CHANDLER, Ariz. — Empowering the next generation of leaders through education.
That was the purpose behind a financial literacy event put on for teens in the East Valley during Financial Literacy Month.
The event, geared toward middle and high school students, gave them a chance to hone their skills in budgeting and financial decision-making.
“After high school, you’re going to open up your own accounts, so you’re going to have to learn to manage all of that, so it’s better to learn it now,” said 16-year-old Scarlett Olson, one of dozens of middle and high school students taking part in the ‘Mad City Money’ financial literacy event.
It’s a program hosted by local bank First Credit Union at Chandler Community College’s Pecos Campus.
“It’s very important,” Olson said.
At the event, every student was given the chance to see what real life might be like as an adult.
“They’re assigned an identity, are they married, are they single, do they have kids,” said Tom Gessel, chief innovation officer. “…and they’ve got to balance the budget."
They’re also assigned a home and occupation, and then tasked with making decisions on things like entertainment, food, travel, housing, education, childcare and transportation.
“They have a budget that’s given to them,” said Amit Shah, a volunteer. “Our job is to try to upsell and see if they can understand that buying a fancy car when you’re on a smaller budget isn’t really healthy.”
The truth is, it’s becoming more and more difficult for Americans to live without debt.
According to the Federal Reserve Bank of New York, total household debt rose to an average of more than $17 trillion in the second quarter of 2023, with credit card balances alone reaching more than $1 trillion.
This program aims to help students avoid financial struggles before they experience them.
“Yeah, this is kind of the real like example of the board game Life,” said Jay Curtis, president, and CEO of First Credit Union.
When the students finish, the learning isn't over: They get the opportunity to see whether they would’ve made decisions differently if they were to do it over again.
“This is a safe place to do it,” said Gessel.
Olson said they got the chance to learn things often missing in the school curriculum, such as how to write a check or what to put on a debit card.
“I think it is surprising that schools don’t have more classes like this, because when you’re out of school, obviously you have to learn those things somehow,” she said
One of their recommendations to prepare your child? Open a checking account as early as 13 years old. Managing that account with the supervision of a parent is huge, rather than waiting until your child is in college. That can help kids learn to dodge pitfalls on their own.
“First Credit Union is about people helping people and helping people live better financially every day, and so if we can start early, then we can have a better jump on life,” said Curtis.
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