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Summit Credit Union Awards Local Student $2,500 in Project Teen Money

Madison high schoolers create videos, share financial tips with peers in annual interactive challenge

MADISON, Wis.—Summit Credit Union has announced the winner of its Project Teen Money 2021 program, the annual financial education and scholarship challenge encouraging students to discover, develop and teach their peers healthy money management habits. Malik Terrab, a senior at Madison East, captured the support of his fellow classmates and community members by garnering 521 views and 645 votes across three video submissions and earning the competition’s highest point total. As the winner of the grand prize, Malik took home a $2,500 continuing education scholarship from Summit.

“Congratulations to Malik and all our Project Teen Money participants for learning and helping others learn ways to give, spend and save wisely,” said Summit Credit Union CEO & President Kim Sponem. “It’s exciting to think about the impacts these young people are making in their own lives and the lives of their peers. They showed their classmates throughout the competition that money management can be fun and creative.”

The program, which is one of many ways Summit champions financial education, featured eight students, two each from Madison’s East, West, La Follette and Memorial high schools, where Summit has branches to provide in-school financial education. The eight participants educated their peers about successful money management through a series of videos focused on skills like separating wants from needs, creating a savings plan and setting aside money for charitable causes.

Starting in April, participants published three 30- to 90-second videos on Summit’s website while their families, classmates and other members of the community voted for their favorites. Submissions were awarded points on the basis of timeliness, accuracy, originality and creativity.

After graduation, Malik hopes to attend college at Dartmouth and ultimately pursue a career as a filmmaker. “I learned so much in Project Teen Money, and I’m excited to put it to use as I go off to college,” said Malik. “This scholarship will make a big difference in my future, and I’m very thankful to Summit for the opportunity.”

In addition to the $2,500 first place scholarship, Summit awarded each of the seven remaining Project Teen Money participants a $500 continuing education scholarship. To learn more about Summit’s annual Project Teen Money program, visit https://www.summitcreditunion.com/project-teen-money/about.