STRATFORD, Conn. – Sikorsky Credit Union said it continues to take a leadership role in promoting financial literacy to high school students through Financial Reality Fairs - in a virtual format.
Sikorsky Credit Union hosted several Financial Reality Fairs in many local high schools in a new virtual format. This year 747 students from Bunnell High School, Seymour High School, Stratford High School, Shelton High School, Trumbull High School and Derby High school had the unique opportunity to practice managing personal finances and create a household budget, SCU said.
In the Reality Fairs, students choose a career and discover their entry-level salary. Then they need to manage their personal finances by creating a household budget. Students are required to allocate money towards housing, transportation, food, and utilities, and also have the opportunity to budget money for fun things like concert tickets and vacations. Students are able to complete this exercise using an app, which makes the process more efficient.
The app also has surprise pop-ups which mimics many situations that people may find themselves dealing with in real life, such as paying for an unexpected flat tire or broken cell phone screen. The goal of this exercise is to create a budget successful based on their chosen career and not spend more than they earn, SCU added.
“Financial literacy is an important topic and this year Sikorsky Credit Union partnered with six local high schools to teach students how to manage personal finances,” said Ken Ferrari, SVP/chief experience officer.