PHILADELPHIA–American Heritage Credit Union hosted two financial reality fairs at MaST Community Charter Schools I and II (MaST) to help prepare over 225 students for financial challenges and expectations post-graduation.
Students who took part in the reality fair began the event by being assigned a career, respective salary, and student loan debt. These parameters would then dictate their budget and lifestyle choices throughout the event, the credit union said.
“The students definitely have fun with this event,” Katie MacConnell, M.S. Network Counselor for MaST Schools, said in a statement. “They take it seriously and enjoy the real-world application. With the recent update to Act 35 requiring a financial education component to the high school curriculum in Pennsylvania, this event is a perfect way to apply that knowledge.”
‘A Lot of Fun’
AHCU said students visited booths which each focused on specific aspects of life, including transportation, housing, groceries, cell phone plans, entertainment, and even additional income. Volunteers at each booth helped to guide and teach students about how each selection they made would impact their overall financial situation.
“I found this event to be a lot of fun. You don’t always realize the costs of things, especially as a student. I definitely learned a lot, and I feel more prepared for college having participated,” Lailah G., a junior student at MaST, said in a statement.
Wheel of Reality
American Heritage explained that before completing their monthly budgets, students had to spin the “Wheel of Reality.” The spaces on the wheel included a variety of unexpected life events including auto repairs, an unexpected dental visit, or a holiday gift from a family member. The ‘Wheel of Reality’ is a perfect representation of life’s unpredictability, with the outcome further informing the students’ choices. The goal of the exercise was to manage a realistic post-graduation budget while still having money left over.
“At American Heritage, we are deeply committed to supporting our local communities and the students within them. We recognize the vital role that budgeting and financial planning play in shaping a successful future, and we strive to equip high school students with the knowledge and skills they need to prepare for what lies ahead,” AHCU SVP- Mitchell Kay said.
‘Real-World Experiences’
“We are continuously looking for new and innovative ways to bring financial education and resources to the youth in our communities,” President and CEO Bruce K. Foulke said in a statement. “Financial exercises, like the Reality Fair, bring real-word experiences and lessons in money management directly to high school students. Thank you to the MaST Charter faculty and students as well as our credit union volunteers who took part in this fun and enlightening program!”