TUSTIN, Calif.–More than 300 seniors Tustin High School in California got a “bite of reality” recently when they attended an interactive financial education simulation designed to teach them how to manage money.
The Oct. 14 event at the school was run by staff from Santa Ana, Calif.-based SchoolsFirst Federal Credit Union—all of whom volunteered their time. Also volunteering were staff from Santa Ana Federal Credit Union, as well as the California and Nevada Credit Union Leagues. The program is offered by the Richard Myles Johnson (RMJ) Foundation, the state foundation for credit unions in California and Nevada.
The 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 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.
For the teens, the event helped them to see the world of adulthood in a brand new way.
“I was surprised by how fast money goes; it goes so fast,” said Jonathan Tirado, 17. “It makes you think about things more. There’s a lot we don’t think about.”
“Living on your own is very expensive, even with a spouse and child,” said 17-year-old Ellani Bell.
Bell said all young people should participate in something like this—from high school sophomores to first-year college students who might be living at home. “All kids need to know this stuff,” she added.
That taste of reality is exactly what Tena Lozano, executive director of the RMJ Foundation, hopes young people take away from the Bite of Reality program.
"Having students experience making financial decisions in a simulation, gives them a better understanding of the challenges of adulthood without the real-life risks,” she said.
Below, SchoolsFirst FCU Assistant Branch Manager Terrence Davis helps navigate Tustin High School seniors Jonathan Zoira and Marcos Perez through their options at the “Groceries and Dining” table during an interactive financial education simulation held at the high school Oct. 14. The Bite of Reality program is offered by the Richard Myles Johnson Foundation, the state foundation for credit unions in California and Nevada. It is designed to teach the basics of finance and budgeting to young people.