SEATAC, Wash./TIGARD, Ore.– Eleven schools across the Northwest will participate in simultaneous “Financial Reality Fairs” today thanks to an equal number of sponsoring credit unions.
In all, more than 1,100 students will take part in a fun, interactive demonstration aimed at teaching them effective money management skills, according to the Northwest Credit Union Association.
During the Financial Reality Fair Extravaganza, students at each location will travel a financial reality journey that mimics real life. It’s a hands-on experience in which students identify their career choice and starting salaries then complete a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing, and food. Additional expenditures such as entertainment and travel are factored in as well.
More than 360 community and credit union volunteers in 11 locations will guide students through the experience, as they learn to balance their wants and needs to live on their own. After the students have visited various booths covering components of independent living, students balance their budget, and then sit down with a financial counselor for review.
Among the CUs participating are BECU, Denali Federal, Numerica, Generations, Gesa CU, Horizon CU, Sunset Science Park FCU, NW Priority, St. Helens Community, Pacific Crest FCU, and Northwest Community.
The Financial Reality Fair Extravaganza is a Northwest Credit Union Foundation (NWCUF) community program, made possible by an experiential learning grant from the National Credit Union Foundation (NCUF). The NWCUF said that thanks to a partnership between the National Foundation, CUNA Mutual Group and Mindblown Labs, students will be able to continue their learning via the Thrive’n’Shine mobile app/game, a cutting edge digital tool for teaching personal finance management.
“One of the best gifts we can provide the youth of today is a solid foundation of financial knowledge,” said Jamie Dedmon, managing director of the Northwest Credit Union Foundation. “Financial literacy empowers people to make great choices that lead to financial freedom. It’s an honor to be a part of this monumental event that is changing students’ lives, one financial precept at a time.”
The NWCUF Financial Reality Fair Extravaganza can be followed on Twitter: #FRFExtravaganza