KathleenM.Fey, CCUFCExecutive Director

PennsylvaniaCreditUnion Foundation

"FinancialRealityFairs:WhatTheyAreandHowtoBringThemtoYour School"

How can you help prepare your

students to be financially capable?

WhatisaFinancialRealityFair?TheFinancialRealityFairisdesignedtoteachstudentsthevalueofusingmoneyresponsibly.Thisrealworldexerciseinstructsstudentstochooseacareerandsalary,customizedfortheirgeographicarea,andthenbudgettheirmonthlyexpensestomakeendsmeet.Insomecases,careersarerandomlyassignedtostudents.

WhatisaFinancialRealityFair?Students must find a place to live, obtain transportation, and pay for food and other essentials. Usually the length of one class period, students visit with Fair volunteers from credit unions and local businesses to “purchase” goods and services needed in everyday life.

Entertainment opportunities and other non-essential services are also made available.

WhatisaFinancialRealityFair?

Students also spin the “Wheel of Reality”

to receive one of life’s surprises, such as an

unexpected cash gift or the expense of a flat tire.

WhatisaFinancialRealityFair?Students document their income and expenses

during the exercise and must balance their

budget for the month,

Last, they review their final budget with a

Financial Counselor.

WhatisaFinancialRealityFair?Animportantcomponenttoaresponsiblefinanciallifestyleissaving.Studentsareencouragedtosaveaminimumof10%oftheirincome.

TheFinancialCounselorsexploretheimportanceofplanningforfutureneedsandpreparingforfuturefinancialchallengesthroughsavings.TheFairwilltemptstudentstospendtheirincomeon“fun”.

TheFinancialCounselorswillbringthefocusbacktosavingandthriftpractices.

GrowthinPAFinancialRealityFairsYEAR STUDENTS FAIRS2011 182 12012 1,305 72013 2,170 102014 2,660 172015 5,060 302016 5,480 432017 5,906 66TOTAL 22,763 174

ThePurpose

Increasefinancialliteracy

Engagestudentsintheirpreferredstyleoflearning(ExperientialLearning)

Createfinancialawarenessatanearlyage

TheBenefitsHands-on,realtolifeexperience

Studentsgainabetterunderstandingofearnings,spending,budgetingandsavings

TheFairexperienceinstillstheimportanceofsoundfinancialhabits

Partnerwithacreditunioninyourarea.

Anynumberofstudentsmayparticipate,butatypicalFairhasabout100students.

Theymaybefromaneconomics,business,personalfinance,orsocialstudiesclass.

HowCanIBringaFinancialRealityFairtoMySchool?

HowCanIBringaFinancialRealityFairtoMySchool?

DeterminewheretheFairwillbeheld.

HoldingtheFairintheschool’sgymisgenerallythebestandleastexpensiveoption.

HowCanIBringaFinancialRealityFairtoMySchool?Incooperationwiththehostcreditunion,setadatefortheFinancialRealityFair.

Fairsaretypicallyheldfrom8:30to12:00pm,dependingonthenumberofstudentsandtheschool’sblockschedule.

HowCanIBringaFinancialRealityFairtoMySchool?

InadvanceoftheFinancialRealityFairday,teachersshouldworkwiththestudentstohelpthemtoselectacareer,astartingsalary,andtheeducationallevelforthatcareer.

Wehaveresourcesavailabletohelpwiththis.Insomecases,careersareassignedtothestudents.

HowCanIBringaFinancialRealityFairtoMySchool?Usingthestudents’careerinformation,Fairorganizerscreatebudgetworksheetsforeachstudent.

Thisworksheet,whichwilllistthenetpayforthestudent,willbethebasisfortheirdecisionsduringtheFinancialRealityFair.

HowCanIBringaFinancialRealityFairtoMySchool?LessonPlansareavailabletosupplementtheprogram

TheHighSchoolFinancialPlanningProgram,fundedthroughNEFE

1. TheHSFPProgramhassix,non-commercial,40-pageStudentGuidesonMoneyManagement,Borrowing,EarningPower,Investing,FinancialServices,Insurance.

2. Free,includingshipping3. Grades8-124. www.hsfpp.org

LearnMore

FinancialRealityFairVideo

PACreditUnionFoundationwebsitehttp://www.pcua.org/PACreditUnionFoundation

(thengotoFinancialRealityFairs)

ForMoreInformationKathleen M. Fey, CCUFCExecutive DirectorPennsylvania Credit Union Foundation 4309 North Front StreetHarrisburg, PA 17110-1618Phone: 1-800-932-0661, Ext. 5244Kathleen.fey@pcua.org

Questions?