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(Oct. 6, 2016) Ichabod Crane High School students in the Economics classes participated in financial literacy workshops on Oct. 3-4. Students experienced a snapshot of adulthood through an interactive simulation in which they moved through 11 budget stations in which they spent money at each one. They made decisions for things they will need and can afford, like housing, transportation and insurance to non-necessities like entertainment and vacations. They also learned about life events and their impact on even the most well-planned spending.
Through its "Adult for a Day" workshops, the Winston-Salem, NC based Center for Smart Financial Choices (CFSFC) teaches students how to understand and explore the importance of making smart financial choices now and in the future. Students set up a mock budget based on assigned careers and credit scores.
The idea occurred to Betty Ann Falkner, Director, after attending her 40th high school reunion at Ichabod Crane Central High School. After speaking with some classmates and her grandson who is a senior at the school, she approached principal Craig Shull and offered to bring this workshop to Ichabod. Knowledge of credit and spending is generally lacking among young people nationwide. According to a study conducted by EverFi and Higher One,” first-year college students required to take a financial literacy courses in high school are significantly more likely than their peers who didn't take class to be financially responsible."
"I wanted to give back to my high school and give teens a kick start for the future," Ms. Falkner said. "By providing them some life skills and guidance I hope this will help them make good financial decisions they will carry on into their adulthood."
CFSFC has been offering financial education courses to schools in the Piedmont region of North Carolina since 2012, serving over 6,000 youth.
What students had to say:
"I learned to be open to all the expenses I need to be aware of."
"I learned the importance of taking care of your needs before your wants." - Max S.
"I learned how your credit score affects all basic things you purchase in life."
"I learned how fast money goes!"
"I learned that sometimes you need to make sacrafices to save money."
Volunteers Dan Extrom of Peace of Mind Electrical, Lisa Donoso, June Eaves, Betty Ann Falkner
and Ann Mueller helped with the workshop.