June 18, 2008 09:00 AM Eastern Daylight Time 

Charles Schwab Foundation Honors 10 Teen Superstars of Personal Finance with the 2008 National Financial Literacy Challenge Awards

WASHINGTON--(BUSINESS WIRE)--Ten high school students are being honored in Washington, D.C., today for their achievement in attaining a perfect score of 100 percent on the inaugural National Financial Literacy Challenge, sponsored by the Department of the U.S. Treasury. The 46,000 high students across the U.S. who took the 35-question online test of personal finance knowledge and understanding turned in an average score of 56 percent.

The National Financial Literacy Challenge Scholarship Awards, which are sponsored by Charles Schwab Foundation, were celebrated last night at a special banquet dinner and ceremony at the Mayflower Hotel. The attending winners, who have come from all over the country, spent the day visiting a number of sites in the nation’s capital, including the Bureau of Engraving and Printing and the U.S. Capitol. They will also be recognized by the President’s Advisory Council on Financial Literacy at its meeting today at 10:00 a.m. EDT at the Department of the U.S. Treasury.

In addition to the all-expenses-paid trip to Washington, D.C. for the winners and two guests each, winners will receive a $2,500 scholarship for use at the college or university of their choice. An additional $1,000 contribution in each of the winners’ names will be made to the high schools or programs that provided their personal finance education.¹

“These winning students and the teachers who enrolled their classes for the Challenge are an inspiration for all of us, and especially for their peers, their schools and other educators and parents across the country,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. “Financial literacy is the foundation for lifelong financial well-being, and these kids have truly shown they’re well along that path.”

“It’s our hope that these awards will encourage other teachers across the country to bring the lessons of personal finance into their classrooms,” said Dan Iannicola, Jr., Treasury’s deputy assistant secretary for financial education and the executive director of the President’s Advisory Council. “Financial education for today’s youth is critical, as they truly have the ability to make lasting change in America’s spending, borrowing, saving and investing habits,” he added.

The ten regional winners and the teachers who enrolled them for the Challenge are as follows:

Bios of the winners are available at www.aboutschwab.com.

The Challenge questions were developed by the Office of Financial Education, Department of the U.S. Treasury, in consultation with four prominent academicians, the National Endowment for Financial Education, Junior Achievement USA, the National Council on Economic Education and The Jump$tart Coalition for Personal Financial Literacy. Additional information on the Challenge is available at http://flc.treas.gov and http://www.aboutschwab.com.

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.2 million client brokerage accounts, 1.3 million corporate retirement plan participants, 344,000 banking accounts, and $1.5 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.

About Charles Schwab Foundation

Charles Schwab Foundation is a private, nonprofit organization created by The Charles Schwab Corporation. Its mission is to give back to the community by supporting employee-selected causes and fostering financial literacy through funding, involvement and expertise. (0608-5320)

¹ Eligible organizations must be located in the U.S. or one of its possessions and be recognized by the IRS as a tax-exempt public charity under Section 501(c)(3) of the IRS Code (under section 170) or a public pre-school through university educational institution. Educational organizations must be accredited by a nationally recognized regional or professional association to be eligible. The scholarship award grants for the winners of the National Financial Literacy Challenge will be disbursed to the winners' respective post-secondary educational institution. Winners will be required to present proof of their admission to or enrollment in their post-secondary educational institution.