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350 High School Students in Allegany County Get a Lesson in Financial Responsibility

Fri, Apr 7, 2017

Cumberland, Maryland

350 Allegany County high school students had the opportunity to learn first-hand about the financial challenges they will face as adults at Wednesday’s Dollars & Sense Financial Reality Fair hosted by the Western Maryland Chapter of the MD|DC Credit Union Association.

The fair teaches basic money management skills that are key to economic and career success. Students were assigned a career and monthly salary, and had to figure out how to live within their means while paying for basics such as housing, utilities, transportation, clothing and food.

Students visited mock merchants such as apartment leasing agents, auto dealers, insurance agents and more, to obtain goods and services needed in everyday life. As in the real world, there were opportunities for additional spending on entertainment, pets, vacations and other non-essentials. There was even an element of surprise with a “wheel of reality” that could throw a curveball into their budgets with an unplanned expense or a windfall of cash.

To make sure their budgets added up, students reviewed their budget with a financial counselor. Students were encouraged to save a minimum of 10% of their income, placing 3% in a long term retirement investment, and 7% in a shorter term investment. 70 volunteers ran the booths and served as financial counselors.

MD|DC Credit Union Association’s Western Maryland Chapter has hosted 12 financial reality fairs since 2011 and has helped to educate over 4,200 students on financial literacy.

PARTICIPATING CREDIT UNIONS:

  • Allegany County Teachers Federal Credit Union
  • Chessie Federal Credit Union
  • Healthcare 1st Federal Credit Union
  • Nymeo Federal Credit Union
  • Potomac Federal Credit Union
  • SECU
  • WEPCO Federal Credit Union

Thanks to our strategic business partner Morgan-Keller Specialty Contracts for also volunteering.