A take-home salary of $30,000 would make many graduating college students feel rich. Start factoring in day-to-day expenses, though - like housing, a car payment and insurance, a cell phone and data plan, food, clothes, and a gym membership - and before long, their budget could easily be in the red.
This is the type of scenario that Millersville University of Pennsylvania students could be faced with during participation in a Financial Reality Fair sponsored by PSECU – Pennsylvania’s anytime, anywhere digital credit union - on October 10. Open to all students and held on campus in the Robert L. Slabinski Atrium of the university’s Student Memorial Center (SMC) from 11:30 a.m. to 1 p.m., the event simulates a real-life, post-graduation situation during which students must make money-smart decisions and lifestyle changes to remain within a set budget based on their intended career fields.
“As part of our commitment to serve as a trusted financial partner, PSECU works hard to help educate and prepare students for a strong financial future. A major component of those efforts is our Financial Education Center presence on 24 college and university campuses around Pennsylvania – like the one we’ve maintained on the Millersville University campus since 2001,” said PSECU President George Rudolph. “Millersville University has been a great partner in offering high quality financial education and skill-building opportunities to students. We look forward to working with them again to provide useful budget simulation through the upcoming Financial Reality Fair.”
With the assistance of volunteers from PSECU and Millersville University, the Financial Reality Fair will be a highly educational experience for participants. Students receive a budgeting worksheet with salary information based on their intended career and level of education. They then visit a series of booths to learn about and make choices pertaining to living expenses, from entertainment to insurance. To end the activity with a balanced budget, students are encouraged to revisit each booth as many times as needed.
“The Financial Reality Fair is a great interactive learning opportunity for students. It’s comprised of 15 booths, all representing unique aspects of personal finance, like housing, transportation, meals, or pets,” said PSECU Consumer Education Strategist Sara Weiser. “Participants visit the booths and interact with the staff at each to select options that fit their individual needs but don’t overstrain their finances. The goal is to have a balanced budget after they've made their way around the fair, or, better yet, have extra money to save.”
PSECU hosted Financial Reality Fairs at Millersville University in November 2017. Of the 110 total participants, 83 students completed surveys about their experience. They were asked questions about skills they acquired, thoroughness and clarity of information provided, and likelihood of event recommendation to peers. The survey results were overwhelmingly positive with each question receiving an average score of at least 4.7 out of a maximum score of 5.
“Whether you’re a finance major or an English major, it’s critical for all students to be financially literate,” said Millersville University Interim Dean for the College of Business Dr. Douglas Frazer. “Having good financial skills and knowledge will help students be successful in their professional and personal lives.”
When registering for the Financial Reality Fair, each Millersville University student will also be provided with a giveaway toolkit of resources and financial education materials to help them as they continue working toward financial success. All participants will also receive a free lunch voucher.