Thanks to a fourth year of funding from Schwab Advisor Services in partnership with Charles Schwab Foundation, The Stock Market Game (SMG) fees will be waived for the 2020-21 school year, allowing Minnesota teachers to give thousands of students access to a unique hands-on learning experience and key financial literacy skills.
About The Stock Market Game
In SMG, students in grades 4-12 work in small teams to manage a $100,000 online portfolio of stocks, bonds, and mutual funds. The investing simulation allows students to learn and apply business, economics, financial literacy, math, research, and critical thinking skills in a real-world application.
Teachers across the state use SMG to complement their curriculum; last year over 160 schools used the program. Because the program is online, SMG is a great option for teachers to assign to their students as some schools continue to navigate distance and hybrid learning models.
“Many young people do not receive the financial education they need to successfully manage their money, and programs like the Stock Market Game can help advance students’ understanding of personal finance and the capital markets,” said Carrie Schwab-Pomerantz, President of Charles Schwab Foundation. “Our commitment to this program stems from our belief in the power of financial education to enable people to achieve long-term financial success.”
Need for Funding
For the past four years, Schwab Advisor Services, in partnership with Charles Schwab Foundation, provides a grant to cover the cost for Minnesota schools to participate in SMG. Because of this funding, student participation in the program has increased since the 2017-18 school year, reaching almost 30,000 students over the past three years and allowing over 30 new teachers to bring SMG to their classrooms in the 2020-21 school year. Funding is critical to making SMG accessible to all Minnesota students.
Without funding support, the cost of SMG is a barrier for many schools to participate. One teacher shared, “The Stock Market Game is an essential component of my businesses classes; however, it is not something we have in our budget as a school. Outside funding and support makes it possible for my students to learn and play each year, setting them up for important life skills and learning for their future.”
Charles Schwab Foundation supports a variety of financial education programming across the country and encourages community involvement and employee volunteerism as part of their corporate philanthropic work. The foundation’s funding of SMG team fees is directly aligned with this mission, as SMG is widely used as a financial education tool and Charles Schwab employees have been supporting BestPrep for over 10 years.
“We are thrilled to help bring The Stock Market Game to Minnesota students. This program develops skills in young people from all backgrounds through virtual investing and real-world application. We hope that these experiences will inspire students to consider their own financial goals as well as career paths in financial planning that offer so much opportunity for growth and success,” said Bernie Clark, Head of Schwab Advisor Services.
Contact Stephanie Musgrove, program manager, with questions about the program or participating in SMG at 763-233-6328. Teachers and administrators can learn more and register their classes at www.stockmarketgame.org.
BestPrep is a nonprofit organization dedicated to preparing students with business, career and financial literacy skills through hands-on experiences that inspire success in work and life through seven innovative programs. Since 1976, the organization has served more than 1.7 million Minnesota students and teachers. For more information, visit www.bestprep.org.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity. More information is available at www.aboutschwab.com. Follow us on Twitter, Facebook, YouTube, and LinkedIn.
About Charles Schwab Foundation
Charles Schwab Foundation is a private, nonprofit organization funded by The Charles Schwab Corporation. Its mission is to create positive change through financial education, philanthropy, and volunteerism. More information is available at www.aboutschwab.com/community. The Charles Schwab Foundation is classified by the IRS as a charity under section 501(c)(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab & Co., Inc. nor its parent company, The Charles Schwab Corporation.