The National Personal Finance Competition (NPFC), hosted by CEE, recently concluded. Over 120 high school students participated, showcasing their understanding of personal finance. In the final round, four teams competed by answering questions on various financial topics. The Wall Street Journal created two quizzes featuring some of these questions, allowing everyone to compare their financial knowledge with that of the nation’s high school finalists. Personal finance reporter Ashlea Ebeling joined Wall Street Journal podcast host Oyin Adedoyin and Caleb Lee, a member of the NPFC winning team, to discuss the process of creating the quiz and the experience of the students answering the questions competitively.
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
2025′s NPFC champions from Scripps Ranch High School joined Fox and Friends weekend hosts, quizzing them on their personal finance knowledge using some of the questions featured in the quiz bowl. The teens administered the quiz and provided explanations behind the correct answers. The high schoolers described the opportunity to compete as a “huge advantage,” stating they were grateful to gain control over their futures.
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
2025′s National Economic Challenge (NEC) champions from Mt. Hebron High School join CBNC’s Squawk Box to discuss their experience competing in the challenge. The teenagers discussed their previous experience and motivators for joining their school’s team. They answered economic questions and contributed their opinions to ongoing debates and issues, including the impact of recent tariffs and the underrepresentation of women in the field of economics.
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
Over thirty teams from 28 states competed over the weekend for the top spot as the nation’s most financially savvy teenagers. Scripps Ranch High School from San Diego, California, emerged as the winner. What credit card transaction requires you to pay interest every day, including the first day of the transaction, until it is repaid in full? That’s just one of the questions—one that even some adults struggle to answer—that our teen champions tackled during the competition.
Students prepare for the Critical Thinking round of the 2025 National Personal Finance Challenge
The Council for Economic Education (CEE), a national nonprofit on a mission to equip K-12 students with the tools and knowledge of personal finance and economics, held the 14th annual National Personal Finance Challenge (NPFC) this weekend in Atlanta at Voya Financial’s headquarters.
These teens put their knowledge to the test, answering complex questions about saving, investing, stocks, bonds, retirement planning, managing credit, and more. After creating a financial plan for a fictional family, the top scorers competed in a quiz bowl where the winning team was crowned champion.
“We are thrilled to have welcomed students from across the country to the 2025 National Personal Finance Challenge. This competition is more than just a showcase of financial knowledge—it’s a celebration of the life skills these young people are building for their futures,” says CEE Interim CEO Christopher Caltabiano. “At a time when financial literacy is more important than ever, these students are proving they’re ready to take on the real world with confidence, responsibility, and a strong foundation for success.”
“The NPFC finalists truly impressed us with their knowledge and acumen,” says Heather Lavallee, Voya Financial chief executive officer and CEE board member. “This event is a powerful reflection of Voya’s culture and commitment to advancing financial literacy, especially among students. I’m proud of their achievements and of our employees who volunteered to help these remarkable young people on their journey toward greater financial confidence.”
Students prepare for the Critical Thinking round of the 2025 National Personal Finance Challenge
This year, nearly 18,000 high schoolers from across the country competed in the highly accessible school-level round of the NPFC. Parents and educators nationwide are encouraged to visit the competition website in the fall to find out about bringing the competition to your school next year.
CEE is committed to the belief that financial knowledge is for everyone. Yet, 14 states do not require personal finance coursework in high school. This year’s competing teams include six from CEE’s Access Zone program that promotes financial education in Title I schools nationwide.
Covering the six core knowledge areas of personal finance, students collaborated in teams to tackle real-world financial scenarios. Research has long documented the association between financial literacy and successful real-life financial decision-making, including planning for retirement, financial resilience, less debt, acceptance of federal student loans over higher-cost loan options, and decreased likelihood of holding credit card balances.
The National Final was held at Voya’s headquarters in Atlanta on June 1-2, 2025. Winning teams took away cash prizes: $2,000 per team member and coach for 1st place, $1,000 per team member and coach for 2nd place, $500 per team member and coach for 3rd place, and $250 per team member and coach for 4th place.
