The DC Department of Insurance, Securities and Banking (DISB) launched “DASH for the STASH” today, a contest focused on helping residents become more educated investors. The winner will receive $1,000 to open or add to an individual retirement account (IRA).

DASH for the STASH is an online contest that works much like a scavenger hunt, but instead of collecting objects, players gather information and take quiz questions focused on increasing your investor education. To play, participants review the "DASH for the STASH" posters at DC Public Library locations and then access the quiz through their smartphones or online. Read more on how to play here [PDF].

Five states and the District are participating in DASH for the STASH, a contest sponsored by the Investor Protection Institute (IPI), an independent nonprofit organization that advances investor education. DASH for the STASH is part of DISB’s National Financial Capability Month activities to improve the financial literacy of the city’s residents. For more financial education resources, visit this link.

Each poster has an investor education focus—protecting against investor and financial fraud, building a nest egg, selecting financial advisers and understanding the cost of investment fees. Research shows that there is a need for increased investor education among Americans – in fact, more than three out of five American investors mistakenly believe that stockbrokers are investment advisers and 62 percent are unaware of how much they are paying in fees for their investment plans. Further, a Consumer Federation of America study found that only 49 percent of non-retired Americans said they are saving enough for retirement.  

Look for this poster in your local library to start your entry. If you have any questions about the contest, contact Tanya Bryant at (202) 442-7761.

CONTEST RULES

No purchase is necessary to play. Winner will be chosen in a random drawing of eligible participants who log the correct answer for all four posters. Winner will receive the prize as $1,000 to open or add to an IRA, sent directly to the winner’s bank or brokerage firm for the express purpose of opening or making a 2015 contribution to an IRA. Winner must provide proof of eligibility to contribute to an IRA for 2015 and will not receive cash, nor any other form of payment in lieu of the IRA contribution. For IRA eligibility, check www.IRS.gov.

This contest is open from through May 15. IPI will randomly select a contest winner in early June 2015 from each participating jurisdiction. Prize sponsors are the Investor Protection Institute (IPI) and participating State Securities Regulators. The IPI and all participating states provide independent, non-commercial investor education and protection material. For more information, visit www.iInvest.org.