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LAFCU and Perry Michigan Sophomores Explore Financial Reality

Michigan Business Beat
April 21, 2017 10:00 AM

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Chris Holman speaks with Kelli Ellsworth Etchison, Senior Vice President of Marketing for LAFCU, Lansing, MI. LAFCU recently brought "Financial Reality" to school partnership -- LAFCU expanded Perry Public Schools partnership with dose of financial reality for sophomores.

Over 100 Perry High School sophomores received a dose of financial reality at an event organized by LAFCU. The two-hour Financial Reality Fair recently simulated one month of independent adult living. Students chose a career and were informed of their salary and assigned a credit score.

Next they identified purchases of goods and services, and borrowed and saved at a mock credit union. They then balanced their budget and visited a financial counselor to explore ways to improve their financial future.

“The concepts taught through the Financial Reality Fair are enthusiastically endorsed by the Perry community,” said Mike Foster, Perry Public Schools superintendent. “These are the practical things students learn in school, which do not show up on standardized tests but rather show up on the ‘test of life.’"

The fair was presented with help from the Michigan Credit Union Foundation. The MCUF provided materials and training designed to have a lasting impact on the financial understanding of participating teens. Some students selected the best and newest items to purchase — the nice car, the large apartment, nicer furniture, expanded cable channels and premier cell phone service. But when comparing the costs to their budgets, reality dictated necessary adjustments to stay within the students’ means.

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