First place team in the 2025 National Personal Finance Challenge: Scripps Ranch High School, San Diego, California
The winners of the 2025 National Personal Finance Challenge:
First place: Scripps Ranch High School, San Diego, California
Team: Robert Schumann, Ryan Langsam Williams, Ben Wolff, Caleb Lee
Coach: Ian Rasmuson
Second place: Mount Hebron High School, Ellicott City, Maryland
Team: Benjamin Fichter, Nathaniel Ritter, Joseph Phelps, Mehin Panya
Coach: Vann Prime
Third place: Madeira High School, Cincinnati, Ohio
Team: Owen Dixon, Ben Reed, Will Manning, Marissa Jordan
Coach: Jennifer Jordan
Fourth place: Hunter High School, New York City, New York
Team: Sofie Pederson, Xiayang Huang, Pierce Siegel, Adrian Chen
Are you smarter than a National Personal Finance Challenge finalist?
Finalists in CEE’s NPFC answered 20 rapid-fire questions on topics ranging from mortgage discount points to 401(k) matches. The Wall Street Journal turned the final round into two quizzes and Fox and Friends quizzed their hosts on live TV. See how your money smarts stack up:
About the Council for Economic Education
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
Question: What does a linear indifference curve tell us about the relationship of the goods measured on the axes?
And question: If the United States trade deficit with China increases by $100 million, what can we conclude about the financial account of the U.S. international balance of payments?
By correctly answering more questions like these than high schoolers from other states, teams of students from Mt. Hebron High School in Ellicott City, Maryland, earned first place finishes in both the NEC’s Adam Smith Division for returning, advanced and honors economics students and the David Ricardo Division for first-time competitors who have taken no more than one economics course. It’s the eighth straight NEC in which the Howard County public school emerged as a national champion or finalist.
Phillips Exeter Academy in Exeter, New Hampshire, also continued wins, capturing first runner-up in both divisions.
Lambert High School from Suwanee, Georgia, was named second runner-up in both divisions in front of a home-area audience in Atlanta where this year’s NEC was held.
Carmel High School from Indiana scored third runner-up in the Adam Smith Division, while Belen Jesuit Preparatory School of Miami took that honor in the David Ricardo Division.
High school students prepare for the Critical Thinking Round of the 2025 National Economics Challenge in Atlanta, Georgia.
A total of 16 teams competed at the national finals following their wins in state competitions. But taking any economics class in high school remains elusive across most of America; only slightly more than half of the states – 28 – require economics coursework to graduate high school, according to CEE’s most recent Survey of the States.
“No one expects young people to teach themselves how to read or write,” said Christopher Caltabiano, CEE’s interim chief executive officer and chief program officer. “But too many states let students graduate without teaching them the basic economic principles that are building blocks for success for their lives, their communities and the nation.
“We congratulate all who taught and learned about economics this year, and all who earned their way to the top in their state and advanced to compete in CEE’s National Economics Challenge finals,” he added.
Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta and a CEE board member, welcomed students to the NEC finals and noted the value of broad access to financial and economic literacy.
Raphael Bostic, CEE Board Member and President and CEO of the Federal Reserve Bank of Atlanta, welcomed students to the NEC finals.
“Early economic education can be an important steppingstone for establishing a positive personal trajectory,” Bostic said, adding his congratulations to the winners. “Research and experience tell us that sound economic and financial habits can be established as early as age seven, so the sooner we reach young people, the better. We want today’s young learners to become adults whose decisions maximize well-being for themselves, their families and their communities.”
Winners of the Adam Smith Division of the 2025 National Economics Challenge.
Winners of the David Ricardo Division of the 2025 National Economics Challenge.
