Dollars and sense: Students learn life skills, financial literacy basics with “Mad City Money” event

Middle school students participating in the Advancement Via Individual Determination (AVID) program, and high school students enrolled in the district’s Compass program recently participated in a financial literacy simulation thanks to a partnership with Expedition Credit Union.

• The AVID program is a structured, college preparatory program working directly with schools and districts, providing a support structure for first-generation college goers, grades four through 12.
   
• Compass is an alternative learning program designed for middle and high students who benefit from a more personalized, supportive, and flexible educational environment who may need a smaller setting, individualized instruction, or additional social–emotional support to be successful. 

Why it matters: Approximately 250 students participated in the Mad City Money simulation, which offers a hands-on approach to learning about personal finance management. The experience served as an immersive opportunity to build a budget, maintain a responsible balance and tackle debt.

How it works: Students arrive and receive a folder, which includes information about their personal scenario and future outlook for reference in the experience, including a job, family size, income and debt. 

• Students complete tasks throughout the experience, visiting stations to make required purchases including housing, transportation, meals, clothing, personal care and home items, and entertainment options such as vacations, shopping sprees, and more.
   
• Volunteer staff serve as sales and service people, either upselling luxury vehicle purchases or providing options for consideration - such as new toys or hand-me-downs for each of their imaginary child’s closet and toy collection. A total of nine stations were staffed by district and school volunteers.
   
• Next, they factor in paying regular bills for utilities, insurance, phone and Internet, loans and more.

The realistic game of LIFE: Each student also spins a wheel at least twice during the experience, assigning either a reward or an unexpected expense, such as an emergency veterinary bill, traffic ticket or a lottery win. Students also set up savings accounts and deposit funds for emergencies and future savings with the goal of having up to $100 in their account after purchasing all of their necessary supplies. 

A priceless lesson: Students were faced with real-life situations and took away with a better understanding of decision-making and financial responsibility. View photos from the event.