Overview

Findings from the iOMe Challenge in 2009 as well as widespread agreement among economists and public policy experts indicates that individuals and especially Americans have not engaged in long term financial savings at the rate they should to secure their financial futures. This poses significant long-term problems, in particular: 1) citizens may not be adequately prepared financially for their future; and 2) it may put a substantial burden on governmental budgets, especially social benefit programs in the future.

The 2010 iOMe Challenge consists of two components; an essay and a video that illustrates the key elements of the essay. We would encourage students to form teams with individuals some of whom have policy expertise and some others with video production skills. Team members can come from different educational institutions.

Each team of students must have a faculty advisor.

iOMe 2010 QUESTION

Essay Contest: Write an essay of no more than 10,000 words that demonstrates and supports three significant differences that will exist in our economy forty years from today if the U.S. personal saving rate is sustained at 6% versus the rate that has prevailed for the past decade.

Video Contest: Produce a short video (60 seconds or less in length) that compellingly illustrates the difference between what daily life in America looks like to an individual in forty years if Americans do not begin to save enough versus if they do. Videos will be judged based on the degree to which they compellingly illustrate the difference in our futures forty years hence, and on
production quality. The video should be crafted as a visual representation of the key elements of the Essay. You might think about the essay as the screenplay and the video as the movie.

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Rewards

Entries will be judged on specific criteria for the Essay and the Video. Please see the Judging Criteria document for complete details. One winner will be selected as well as those entries that are judged to be Honorable Mentions. The winning team will receive a cash award of $10,000 and the faculty advisor will receive $2,000. The winning team will also be invited to Washington D.C. to present their Essay and Video to Members of Congress, policy-makers and others who are interested in this policy issue. Each Honorable Mention team will receive $2,000 and their faculty advisor will receive $500.

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Submission Deadline

Essays Due: October 31, 2010

Videos Due: November 21, 2010

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Judging

Final entries will be judged by our Blue-Ribbon Judges Panel consisting of:

John List, Professor of Economics, University of Chicago
James Choi, Associate Professor of Finance, Yale University
Don Kettl, Dean of the School of Public Policy, University of Maryland
Martin Merzer, Retired Reporter, Miami Herald newspaper
Laura Schwartz, The White House Director of Events for President Clinton

To read more about each of the judges, please click here.