On November 14, Bloomsburg University students will participate in a hands-on financial management and personal budgeting Financial Reality Fair. Sponsored by the state’s largest credit union, PSECU, the free financial education event will be held in the first-floor atrium of the university’s McCormick Center for Human Services from 11 a.m. to 1 p.m.
“During a Financial Reality Fair, students are assigned a budget and credit score. They then progress through a series of booths where they make choices about things like housing, transportation, entertainment, etc. Staying within the given parameters, their goal is to end the exercise with a balanced budget, or better, have money to spare,” said Greg Smith. “Since opening our Financial Education Center at Bloomsburg University in 2002, we’ve found the university to be an excellent partner in offering this type of high quality, useful financial education and skill-building opportunity to students.”
With the help of volunteers from PSECU and Bloomsburg University, the Financial Reality Fair is designed to be a highly interactive experience for student participants. Students receive a budgeting worksheet with salary information based on intended career and level of education. Students 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.
“We are always happy to partner with PSECU in programming that helps students become more fiscally aware and responsible money managers, both while enrolled at BU and after graduation,” said James McCormack, Assistant Vice President for Student Affairs at Bloomsburg University.
Last year, PSECU hosted Financial Reality Fairs at Millersville University, Susquehanna University, and HACC’s Harrisburg Campus. Of the participants, 333 students submitted 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 4.6 out of a maximum score of 5.
“For students to realize their full potential after graduation, it is important that they have a solid understanding of the financial environment they’ll be entering, and that’s just what a Financial Reality Fair provides,” said Mike Verotsky, Director of University Development for PSECU. “Following credit unions’ ‘people helping people’ philosophy, we at PSECU are proud to have the opportunity to sponsor the Financial Reality Fair and help impart that education to Pennsylvania’s students.”
When registering for the Bloomsburg University Financial Reality Fair, each 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.
