AUGUSTA — Maine has room for growth when it comes to K-12 financial education. Currently, only 15.2 percent of Maine high school students are required to complete a personal finance course prior to graduation. As a result, many students leave high school unable to successfully manage their money and make informed financial decisions, impacting their ability to pursue training and education after high school. To help raise awareness of the importance of teaching financial skills as early as elementary school, the Finance Authority of Maine has launched its first-ever Design Your Dream Money Contest.
The contest, which was created in partnership with the Alfond Scholarship Foundation, opened April 1. Students in grades 1-6 are invited to create their own $500 bill using a template created by FAME.
All contest submissions will receive a water bottle sticker from FAME and one student from each grade level statewide will be selected as a grand-prize winner and will receive a fun pack from FAME. In addition, each school that submits an entry will be entered into a school giveaway. The winning school will receive an Invest in ME Reads event hosted by FAME.
The purpose of the contest is to raise awareness of the importance of lifelong financial education and to engage families and students early in the topic in elementary school. FAME offers a variety of free resources to help families take small steps to build strong money skills at home. Many of these students were born Maine residents and have already received the $500 Alfond Grant for higher education, underscoring the significance of this initiative.
“When it comes to money skills, parents and caregivers are the most important influence in a child’s life,” said Mary Dyer, FAME’s Financial Education Programs manager. “Our goal is to make teaching about money fun and easy, and we have created a variety of programs that do just that. Through Invest in ME Reads, families will find extensive games, activities, and conversation starters to help them begin the money conversation at home. The Design Your Dream Money Contest is just another way to inspire young people to learn about money and dream about their future.”
Dyer emphasized the importance of family discussions about career pathways and education after high school, highlighting the $500 Alfond Grant as a pivotal investment in the children’s futures. “We hope to encourage conversations at home that help kids and families to dream big about their future,” she added.
In addition to the contest, FAME offers a variety of resources and events to support financial wellness in Maine:
Invest in ME Reads: This free family financial wellness program was created by FAME to help parents and caregivers teach early financial skills. As part of the program, FAME provides free books, educational resources, activities, and tips to all Maine public school students in grades one through six to share at home with their families. Invest in ME Reads is now reaching over 84,000 elementary students across Maine.
Free Online Personal Financial Education: FAME offers free online financial education to support Maine people during high school, college, and beyond. Any Maine resident can create their own account and use the interactive modules to learn their money personality, complete a course, create budgets, and more.
Claim Your Future®: Created by FAME, Claim Your Future encourages students to explore education after high school, future careers and money management. It includes career comparison tools, expanded student loan decision-making, and career videos. This free program is available as both a classroom game and an online resource.
Maine Jumpstart Fostering Financial Education in Maine Schools Conference: FAME is proud to continue its support of the Maine Jumpstart Coalition for Personal Financial Literacy will be hosting the 16th Annual Fostering Financial Education in Maine Schools Conference on May 9.
The Finance Authority of Maine is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. FAME’s vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. FAME also provides valuable financial education resources free to all Maine people. To learn more about FAME, please visit FAMEwww.famemaine.com.
