BISMARCK — The Bank of North Dakota's College SAVE program announced the beginning of its March Money Madness program Friday, Feb. 26.
March Money Madness is a scholarship opportunity and financial literacy contest for North Dakota residents between the ages of 13 and 19, a news release stated. Participating students have the chance to win one of two $1,529 contributions to a new of existing College SAVE account, a state sponsored 529 account.
The program is intended to educate young residents about basic financial literacy principles through three online challenges. Each challenge contains three videos which are followed by two-question quizzes. Topics include comparing needs and wants, repaying loans and the difference between gross and take-home pay. The program can be completed in less than an hour.
Students who answer all of the questions correctly are automatically entered for a chance to win the $1,529 scholarship. The contest is open from March 1 to midnight on March 31.
"The pandemic has increased the awareness of the need for financial literacy education," Bank of North Dakota president Eric Hardmeyer said via news release. "It is critical that this education begins early so young people can make positive money management decisions and avoid accumulating high debt loads when they become adults."
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Visit MarchMoneyMadness.ND.gov to view the program.
