We partner with local high schools to provide financial literacy education.
Since 2019, we have hosted Financial Reality Fairs at several high schools within our market area to help students prepare and plan their financial future after graduation. Typically, the students who participate are enrolled in the school’s Personal Finance class and range from Sophomore to the Senior class.
Before the event, students pick a career and we encourage them to choose something they actually want to do after high school. Then we provide them with the typical education requirements for that position, the typical average student loan debt, and average starting salary in the state of Missouri. We deduct taxes from their monthly salary and they use their take-home pay to set up a budget.
At the Fair, they spin a wheel to be assigned a credit score and then visit booths to choose Housing, Vehicle, Savings and more. They select budget amounts for Food, Clothing, Entertainment, and then they visit the Wheel of Reality. At this wheel, an unexpected expense can throw their best laid plans into chaos through a lost phone or flat tire, but unexpected income through a bonus or even finding money in the washing machine can brighten their day.
As they work through their budget, the goal is to have a positive final number, even if it is only one dollar. If they’re in the negative, they can choose cheaper budget options or they may have to get a part-time job.
Students often comment on their surprise around the cost of items like groceries or utilities. Many students have found their careers require specialized insurance that they weren’t expecting. After almost every event, a few students will reconsider their career choice because it may not provide them with the lifestyle they’d hoped and many express more appreciation for the financial responsibilities that lie ahead.