. The challenge calls for any individual or nonprofit to submit their idea on how to change these numbers for the better.
The applicant with the winning idea will be given a $1,000 charitable gift card to be used to make a donation to any public school through DonorsChoose.org.
“At a time when the need for financial education is so great, we’re looking for new approaches for how to best tap into employees’ expertise to engage students in new ways to improve their own financial choices,” said Gary Blank, senior vice president, public affairs and policy at Fidelity Investments.
Applications for the Grant Challenge are due by Nov. 7 and must include specific details about your idea, including how Fidelity volunteers and the company’s financial expertise can help improve the personal financial literacy – including basics such as how to budget, save and manage their money – of high school students in low-income areas. Fidelity also welcomes ideas that also include suggestions for an implementing organization and ways to incorporate technology to make financial education more fun and engaging for young people, though this is optional.
According to a press release announcing the Grant Challenge, Fidelity plans to choose a winner by the end of the year, with the pilot program for the winning idea set to begin sometime in 2014. You can find additional details about the program by visiting http://www.fidelity.com/inside-fidelity/community/grant