Some 687 Teens Participate in Financial Education Simulation at California High School
OAKLEY, CA (November 4, 2014) -- About 687 students from Freedom High in Oakley, CA recently received a “bite of reality” when they attended an interactive financial education simulation designed to teach them how to manage money. It was the largest one-day event of the program offered by the Richard Myles Johnson (RMJ) Foundation, the state foundation for credit unions in California and Nevada.
The Nov. 3 event—which aims to teach young people the basics of finance by having them take a “real world” test drive complete with a job, money and the freedom to make their own financial decisions—was run by staff from Antioch, CA-based Delta Schools Federal Credit Union, in partnership with Freedom High School Principal Erik Faulkner and Vice Principals Mike Wood and Bridget Spires, as well as teachers, parents and community leaders—all of whom volunteered their time..
The students were given a fictional occupation, salary, spouse and family, student loan debt, credit card debt, and medical insurance payments. They then visited various stations to "purchase" items such as housing, transportation, food, clothing, household necessities, and daycare. They battled their way past pushy salesmen, unexpected expenses and windfalls, and expensive tastes to learn how to budget and make wise financial choices. Those staffing the "credit union" station provided assistance when some overspent.
For the teens, the event was an eye-opening experience, helping them learn to be more wise in their finances by focusing on purchasing things they needed first before spending money on things they wanted.
“Bite of Reality really allows young people to learn real-life money management skills in a fun way,” said Rob Greaff, president and CEO of Delta Schools FCU.
"Providing students this opportunity to experience making financial decisions in a low-risk setting is a great way to give them a better understanding of the challenges of adulthood,” said Tena Lozano, executive director of the RMJ Foundation.
The Bite of Reality program, launched by the Foundation in 2012, has reached more than 5,000 students throughout California and Nevada—including more than 3,300 so far in 2014. Another 1,200 are expected to be reached before the end of the year.
The Richard Myles Johnson Foundation, founded in 1958, is dedicated to supporting credit union efforts in spreading the financial literacy message to young people. The Foundation offers the Bite of Reality program, a hands-on simulation program that teaches the basics of finances to teenagers. It also provides scholarships for credit union volunteers and staff to attend seminars and conferences to further their educational and professional development. It is funded through donations from credit unions, League chapters, corporations providing credit union services, and individuals. More information about the Foundation is available at its website at www.rmjfoundation.org.
PHOTO CAPTION: Some 687 students from Freedom High School in Oakley, CA recently received a “bite of reality” when they attended an interactive financial education simulation Nov. 3 on campus. The event was designed to teach them money management.