CLEAR LAKE — Sam Jones, an eighth-grader at Clear Lake Middle School, has won a statewide financial literacy essay contest and has been named Iowa’s 2012 Money Smart Kid.
Jones was recognized April 20 at a Money Smart Week kickoff event at the Federal Reserve Bank of Chicago’s West Des Moines office.
At the event, John Sorensen, president and CEO of the Iowa Bankers Association, and Marybeth Foster, executive director of the Iowa Credit Union Foundation, presented Jones with an award honoring this accomplishment.
Jones also received a $1,000 College Savings Iowa account, co-sponsored by the Iowa Bankers Association and Iowa Credit Union Foundation.
More than 140 students from across the state participated in the essay contest.
To be eligible, students had to be in grades six through eight and submit a 300-word essay describing when it was wise to borrow money and when it was not, the factors to consider when considering a loan and the concept of opportunity costs.
The top six essay finalists also had to participate in an interview with contest judges.
Jones, the son of Darron and Julie Jones, said he is saving for college, and saves 50 percent of what he earns from after-school jobs.
As Iowa’s 2012 Money Smart Kid, Jones served as a spokesman promoting financial education during Money Smart Week, April 21-28, in communities across the state.