2025 NEC Adam Smith Division winners:
First place: Mt. Hebron High School
Joseph Jeong, Mehin Pandya, Aadarsh Shah and Vishva Rao
Coach: Vann Prime
Second place: Phillips Exeter Academy
Eli Orbach, Dron Gaddam, Dhruv Nagarajan and Steven Chen
Coach: Aykut Kilinc
Third place: Lambert High School
Arhan Barve, Neal Karani, Shivam Gupta and Balaskanda Sivanandame
Coach: Catherine Arbeiter
Fourth place: Carmel High School
Alan Lai, David Jiang, Alex Tichindelean and Akshat Kannan
Coach: Michelle Foutz
2025 NEC David Ricardo Division winners:
First place: Mt. Hebron High School
Daksh Mathapati, Tanvi Anand, Caleb Son and Vitus Li
Coach: Vann Prime
Second place: Phillips Exeter Academy
Alex Ren, David Liu, Lake Zhou and Chris Spencer
Coach: Aykut Kilinc
Third place: Lambert High School
Ethan Baek, Vivan Kotla, Raghava Murthy and Nidhi Madam
Coach: Catherine Arbeiter
Fourth place: Belen Jesuit Preparatory School
Manuel Irurita, Pablo Castro, Anthony Kiami and Max Erdmann
Coach: Andres Jimenez
All finalists in both divisions also receive a cash award. Caltabiano thanked Morgan Stanley for its support of the Challenge this year and CEE’s state-based affiliates for their work in advancing economic and personal finance education in the states.
Mt. Hebron High School also won international rounds with teams who traveled from China; Shanghai High School International Division and Beijing Haidian Foreign Language Shiyan School took second place honors.
About the Council for Economic Education
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
Federal Reserve Bank of Atlanta president and CEO Raphael Bostic gave welcome remarks at CEE’s 2025 National Economic Challenge (NEC). He spoke about his experience speaking with influential figures throughout his career. Bostic connected his experience as a professor to his opportunities to speak with young people, encouraging them to measure success not by monetary gain, but by the degree to which they can benefit society. He highlights financial and economic education as a key component in “[making] life better,” nurturing responsible citizens. Bostic also reflected on his entry into the industry and noted how CEE helps students prepare with both knowledge and purpose.
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
Lexington High School students prepare to advance in the National Personal Finance Challenge (NPFC) after winning the Massachusetts state finals last month. Although students have a faculty advisor working with them, they have taken to collaborating to fully understand the curriculum, preferring to make the material their own rather than relying on outside help. Students express newfound confidence, stating that they value the opportunity to understand the financial decisions they will face throughout their adult lives.
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
Congratulations to the finalists for the 2025 National Economics Challenge! The National Economics Challenge (NEC) provides a platform for high school students of economics to compete with their peers on a national scale and make themselves and their schools proud. Each year, close to 10,000 students from across the nation take the chance to shine while being tested on key micro and macroeconomic principles, as well as their knowledge of the world economy. We can’t wait to see the top teams compete in Atlanta, GA this June.
Top scorers from each state are invited to compete for the national title at finals. The competition runs in two divisions:
Adam Smith Division – for AP, international baccalaureate, and honors economics students
David Ricardo Division – for first-time competitors who have taken no more than one economics course
Adam Smith Division Finalists
Carmel High School, Indiana
Chelsea High School, Michigan
Farmington High School, Connecticut
Hunter College High School, New York
Lambert High School, Georgia
Mount Hebron High School, Maryland
Phillips Exeter Academy, New Hampshire
Skyline High School, Utah
David Ricardo Division Finalists
Belen Jesuit Preparatory School, Florida
Fairview High School, Colorado
Henrico High School, Virginia
Hopkins School, Connecticut
Lambert High School, Georgia
Montgomery High School, New Jersey
Phillips Exeter Academy, New Hampshire
The Charter School of Wilmington, Delaware
About the Council for Economic Education
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
In their respective state competitions, these finalists showcased how understanding money management and making informed financial choices can position young people on paths to achieve their fullest potential. Congratulations to the following finalists:
Alabama: Vestavia Hills High School and Brewbaker Technology Magnet High School
Arizona: Gilbert Classical Academy and Valley Vista High School
Arkansas: Mountain Home High School
California: Scripps Ranch High School
Connecticut: Westhill High School
Delaware: Appoquinimink High School
Florida: Stanton College Preparatory
Georgia: Lambert High School and Salem High School
Illinois: Naperville Central High School
Iowa: Montezuma High School
Kansas: Gardner Edgerton High School
Kentucky: Frederick Douglass High School
Maryland: Mt Hebron High School
Massachusetts: Lexington High School
Michigan: Chelsea High School
Minnesota: Mounds View High School
Mississippi: Germantown High School and Canton High School
Missouri: Mary Institute and Country Day School
Montana: Bozeman High School
Nebraska: Lincoln Southeast High School
New Hampshire: Nashua High School South
New Jersey: The Peddie School
New York: Hunter College High School and Francis Lewis High School
North Carolina: Ardrey Kell High School and Ballantyne Ridge High School
Ohio: Madeira High School
South Carolina: Pickens County Career & Technology Center
Virginia: Henrico High School
Washington: Eastlake High School
About the Council for Economic Education
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
Thank you to everyone who joined us at the 2025 Diamond Gala at The Pierre Hotel. It was an incredible night! The Gala was such a special way to conclude our 75th anniversary and celebrate the impact that CEE has had on millions of students.
