ALEXANDRIA, Va.—Senior executives from PenFed Credit Union were joined by a U.S. State Representative, government officials from the state of Maryland, Prince George’s County and a host of corporate partners at the grand opening of Maryland’s first Junior Achievement Finance Park.
The 13,500-square-foot experiential financial literacy supercenter, located on the campus of G. James Gholson Middle School and Cora L. Rice Elementary School in Landover, Md., is the second in the region, and will serve 9,000 students from Prince George’s County Public Schools each year.
“School systems have realized that financial preparedness is something that our kids need when it comes to getting ahead just as much as they need science, technology and math,” said Tammy Darvish, PenFed Credit Union executive vice president of business development, marketing and government and community affairs.
Before students travel to JA Finance Park, they take part in JA’s unique 14-lesson classroom curriculum taught by their teacher. This knowledge serves as a foundation in personal finance education and gives them the skills they need to take on their JA Finance Park experience successfully, PenFed said. Students' experience culminates at JA Finance Park, where they have the opportunity to put their newly-learned skills to the test via practical application in a digital, 21st century, innovative learning environment.
Financial decisions made at the variety of storefronts and kiosks in the park’s “mini city” correlate to the personal budget lines each student must manage during their JA Finance Park visit.
There is a PenFed Credit Union “branch” where students can test their budgeting skills by “financing” a car.
“Just like in real life, each choice a student makes—the type of car, the options, the term of the loan, etc.—will have an impact on their bottom line. This is a wonderful way to help kids learn how to make smart financial choices early in life,” said Zubair Rana, chief marketing officer at PenFed Credit Union.
As the students enter the doors of JA Finance Park, they leave behind their lives as middle school students and assume an adult financial identity: an avatar with a career, salary, credit score, debt, a family and financial obligations. On tablet computers, led by volunteer role models from the community, students make their way through various phases of the day, budgeting and adjusting for life’s unexpected events.
PenFed pointed to Department of Treasury data showing the average high school student scored a 56% failing grade on the Financial Literacy Challenge, a test designed to assess financial knowledge.
PenFed Credit Union’s partners include Capital One Investing, Chick-fil-A of Capital Boulevard and Steeplechase, Community Foundation of the National Capital Area, Doctor’s Community Hospital, E*TRADE, Enterprise Rent a Car, Financial Assurance Corporation, Geico, Lerner, Maryland-National Capital Park and Planning Commission, Pepco Holdings, Prince George’s County Community College, United Healthcare, Walmart, Washington Gas and the Washington Redskins Charitable Foundation.