When you were in high school, did you have a firm grasp on the upcoming financial realities of buying a home, raising a family, planning for a sound financial future, and dealing with unexpected expenses? For most teenagers, the answer is ABSOLUTELY NOT!
To help reverse this trend, Chittenango and Cazenovia school officials and credit union representatives from Empower Federal Credit Union and ‘Horizons a Division of Empower Federal Credit Union’ hosted Mad City MoneyÔ, a fun and informative financial simulation that allows young people to take on the role of an adult in futuristic Mad City, where they got a real world “financial reality check” complete with occupation, salary, spouse and/or children, student loan debt, credit card debt, and auto & medical insurance payments. Endorsed by the Credit Union National Association (CUNA), the Mad City Money event was held Friday, January 14th from 9:00-12:00PM at Cazenovia High School Auxiliary Gymnasium.
Each of the 90 high school students grade 9-12 had to build a monthly budget based on income, identify and experience the consequences of good or poor financial decisions, and develop improved spending habits. Along the way, they visited nine Mad City merchants to gain hands-on experience in purchasing housing, transportation, food, day care, and other needs. Participants used debit cards for their purchases and had to balance both their debit card registers and their budgets.
Mad City also has a credit union office where participants can stop in for guidance with their financial budgeting. “Most of the students were very good about staying within their budget this year. There were a few that had to go back and change a house or car because they didn’t realize how expensive everything was and went over budget,” says Cheryl Johnson Welles, Empower Federal Credit Union’s Financial Education Officer, who offered students financial assistance and advice designed to get them thinking about their own future.
To keep things interesting, Cazenovia High School’s Career & Technology Education (CTE) Department Leader and Business Education Leader, Christina New, acted as The Fickle Finger of Fate by randomly visiting each participant during the simulation to distribute unexpected windfalls and unplanned expenses. “It’s all about helping young people gain the knowledge and confidence they will need to take responsibility for themselves and their family in the future,” Welles points out. “The first step is understanding that budgeting is necessary to good money management and the key to their future financial stability.” Mr. Ken Hammond (Cazenovia Business Education Teacher), Mr. William Cretaro (Chittenango Business & Technology Chairperson & Business Education Teacher) and Mrs. Jennifer Smith (Chittenango, Business Education Teacher) assisted in organizing and helping students as needed.
