FREEHOLD, N.J.–First Financial Federal Credit Union held the first student-run LIFE (Learning Independent Financial Education) Reality Fair at both Jackson Liberty and Memorial High Schools with their Jackson Academy of Business students.
While it has hosted financial reality fairs in the past, the credit union said this fair was actually staffed by high school students, who sat behind each of the financial tables and worked with other students to help plan their financial future. Approximately 160 students at each school participated in this hands-on version of the “game of life,” during which they were required to make on-the-spot financial decisions.
The LIFE Fair consists of a full day hands-on experience where students, after identifying their career choice and starting salaries, are provided a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing, and food. Once the students visit all the booths, they balance their budget and sit down with a financial counselor to review their expenses and get a “financial reality check.” At the student run fairs, First Financial staff members worked at the financial review tables with each of the participating students to provide insight.
“Our mission for our first student run LIFE Fair was to help the students understand the value of money and how to manage their money, so as they grow as an adult they’ll become more financially responsible,” said First Financial President and CEO Issa Stephan.
The student-run fair was able to show the high school students even more about the financial realities of the real world. Our credit union puts a high priority on financial education, after all – that’s how First Financial began 81 years ago, with a group of schoolteachers in Asbury Park.”