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Bentley University Students Take First Place for the iOme Challenge Money Smart Week Video Contest Focused on Improving the Savings Rate Among U.S. Citizens

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Bentley University Students Take First Place for the iOme Challenge Money Smart Week Video Contest Focused on Improving the Savings Rate Among U.S. Citizens

Bentley University seniors Carl Forziati, Emily Maher, and Aly Ostler, and junior Dylan Sumiskum finished first in the nation for the 2011/2012 iOme Challenge Money Smart Week video contest, which this year focused on how to improve the savings rate in the U.S. The 60-second video, shot by senior Joe Nascembeni, was judged on style, creativity, strength of the message, content, originality, and the ability to educate while calling to action.

 “The United States has one of the lowest gross household saving rates among developed countries,” says faculty adviser John Tommasi, a senior lecturer in economics at Bentley. “While the government has launched several initiatives, students have suggested ways to bring them to a more effective level, and also recommend new ideas.”

 As part of the challenge, the team also submitted a 10,000-word essay that explored the reasons behind the low savings rate in the U.S., and described ways to curb spending and encourage saving.

 In addition to proposing more government support for savers, the report also suggests consumer level grass roots initiatives that go beyond government bureaucracy and accounting principles geared toward professionals.

 Recommendations include:

  • Using social media such as Facebook and viral videos to rebrand saving as “cool” to young adults between the ages of 18 to 24.
  • Creating an Online Lottery Savings Network (OLSN) to close the gap between instant gratification and long term goals by rewarding savers with lottery prize. It is concentrated on helping social networking households save their money while lending it to small and medium enterprises who need investment for their projects.
  • Designing a plastic card (similar to the look of a credit card) that reminds consumers to save or think about their spending before they pull out a credit card to make a purchase.

 iOme is a national effort that challenges college students to change the world by investing now in their own lifelong financial security.

BENTLEY UNIVERSITY is one of the nation’s leading business schools, dedicated to preparing a new kind of business leader – one with the deep technical skills, broad global perspective, and high ethical standards required to make a difference in an ever-changing world. Our rich, diverse arts and sciences program, combined with an advanced business curriculum, prepares informed professionals who make an impact in their chosen fields. Located on a classic New England campus minutes from Boston, Bentley is a dynamic community of leaders, scholars and creative thinkers. The Graduate School emphasizes the impact of technology on business practice, in offerings that include MBA and Master of Science programs, PhD programs in accountancy and in business, and customized executive education programs. The university enrolls approximately 4,100 full-time undergraduate, 140 adult part-time undergraduate, 1,430 graduate, and 43 doctoral students. Bentley is accredited by the New England Association of Schools and Colleges; AACSB International – The Association to Advance Collegiate Schools of Business; and the European Quality Improvement System, which benchmarks quality in management and business education. For more information, please visit www.bentley.edu

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Careers
by Bentley University November 11, 2014
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