CEE was founded to ensure that all students learn foundational knowledge of personal finance and economics. These subjects help students comprehend our complex world, negotiate decisions throughout their lives, and ultimately succeed in life. We will continue to be a leader in advancing economic and financial literacy for young people.
We were honored to recognize two extraordinary leaders: Kelly Mahon Tullier, Vice Chair, Chief People and Corporate Affairs Officer at Visa, with the Diamond Award, and Jeremy J. Siegel, Professor Emeritus of Finance at The Wharton School, with the Distinguished Economist Award.
Rebecca Patterson, CEE Board Chair (left), moderates a Fireside Chat with CEE Diamond Gala honorees Jeremy Siegel and Kelly Mahon Tullier.
During the Fireside Chat, moderated by CEE Board Chair Rebecca Patterson, Mahon Tullier emphasized the importance of equipping students with the tools to make informed financial choices, noting her pride in Visa’s co-founding the FinEd50 coalition alongside CEE. Mahon Tullier’s career reflects her deep commitment to building a future where every student has access to high-quality financial education.
Jeremy Siegel spoke of the importance of introducing economic principles to students long before college. After nearly 50 years in academia, he praised CEE for stepping in to ensure that all Americans, regardless of background, can develop the skills needed to navigate investing, budgeting, and decision-making in everyday life.
Teachers Manoj Thadhani (left) and Ian Weissman were honored with the 2025 Alfred P. Sloan Foundation Teaching Champion Award.
We began our gala by honoring two outstanding teachers, Manoj Thadhani of Syosset Senior High School and Ian Weissman of Repertory Company High School for Theatre Arts with the 2025 Alfred P. Sloan Foundation Teaching Champion Award. Their passion and creativity have inspired their students and helped bring complex economic ideas to life in the classroom.
Nan J. Morrison, retired President and CEO of CEE.
The evening also featured a heartfelt tribute to Nan J. Morrison, who recently retired after 15 years as President and CEO of CEE. Nan received the William A. Forbes Public Awareness Award for her unwavering leadership and dedication to expanding access to economic and personal finance education. Under her guidance, CEE reached millions of students and hundreds of thousands of teachers across the country.
The “Mission Moment” Fireside Chat moderated by CEE Board Member Susan McDermott-deTray (left), with students (L-R): Ebony Stapleton, Gursaheb Chadha, and Alexei Varah.
One of the most moving moments of the night came during the “Mission Moment” Fireside Chat, featuring three exceptional students whose lives have been shaped by CEE’s programs. Gursaheb Chadha, a senior at Francis Lewis High School and National Personal Finance Challenge participant, spoke about his early passion for finance and his plans to study the subject at Baruch College. His classmate, Ebony Stapleton, a standout in the Invest in Girls program and already Bloomberg certified, shared how her experiences with Invest in Girls helped build her financial knowledge and confidence, and shared her excitement to pursue business and managerial economics in college. Finally, sophomore Alexei Varah from Hunter College High School discussed her love for behavioral economics and the mentorship she’s received through the National Economics Challenge. All three students spoke about the skills, confidence, and community they’ve gained through their CEE experiences.
As dinner was served and conversations continued, it was clear: CEE’s mission is enduring, our impact is significant, and our community is ready to help. Thanks to the generosity of our sponsors and guests, our 2025 Diamond Gala raised over $700,000!
As we look to the future, we are grateful for your support and excited to expand our programs to reach even more teachers and students nationwide.
About the Council for Economic Education
The Council for Economic Education‘s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways. We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.
