My MoneyLife!, our newest financial literacy program, hosted its inaugural event at Benjamin E. Mays High School on March 9th. Over 50 students participated in the Personal Finance Simulation event where they learned the importance of financial decision-making and the many factors that can affect your financial success.
The participants began the Simulation with a profile that defined their salary, number of children, marital status, level of debt, and their credit score. They then navigated through a series of stations where they had to make decisions on the major expense categories that must be addressed in life: including housing, utilities, transportation, entertainment, food, child care, and others. At the housing station for example, students had to choose between more expensive housing downtown with limited space and less expensive, more spacious, housing in the suburbs. Students with low credit scores had to add an additional $50 to the cost of all financial decisions. Students with children had to select housing, transportation, and child care options that would accommodate the size of their family. The stations were designed to highlight the role that life decisions can have on your financial independence.
The event was a collaboration between the Mays Chapter of the Future Business Leaders of America (FBLA), the Community Foundation for Financial Literacy (CFFL), and the Mays High School Alumni Association. Alumni Association President Joshua Gray noted that "the students learned skills that many alumni did not learn until adulthood, myself included." The CFFL is exploring ways to expand this program and bring it to other schools in the Fall 2018 semester as part of its MyRightPath suite of programs. If you work with a local Atlanta area high school and would like to bring this program to your students, please contact us at firstname.lastname@example.org.