On Saturday August 24, Golden 1 Credit Union (Golden 1) introduced “The Challenge” to six Sacramento-area nonprofits that invest in youth. The Challenge is Golden 1’s new budget simulation workshop, which uses an interactive game to teach students and young adults about financial literacy. The event had a total of 75 participants from the ages of 13 to 22.
Studies indicate that adolescents and young adults are one of the most at-risk populations for financial hardships. Research reveals that high school seniors scored an average of 48% on financial literacy exams.[1]
The Challenge is designed to address this issue by teaching adolescents and young adults the realities of budgeting through real-life scenarios. To initiate the simulation, participants are given a mock identity with a certain profession and lifestyle. Using their mock identities, participants must budget accordingly to balance out their individual desires with existing responsibilities and obligations. Facilitators engage the students at stations focused on life events such as starting a family, grocery shopping, and buying a car or home.
“The Challenge is one way Golden 1 demonstrates its dedication to improving financial literacy in our communities,” said Erica Taylor, Vice President of Communications and Community Relations for Golden 1 Credit Union. “Golden 1 is proud to prepare future generations for a healthy financial journey through creative and engaging workshops such as The Challenge.”
The following nonprofits participated in the Financial Wellness Challenge Launch event:
Thousand Strong
Improve Your Tomorrow
Sacramento Job Corps
Rise
Trio Upward Bound
College Track
Golden 1 is now accepting applications from high schools, colleges, and non-profits who want to participate in The Challenge. Interested organizations can send an email to financialwellness@golden1.com