OAKLEY, Calif.—Approximately 687 students from Freedom High here received a “bite of reality” when they attended an interactive financial education simulation designed to teach them how to manage money.
It was the largest one-day event of the program offered by the Richard Myles Johnson (RMJ) Foundation, the state foundation for credit unions in California and Nevada.
The event—which aimed to teach young people the basics of finance by having them take a “real world” test drive complete with a job, money and the freedom to make their own financial decisions—was run by staff from Antioch, Calif.-based Delta Schools Federal Credit Union, in partnership with Freedom High School Principal Erik Faulkner and Vice Principals Mike Wood and Bridget Spires, as well as teachers, parents and community leaders—all of whom volunteered their time.
The students were given a fictional occupation, salary, spouse and family, student loan debt, credit card debt, and medical insurance payments. They then visited various stations to "purchase" items such as housing, transportation, food, clothing, household necessities, and daycare. They battled their way past pushy salesmen, unexpected expenses and windfalls, and expensive tastes to learn how to budget and make wise financial choices. Those staffing the "credit union" station provided assistance when some overspent.
“Bite of Reality really allows young people to learn real-life money management skills in a fun way,” said Rob Greaff, president and CEO of Delta Schools FCU.
The Bite of Reality program, launched by the Foundation in 2012, has reached more than 5,000 students throughout California and Nevada—including more than 3,300 so far in 2014. Another 1,200 are expected to be reached before the end of the year.