ENGLEWOOD — A group of Lindblom Math & Science Academy students is being recognized for taking on the challenge of educating Englewood children about the importance of having a savings account.
Eight students participated in the Aspen Challenge, which asks teens to "design solutions to some of the most critical issues humanity faces."
For the group from Lindblom, 6130 S. Wolcott Ave., that issue was financial literacy. They were among the winners of the challenge, along with Amundsen High School in Lincoln Square and Roberto Clemente Community Academy in West Town. They won an all expenses paid trip to Aspen, Colo. for the Aspen Ideas Festival from June 25-30. The team will present its solution on a world-wide stage at the Aspen Ideas Festival.
“The feeling of victory was ... overwhelming,” 14-year-old freshman Zachary Robbins said. “When we were announced, we were extremely surprised, especially against the odds of winning. The other teams were also extremely excellent at their individual challenges.”
Under the name “MoneyLYFE” the group has hosted bank fairs and visited neighborhood schools.
“We decided to do the challenge that dealt with finance since we felt like this was one of the roots to the many other problems that Englewood was facing,” 16-year-old Qiama Williams said.
Fellow group member Chima Aharanwa, 16, said they’ve met many students who don’t know anything about banking. The challenge of financial literacy was important for him because he wanted to educate his peers.
“We want to get to the root of the problem, which is the fact that a lot of people don’t know how to save or don’t know the benefits of a savings account,” Chima said.
When they brought their bank fair to Earle STEM Academy, 2040 W. 62nd St., the Lindblom teens talked to eighth-graders about the importance of having a savings and checking account.
Through surveys, the MoneyLYFE team has been able to learn about their peers’ spending habits. One question was how to spend $10,000 while getting ready to go to college.
Some students responded that they would use half of the money to host a mansion party.
The MoneyLYFE team took the opportunity to addressed the difference between a want and a need.
The students they try to educate seem willing to listen to them, 15-year-old sophomore Alexis Smith said.
“I like that we’re bringing the facts to them,” she said. “We’re making it more real for them.”
Their Aspen Challenge coach, Gina Caneva, said that she offered suggestions, but the students were really in charge.
“They’re awesome,” she said. “They came up with the idea to have bank fairs and then we started having all these other spinoff ideas. This is definitely one of the highlights of my career.”
The challenge is over, but the teens plan to keep their financial literacy efforts going. Its website offers tips on banking and other finance-related topics.
“We’re going to make it a class in our school so we’re going to educate students at our school and train them so they can take over after us,” Alexis said.
About 20 schools took part in the competition.
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