Annual H&R Block Challenge Commenses
Every year, H&R Block, a tax preparation company in North America, hosts the H&R Block Budget Challenge, a free online simulation aimed to increase financial literacy among teens. This online simulation replicates an adult’s financial situation and responsibilities. Each participant is given a job and a salary and learn how to use budgeting and financial decision-making skills to manage loans, pay bills, invest in retirement and more.
“All students need to be financially aware. Like it or not, finances are a huge part of life and knowing how to handle the ebb and flow of finances can set you up for success!” said finance teacher Mr. Thomas Jelsma.
The Budget Challenge also offers a scholarship of $20,000 to five students with the highest overall Real-World Ready scores. The Real-World Ready score is determined by how engaged the student is, how well the student answers important financial questions and how well the student saves money and avoids late fees.
“The scholarship portion of the challenge is definitely a great idea. It provides an incentive for students to actually put their best effort into it. In addition to providing money, the challenge itself helps students prepare for their futures. In my opinion, the challenge itself is a win-win situation even if a student does not win the scholarship” said senior Rolan Huynh.