BOSTON – The Rhode Island team, composed of students from North Providence High School, brought home the “Reserve Cup” from the Federal Reserve Bank of Boston’s second annual academic quiz show focusing on personal financial literacy, economics and the Federal Reserve System.
The six-state competition was organized and hosted by the FRBB – which, in partnership with the Rhode Island Jump$tart Coalition, arranged for the North Providence team to compete with students representing Connecticut, Massachusetts, Maine, New Hampshire and Vermont.
Rhode Island’s dramatic victory – during a “sudden death” overtime round against Massachusetts – came when the North Providence students successfully answered a question about international currency values. Team members Kelly DeAngelis, Vincenzo Gianfrancesco, Raymond Iannuccillo and Luisa Murrillo, and alternate Rita Nerney, were selected by Susan Bennett, chair of the high school’s business department.
“Kathy Lisi, my fellow business educator, the parents and twenty student supporters were biting our nails as the final scores were tallied,” Bennett said in a statement. “We were all proud of our team’s performance, but winning was the perfect cap to an already exciting and educational day.”
“For the second year, we are proud to have provided a team of teenagers for this competition that not only provides a remarkable experience for the participants, but draws attention throughout the New England region on the importance of youth personal financial education,” Jim Hedemark, executive director of Rhode Island Jump$tart, said in a statement. Last year for the first time, Rhode Island high school seniors participated in the national Jump$tart Coalition’s personal financial literacy survey. On average, local students answered 48.8 percent of questions correctly, compared with the national average of 52.4 percent.
“We are grateful that the Federal Reserve Bank of Boston is playing such a strong leadership role in this critical policy area,” Hedemark said.
Before Monday’s competition, R.I. Secretary of State A. Ralph Mollis had addressed the gathering, which included more than 100 high school students from across New England. “The financial decisions you are making today, not just those you will soon be making as adults, are critical to your well being and the well being of our regional and national economy,” he told the teens. “My hope is that you will put yourself in a position where your dreams, not your debts will govern your life.”
The Rhode Island Jump$tart Coalition, founded in 2004, is an alliance of dozens of state and regional businesses, community organizations, educational institutions, and government agencies and officers. Its mission is to increase the level of financial literacy in the Ocean State. To learn more, visit www.rijumpstart.org.
