CHICAGO, May 23, 2019 /PRNewswire/ -- In honor of financial literacy month, Rapunzl Investments, a social investing platform for iOS and Android that tackles financial education in underserved communities across the country, hosted in April 2019 a simulated investment competition at 11 New England Small Colleges. The competition offered $10,000 in prizes, sponsored by Fidelity Investments. This commitment is part of a broader initiative by Fidelity to promote financial literacy and represents Rapunzl's first collegiate competition.
One-hundred-twenty-four students from Amherst College, Bates College, Bowdoin College, Colby College, Connecticut College, Hamilton College, Middlebury College, Trinity College, Tufts University, Wesleyan University and Williams College participated in a simulated investment competition where each student received $10,000 in simulated funds and the ability to trade in real time against their peers. Hamilton College won $2,500 for having a school performance of 4.62 percent, which was determined by aggregating all of Hamilton's students' portfolios. The top overall student, Stuart Read, Class of 2021, from Williams College received $2,500 for a portfolio which earned 13.5 percent by primarily investing in oil and natural gas ETFs. The first-place winners at the other nine participating colleges won $500.
GAMIFICATION ON FREE MOBILE APP PROVIDES EXPERIENTIAL LEARNING
Rapunzl gamifies the stock market with simulated stock competitions on a free mobile app which offers students a chance to learn by doing. Students simulate $10,000 portfolios and learn by following their peers' trades in real time in order to win scholarships by having the top-performing portfolio. Rapunzl also provides teacher training, curriculum consulting and scholarship competitions in a constant effort to combat our nation's financial illiteracy crisis.
Stephanie Hockman, program director for careers in business and finance and the Loeb Center for Career Exploration and Planning at Amherst College, stated, "The Rapunzl platform is a fantastic opportunity for students to broaden their understanding of the financial markets and gain necessary experiential learning that will enhance their professional and personal lives. As liberal arts students are increasing their presence in financial institutions, these competitions are a great way for students to apply what they are learning in and out of the classroom to better understand how their knowledge can apply in a 'real world' application."
"Our collaboration with Rapunzl furthers Fidelity's commitment to financial literacy and engages and exposes liberal arts students to the possibility of a career in financial services – either as an intern or after they graduate," said Kurt Heissenbuttel, head of university talent at Fidelity.
"Rapunzl uses the stock market as a portal to view the world," explained Rapunzl co-founder Myles Gage. "It allows students to adopt a financial lens and to think critically about the world around them. These opportunities are critical as students prepare to apply their education in the real world. Understanding the stock market is more important than knowing how to invest: it connects us to current events and empowers individuals to live more informed lives and achieve success in their careers."
In 2018, Rapunzl offered similar simulated investment competitions for Chicago high school students. They attracted over 6,500 students from 60 high schools across the city. Of the students who participated, 85 percent were low-income and 81 percent African American or Hispanic. "Despite a majority of the students having little to no prior investing experience, the program was a huge success as students gravitated to the platform," added Gage.
This engagement attracted the attention of Arne Duncan, the former U.S. Secretary of Education, who stated: "Our country needs more innovative approaches like Rapunzl that aim to tackle financial illiteracy and close the achievement gap."
ABOUT RAPUNZL INVESTMENTS
Rapunzl Investments hosts a free, social investing platform for iOS and Android that tackles financial education in underserved communities across the country. After an inaugural investment competition in April 2018 with the support of Ariel Investments and the Federal Reserve Bank of Chicago, Rapunzl has grown their impact to over 7,000 students in Chicago, Los Angeles and the NESCAC colleges. Rapunzl distributed over $75,000 in scholarship prizes and has trained over a dozen Chicago teachers to increase financial efficacy. The company was founded by Myles Gage and Brian Curcio, Chicago natives who met in high school on the Southside of Chicago and recognized the disparity of opportunity in their own city. To request additional quotes or specific media collateral, contact [email protected] or visit www.rapunzlinvestments.com/press.
Impact Communications Inc.
Rapunzl Hosts College Investment Competition Sponsored By Fidelity Investments®
Simulated Stock Competition was Hosted at 11 New England Colleges for $10,000 in Prizes
SOURCE Rapunzl Investments