RICE LAKE, Wis.– Royal Credit Union and the Barron County Financial Coalition partnered to present a new financial education program. “Test Drive…Next Stop Reality” is a simulation of real life when it comes to money and finances. The event was held at Wisconsin Indianhead Technical College where more than 300 students from eight Barron County high schools participated.
Prior to the event, students selected a career, researched the education needed and typical salaries for that career. At the event, students were then required to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing, and food. Additional expenditures such as entertainment, pets, and unexpected expenses are also factored into the simulated activity.
“We partnered with the Barron County Financial Coalition to offer students a hands-on, experiential learning opportunity,” said Mary Ginder, Royal Credit Union community financial education coordinator. “Royal Credit Union developed Test Drive…Next Stop Reality so that students understand what it takes to make it on their own and better prepare for their future.”
At the fair, students visited various booths to make common purchases and pay typical bills. The booths were staffed by 80 volunteers representing a variety of businesses in industries like real estate, insurance, utilities and child care. The volunteers help the students make decisions and offer guidance if a student is faced with a difficult situation.
Students were given an assessment prior to preparing for the reality fair that measured their knowledge of basic financial terms and concepts. The same assessment was given to the students following the event. Educators will use the information to evaluate the impact of the program. Students were also given a survey asking for their feedback on the program design. Participating high schools included: Barron, Birchwood, Cameron, Chetek, Clayton, Prairie Farm, Rice Lake, and Turtle Lake.