First Federal Lakewood Sponsors 2021 EVERFI Financial Literacy Bee

Financial literacy is crucial for everyone, no matter how old you are. That’s why we are proud to be sponsors of the EVERFI Financial Literacy Bee that took place April 1 to 15, 2021. The EVERFI Financial Literacy Bee is a nationwide financial literacy challenge for high school students.

The pandemic hit many families hard, from unemployment to career shifts to a reduction in income. The EVERFI Financial Literacy Bee provides an opportunity for students to learn the critical importance of saving and budgeting for short-term and long-term financial goals.

The virtual challenge, created by EVERFI, featured four short digital lessons followed by a capstone essay contest in which students shared a short-term or long-term savings goal and outlined their plan to achieve that goal. Winners of the EVERFI Financial Literacy Bee received a total of $20,000 in college scholarships.

First Federal Lakewood offered two local prizes, too. Two essays that were submitted locally were selected to receive a $500 prize.

Alyssa L. was our first local scholarship winner. She will be studying nursing at Case Western Reserve University in fall 2021.

“The top tip I took away from the Financial Literacy Bee course was that you should have at least three months of living expenses saved at all times,” Alyssa said. “I think this was very important to learn because especially after living through the COVID-19 pandemic, it was easy to see how an event can occur so quickly it can knock you off balance financially.”

Kaylee H. was our second local scholarship winner. She plans on attending Miami University during fall 2021 with a major in early childhood education and a minor in special education.

“The top tip I learned from the Financial Literacy Bee was that I should have 3 months of wages saved and I should include that in my budget,” Kaylee said. “Even if the amount is small, saving something is better than saving nothing and my savings will grow!”

By competing in the challenge, students gained new skills like saving, setting financial goals, budgeting and investing. Plus, this helped them create a personalized financial decision-making framework that they can apply to their lives now and in the future.