Student debt is one of the most pressing issues facing young people today, where recent graduates are already contending with financial strain just as they are entering the workforce. At present, the student loan bubble is surpassing one trillion dollars, and this is only one symptom of a much larger problem. Everywhere, it seems - from government overspending to families living paycheck to paycheck - debt is a nationwide issue that calls out for a solution.
This is why FOUNDERS 55 NFP, Inc. - an Illinois-based non-profit corporation - launched the Financial Revolutionaries Enhancing Education (FREE) Challenge. This challenge, designed to address the underlying cause of the current debt crisis (which they identify as "financial illiteracy") will award $5,000 to anyone who can create a video, speech, brochure, campaign, article, etc., that addresses the problem and issues an effective call to action.
To put the problem in perspective, some numbers need to be considered. When it comes to American families, roughly half have less than one month's income put aside at any given time, while 61% live paycheck to paycheck. In addition, 95% of Baby Boomers don't have enough money to be able to afford retirement, forcing them to remain employed or semi-employed, which creates problems with turnover in the workforce.
Student debt is one of most glaring examples of the debt crisis, surpassing $1 trillion nationally. Credit:commons.bcit.ca
Meanwhile, some 70% of students graduating from university do so carrying some form of debt. For the most part, this takes the form of student loans, which works out to an average debt of $35,000 per person. It's little wonder then that 84% of high schoolers surveyed said that they desire more financial education at school. And high school is precisely when this education needs to take place, before students go on to post-secondary education or enter the workforce.
For this Challenge, FOUNDERS 55 is seeking video testimonials, songs, brochures, or other forms of media that express a narrative describing an aspect of financial illiteracy and why it is important. Videos and printed material are to be no longer than 3 minutes or 3 pages in length, and will be evaluated based on their ability to show how this problem can be solved, and makes a clear call to action.
The Challenge officially kicked off this past Monday, October 12th, and will remain open to submissions until Febuary 8th, 2016. Judging will commence immediately after and will conclude on April 8, 2016. The winner will be announced on April 13th, 2016. At the close of this Challenge, FOUNDERS 55 will start a second phase of the competition that is focused on solutions to a specific problem identified about financial literacy.
Do you have a story that highlights the problem of financial illiteracy and how it might be addressed? Then head on over to the Financial Revolutionaries Enhancing Education Challenge for a chance to win the prize!
