SEATTLE—BECU will be closing its offices on Oct. 9 so that its employees can provide money management lessons to students at 12 high schools. More than 1,800 employees will host financial reality fairs for more than 7,000 students at high schools in Puget Sound and Spokane. At the fairs, students experience hands-on education about what it is like to build and balance a budget, make tough financial choices and live within their income.
The closure is part of the credit union’s annual Closing for Good event at which it will be providing resources to inspire the “Next Big Talk with their teen” about money management; the goal is creating financially savvy adults.
“Nearly half of Americans cannot come up with $400 to cover an emergency expense without having to borrow or sell something. Through resources like Closing for Good and the Next Big Talk, BECU is committed to helping reverse this trend,” said Tom Berquist, BECU’s senior vice president of marketing and cooperative affairs. “We believe that talking with teens early and often about money is as important as speaking to them about other life challenges. The earlier we can help teens begin to develop healthier financial habits, the better.”
During the event, students are each assigned a persona and income. The students then have to manage their expenses while navigating various stations to make spending decisions about transportation, housing, entertainment and more. BECU employees serve as salespeople and credit union employees who help students balance their budgets. The goal of the fair is to create realistic financial choices for teens in a setting where they can evaluate each choice and receive coaching on the decision process.