WASHINGTON–High school students here participating in the Metropolitan Police Department Youth and Family Services summer program, had the opportunity to learn first-hand about the financial challenges they will face as adults at a Dollars & Sense Financial Reality Fair hosted by the D.C. Chapter of the MD|DC Credit Union Association.
The fair taught basic money management skills that are key to economic and career success. Students were assigned a career and monthly salary, and had to figure out how to live within their means while paying for basics such as housing, utilities, transportation, clothing and food.
“The Reality Fair helps students prepare for the future by finding out what it’s like to have a job, a salary and expenses,” said John Bratsakis, president/CEO, MD|DC Credit Union Association. “It’s truly a unique opportunity for each student to experience first-hand the impact financial choices can have on their lives. Students find it to be a truly eye-opening experience. I would like to thank the Metropolitan Police Department for partnering with us on this important financial literacy program.”
Students visited mock merchants such as apartment leasing agents, auto dealers, insurance agents and more, to obtain goods and services needed in everyday life. As in the real world, there were opportunities for additional spending on entertainment, pets, vacations and other non-essentials. There was even an element of surprise with a “wheel of reality” that could throw a curveball into their budgets with an unplanned expense or a windfall of cash.
To make sure their budgets added up, students reviewed their budget with a financial counselor. Students were encouraged to save a minimum of 10% of their income, placing 3% in a long term retirement investment, and 7% in a shorter term investment. More than 50 volunteers ran the booths and served as financial counselors.
Participants included:
- Agriculture Federal Credit Union
- Democracy Federal Credit Union
- District Government Employees Federal Credit Union
- Fairfax County Federal Credit Union
- Healthcare Federal Credit Union
- HOYA Federal Credit Union
- Interior Federal Credit Union
- MECU of Baltimore
- Money One Federal Credit Union
- NIH Federal Credit Union
- NRL Federal Credit Union
- PAHO/WHO Federal Credit Union
- PEPCO Federal Credit Union
- Police Federal Credit Union
Representatives from CUNA, Credit Union Miracle Day and Nationwide Insurance also served as volunteers.