SANTA ANA, Calif.–Eighth-graders at Mendez Fundamental Intermediate School got a “bite of reality” recently when they attended an interactive financial education simulation designed to teach them how to manage money. The event at the school was run by staff from SchoolsFirst Federal Credit Union, all of whom volunteered their time. Staff from Santa Ana Federal Credit Union and Mendez Fundamental Intermediate School also participated.
The event was offered by the Richard Myles Johnson (RMJ) Foundation, the state foundation for credit unions in California and Nevada, with additional support from the National Credit Union Foundation and CUNA Mutual Group. Thanks to a partnership between The Foundation and Oakland, Calif.-based MindBlown Labs, Mendez students will be able to continue their learning via the Thrive’n’Shine mobile app/game, which has users go through a series of increasingly difficult financial challenges that mirror real life.
The Bite of Reality event aims 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.
The roughly 450 students were given a persona complete with occupation, salary, spouse and family, student loan debt, credit card debt, and medical insurance payments. They then went shopping, “purchasing” items such as housing, transportation, food, clothing, household necessities, and daycare. They dealt with pushy salesmen as well as unexpected expenses and windfalls to learn how to make wise financial choices. And when some overspent, those staffing the "credit union" station provided much-needed assistance.