2012 was another record-breaking year in the classroom for staff at Great Lakes Credit Union (GLCU). In total, 2,019 students throughout Lake and Southern Cook Counties were educated on various aspects of personal finance through GLCU’s volunteer efforts. That number is up from 1,563 in 2011.
A signature program for the Credit Union in high schools is Mad City Money. Mad City is a place where students journey into the future and are given an occupation, a salary, a spouse and family, and debt. Students travel from vendor to vendor using their debit card for purchase decisions they must make on a home, automobiles, daycare for their child, food, and even “fun stuff”. This real life experience teaches them valuable financial lessons about what the world as an adult has in store when it comes to keeping within a budget.
The Mad City Money program has been welcomed at high schools including Antioch Community High School, Barrington High School, Carmel Catholic High School, Grayslake Central High School, Homewood-Flossmoor High School, Vernon Hills High School, Warren Township High School, and Waukegan High School.
“The Mad City Money simulation was a great success for our students,” said Donna Corcoran, Family and Consumer Sciences teacher at Antioch Community High School. “GLCU staff really get into the role playing with the students and it helped “sell” the activity. Students were totally engaged!”
In addition to being in the classroom, GLCU offers additional resources for youth and parents on their website at glcu.org. For the Gen Y’ers, GLCU recently launched a new, improved version of their program called On Your Way (OYW). OYW 2.0 is an interactive website with compelling financial literacy education and now features an integrated social network. The College Resource Center is also available online and is an educational blog providing tips and information on the cost of college, strategies for paying tuition, and financial aid.
“Money as You Grow” is another interactive website tool with 20 age-appropriate financial competencies for children ranging from preschoolers to young adults. It was designed to help teach kids the most essential money lessons – along with behavior-changing, age-appropriate activities. This resource was created by the President’s Advisory Council on Financial Capability and utilizes competencies culled from existing national guidelines on financial capability.
GLCU continues to be a catalyst for helping youth learn about money and personal finances.