Bristol Township-based Inspire Federal Credit Union is working hard to teach financial responsibility and money management to the area’s youth.
On Wednesday, Inspire FCU held their second Financial Reality Fair at Neshaminy High School in Middletown. The fair, which was held in a large business classroom at the high school, was a way to realistically prove to students just how difficult and pressure-filled financial decisions can be.
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The students, all of whom are business elective students, began with a career and salary and were instructed to visit a series of booths, all designed so they could realistically make decisions regarding their simulated life. Students had the option of choosing transportation, clothing, housing, groceries, a cellphone plan, even nightlife options. The hardest part- staying in their budget and actually saving money.
Inspire FCU employees who sat at the booths were not designed to help students – they were trained to up-sell.
According to Senior Vice President and Chief Relationship Officer Hilary Reed, the up-selling allowed the students to understand how difficult making the right decisions can be. “It’s rare they get their budget right the first time,” she said. The students, who have to visit a ‘financial counselor’ following their purchases, often have to go back and revisit booths to make more realistic and frugal choices. “The financial counselor often looks at it and says ‘look you need to make a budget and change your life plan’,” she said.
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For Business Department Head Janet Dougherty, it’s an integral exercise. “The message really is taking control and managing finances wisely so that the students have the freedom to work and maintain a lifestyle they desire,” she said. “Going through the simulation you feel the difficulties associated with financial situations. It’s not about the students being wealthy – it’s about them being happy.”
Inspire FCU which held their reality fair at Neshaminy and Harry S. Truman High School last year, will hold another fair at Pennsbury High School in Falls next month.
