CAZENOVIA, N.Y.– Empower FCU, along with its sub-brand Horizons CU, joined with the Chittenango and Cazenovia school districts to host “Mad City Money.”
Mad Money is a fun and informative financial simulation that allows young people to take on the role of an adult in futuristic Mad City, where they got a real world “financial reality check” complete with occupation, salary, spouse and/or children, student loan debt, credit card debt, and auto & medical insurance payments. The event was held at the Cazenovia High School Auxiliary Gymnasium.
Each of the 90 high school students grade 9-12 had to build a monthly budget based on income, identify and experience the consequences of good or poor financial decisions, and develop improved spending habits. Along the way, they visited nine Mad City merchants to gain hands-on experience in purchasing housing, transportation, food, day care, and other needs. Participants used debit cards for their purchases and had to balance both their debit card registers and their budgets.
Mad City also has a credit union office where participants can stop in for guidance with their financial budgeting.
“Most of the students were very good about staying within their budget this year. There were a few that had to go back and change a house or car because they didn’t realize how expensive everything was and went over budget,” said Cheryl Johnson Welles, Empower FCU’s Financial Education Officer, who offered students financial assistance and advice designed to get them thinking about their own future.
To keep things interesting, Cazenovia High School’s Career & Technology Education (CTE) Department Leader and Business Education Leader Christina New acted as The Fickle Finger of Fate by randomly visiting each participant during the simulation to distribute unexpected windfalls and unplanned expenses. “It’s all about helping young people gain the knowledge and confidence they will need to take responsibility for themselves and their family in the future,” Welles pointed out. “The first step is understanding that budgeting is necessary to good money management and the key to their future financial stability.”