Chicago High Schoolers Compete In Financial Literacy Event At Soldier Field
(CBS) -- Teens from 44 Chicago-area high schools competed Saturday at Soldier Field, but not in an athletic event. Instead, it was a test of teamwork and financial literacy.
The teens gleaned information from actual news reports recorded over recent months, made evaluations as teams and bought and sold mock securities, starting with a pot of $100,000. Magnetar Youth Investment Academy executive director Nyasha Nyamafene said each one hour segment was the equivalent of 15 weeks of trading.
"So we created this simulated trading floor and gave each one of them coaches who are actual traders, to really put things into practice with some 'money' on the line, if you will," she said.
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Mayor Rahm Emanuel told them at lunch that financial literacy is priceless.
"The knowledge you learn here is going to serve you for the rest of your life," he said.
This is the fifth year Magnetar Capital has sponsored the Youth Investment Academy, and the fourth year for the financial literacy and investment challenge. More than 3,000 students are enrolled in the Magnetar program in more than 150 classrooms at 52 area high schools.
