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High School Seniors Pay Their Way for a Day through Life's Expenses
Getting a dose of what?s like to live on your own in 2008
On Wednesday, November 19th, business students at Greenwich High School did more than attend class, have lunch, and practice youthful camaraderie. They got a strong dose of financial reality in life by attending "Making Ends Meet," a Financial Reality Fair organized by Members Credit Union of Stamford.
A Financial Reality Fair is a one-day financial decision-making simulation for high school students that teaches basic personal financial management skills: having a job, meeting living expenses, and trying for luxury items like an iPhone, beach vacation, sports car, or big-screen television. Approximately 90 students from Greenwich High School classes participated in four shifts.
In advance of the Fair, students chose a career of interest. At the gathering they then received a background profile of their profession, set at approximately age 24, which included an annual salary with standard deductions yielding a monthly net income to spend on expenses. Each also received a realistic credit score; specific savings account and checking balances; a credit card limit; and minor debt balances. Students were then required to visit various vendor stations to set up their life's financial picture and purchase what is required to live as a member of the profession they chose. Individuals were also required to pay their bills and keep their financial accounts in the black.
Decisions to be made and costs to cover included housing, utilities, transportation, furniture, clothing, food, and the aforementioned luxury items. Each student was required to visit each life station expense category and make decisions based on available monthly income, according to his or her occupation. A "financial counselor" then reviewed the student's worksheet for realistic expectations.
If the student was over budget, then he or she had to make readjustments to fall within the budget. Some, for example, changed the vehicle they chose or opted out of an island vacation.
Observing students from her Entrepreneurship & Career Planning class going through the paces, teacher Jan Reid said, "It's exciting to see the students so engaged! They're realizing what a budget is and how it works. This is giving them an idea of what they're going to face in the future."
Teacher Tom Aberle, whose students from his Accounting classes participated, was actively engaged in the hustle-and-bustle himself. Relatively new to teaching, Mr. Aberle spent 20 years in the corporate world before switching careers. "This exercise is an invaluable experience," he said. "These students work with similar projects in the classroom, but this Fair is putting it all together for them, giving them an idea of what it's like out in the world, living on your own."
The students themselves were not lacking in enthusiasm either. "It's a lot of fun!" said Bobby Gasparakis, freshman in a Business Law class. "I'm learning a lot. They have all the areas worked out for you. Looks like they covered everything here!"
Another student had a similar response. "This is a good experience," said Angelika Skwarek, junior. "You can learn how much money you will need in order to get what you want. And maybe have something left over. It's really cool!" One lesson she learned here, however, was that she came out over budget. To get back in the black, she decided not to get a pet dog and not go on a vacation she had planned.
Tiffany Lopez, junior, was also enthusiastic. "This is very educational," she offered. "I don't have any expenses right now, but I will when I get my car soon! This has been interesting and I'm learning a lot."
Another junior, Emily Ferguson, was enjoying the experience, but expressed a feeling many other students were perhaps reluctant to admit: "This is hard!" she said. "It almost makes me not want to grow up!"
The general mood was one of quiet enthusiasm and fun. Some students paired up and counseled each other at each life station. Others braved the journey through life alone. One such adventurer, Max Hakim, senior in Ms. Reid's Entrepreneurship class, found himself over budget, too. He decided to make changes in his choices for transportation and furniture. But that didn't deter his enthusiasm. "This is a good exercise in seeing how people have to work within a budget, knowing how much they have to spend," he said. "We'll get a better idea of what we are going to face when we get older."
The Financial Reality Fair was strongly supported on all sides. Lisa Dempsey, Business Department chair at Greenwich High, couldn't have been more pleased. "It took me three years to get a Personal Finance course offered at the high school," she said. "Seeing this activity work so successfully only confirms the need to provide financial education in our schools."
Pamela Ciaburri, Account Manager at WSTC-AM Radio, worked at the Luxury Items station and interacted with the students looking to get their entertainment into their budgets. "This is great!" she said energetically. "I wish I had had this exercise when I was in school learning to budget and manage your money. I'm still learning all this myself!"
Four businesses supported the program by volunteering to handle various life stations at the Fair: Credit Union Direct Lending (CUDL), WSTC-AM Radio, auto dealership Lexus of Greenwich, and the Credit Union League of Connecticut. In addition, three credit unions volunteered staff for the event: Personal Care Federal Credit Union of Trumbull, Northeast Family Federal Credit Union of Manchester and Sikorsky Financial Credit Union of Stratford. The rest of the stations were managed by staff from Members Credit Union, the sponsoring organization of the Fair.
The Financial Reality Fair is a REAL Solutions program sponsored by the Connecticut Credit Union Solutions Foundation, established to help Connecticut credit unions create and support financial education through a wide variety of activities and programs. The Financial Reality Fair is one such program aimed specifically at secondary school students. The goal of the Foundation is to sponsor Financial Reality Fairs throughout the state.
Kathy Chartier, CEO of Members Credit Union, and her staff worked tirelessly for weeks on this project, as part of the credit union's participation in the Foundation and for the betterment of youth financial education in the Stamford and Greenwich area. "At Members Credit Union, providing financial education is one of our core values," she said. "We were pleased to bring this program to the business students at Greenwich High School. It was a great learning experience for all of the students, and a real eye opener for many!"
At the end of one session, Ms. Chartier addressed the students and asked, "Can anyone tell me what is the difference between a bank and a credit union?" After a moment's hesitation, one student sitting at a financial counselor's station turned and responded. "Well, it's more for the people," he said. "You know, like "power to the people!" That comment was greeted with enthusiastic laughter and general agreement.
As not-for-profit financial cooperatives, credit unions are dedicated to serving working people by offering lower rates on loans, higher rates on savings, and lower and fewer fees. In that sense, the student hit the nail on the head. For him, this Financial Reality Fair is what life is all about. | 
