The winning PSA, entitled Credit Costs, cautions viewers of the perils of careless credit card use, including the long-term negative effects imposed by a low credit score. Credit Costs was submitted by students from New York City College of Technology.
The winning PSA will be aired during previews in more than 60 theatres throughout the Bronx, Brooklyn, Manhattan and Queens from late December through January. Additionally, the winning team will receive $2,000, career advice and a special tour of the New York Fed building and gold vault.
"Sound financial practices are invaluable skills for young adults," said Kausar Hamdani, senior vice president of Regional and Community Outreach at the New York Fed. "This competition provides students an opportunity to educate their peers creatively on the practical importance of smart financial decisions and wise credit management."
Credit Costs, along with two other top submissions, will be posted on the New York Fed's website and distributed to schools, nonprofits and other organizations working on promoting financial awareness. The three videos will also be posted on the New York Fed's YouTube channel.
A total of 24 videos were submitted from 10 schools throughout New York City.
To watch videos and learn more about the competition:
2011 Financial Awareness Video Competition
About the New York Fed's Financial Awareness Video Competition
The New York Fed sponsors several Financial Awareness Video Competitions aimed to foster sound financial decisionmaking and promote financial awareness by challenging students to produce an original short-video on the importance of using credit wisely. By combining peer-to-peer learning with video technology, the competitions seek to advance financial literacy among young adults in the Second Federal Reserve District. The competitions are organized by the New York Fed's Community and Regional Outreach team. Currently, the New York Fed conducts annual video competitions in New York City, Puerto Rico, and Newark, New Jersey. The New York Fed expects to eventually expand the competition to colleges and universities across the Second Federal Reserve District.
