Who says playing video games doesn't pay? H&R Block thinks they should. The tax prep company, in an effort to educate young people on the importance of personal finance, has launched their own game, theH&R Block Budget Challenge, with $3M worth of scholarships and grants set as prizes.
"We think personal finance education is so important, we're paying people to learn," the Budget Challenge site exclaims, and indeed, H&R Block is willing to back up that promise - namely, with a $100,000 grand prize going to the Challenge's top student and 132 more awards for teachers and classrooms participating in the event.
The Challenge was created as part of raising economic self-sufficiency for young people. A recent PISA assessment, spanning 18 countries on young peoples' financial knowledge, found that American 15-year-olds to be only average on having a grasp on economic factors such as budgets, taxes and investing.
“It’s appalling how clueless many teens are about money,” Block CEO William Cobb told Time. The CEO added that educating young adults on personal finance is “the right thing to do” and is “at the emotional center” of the company. The Budget Challenge also ends on Tax Day next year, perhaps making a nice piece of PR for the company.
The first challenge is set to begin Oct. 3 and will last for nine weeks. Five more challenges will run through mid-April next year. Students will need 30 minutes per week after that in order to compete.
Registration and additional information on the H&R Block Budget Challenge can be found here.