CHICAGO — 13-year old Hannah Espino Savella, a seventh-grade student from Elgin, Illinois, was named the Money Smart Kid essay-writing contest winner by The Federal Reserve Bank of Chicago.
She beat over 1,500 students between fifth and eighth grades for the $3,000 scholarship, and the honor of being named a Chicago Financial Literacy Ambassador for 2019.
Her winning essay topic — “Income Volatility,” she wrote about during the kickoff event on Thursday.
“Income volatility. Volatility means uncertainty or variance. It is where your income will fluctuate. And it will rise or will fall throughout the course of the year or month. The higher your income volatility, the more your income will rise or fall from the average that you would normally get.”
Hannah’s parents say — they are proud of Hannah and they encourage other kids to dream big.
“The expectation is that you are still a child, but you could go above and beyond, if you put your effort on it but not really putting too much pressure. And I think they do it like a child.”
For Hannah’s father, lack of money should never be an excuse in reaching one’s dreams.
“I don’t think that would be a hindrance because there are a lot of resources available out there. There are public libraries, there are scholarships, sponsorships,” said Jun.
Hannah, a consistent A student, says she takes her parents’ advice seriously.
“Although school may seem boring, there is a lot of interesting things in the world. Once you find something interesting, you can learn about it. And that if you work hard, it’s going to pay off. I guarantee it.”
The Money Smart Week continues through April 6th although some states will continue to host events throughout April. There are more than 500 free events provided by volunteer partners in the Chicagoland area, including Cook, DuPage, Kane, Lake, Will and McHenry counties.