Personal Finance Challenge

Illinois Personal Finance Challenge

Personal Finance Challenge

Decorative image to note that new content has been addedThe Illinois Personal Finance Challenge (IPFC) program has expanded to include two levels of student engagement: 

  • Middle school competition - NEW!
  • High school competition

The IPFC is designed to recognize students who demonstrate high levels of comprehension and application of personal finance concepts and skills, and reward teachers for outstanding practices in teaching personal finance concepts. Access to student and team test scores provide insight into content knowledge gained and critical thinking skills. Registration is simple and testing is convenient and easy to do.

Middle school students gain an advantage by learning early how our market economy works when you share personal finance topics in your classroom - add an element of competition and watch the incentive to learn increase dramatically!  

High school students are required to take a consumer education/personal finance course or courswork that includes financial literacy topics and concepts. The IPFC competition is the perfect way to engage students more fully in their learning and to assess how well they are meeting the state mandate.

Teachers first register on the Finance Challenge ONLINE! web site. Additional step-by-step directions are provided.

Online Competition  

The online competition includes accessible online testing, making it possible for every school in the state to participate. Teams of students, four students per team, take an online test of 30 questions.  Entire classes are entered in teams of three or four (four is ideal).  Teaching resources are available and there are no participation fees.  

Middle school: Top-scoring teams for the middle school competition receive medals and certificates. 
High school: The top team from each of 5 regions in the state, plus the next five highest-scoring teams in the state advance to a state finals competition in Chicago. Teachers are provided all the rules of the program in order to prepare students.

State Championship Round

High school: At the state competition, the student teams take a set of written tests to determine the finalists. The two teams with the highest team scores on three rounds of written tests advance to the final quiz bowl round, which concludes with the announcement of the First Place Team. The State Championship team advances to the National Personal Finance Challenge competition in St Louis.

National Finals

High school: National Personal Finance Challenge competition is held in May for the first place high school team from participating states.


The Illinois Personal Finance Challenge and Illinois Econ Challenge are programs of Econ Illinois brought to you through the generous support of our partners and donors including our Partner of the Year

BMO Harris
with additional support provided by Bank of America and in‐kind support from the Federal Reserve Bank of Chicago. IPFC is endorsed by Illinois State Treasurer Michael W. Frerichs and the STEM Finance Learning Exchange.