Students at Bunnell High School recently took a glimpse into their future by attending a Financial Reality Fair. On April 28, Stratford High School students also will attend another reality fair event. Both events are sponsored by Sikorsky Credit Union, a financial institution that has taken a leadership role in promoting financial literacy to high school students. This is the seventh straight year the Credit Union has held these fairs in the Stratford community.
The Financial Reality Fair gives students the opportunity to experience “real-life” finances based on their chosen profession. During the Reality Fair, students visit expense tables to spend their “hard earned money” on real-life choices, such as housing, transportation, food, and utilities. They are tempted along the way with nonessential expenses including pet ownership, electronics, concert tickets and vacations. Students also step up to spin the “Wheel of Reality,” which increased or decreased their cash flow and simulated unexpected events and expenses that occur in day-to-day life.
After they visit all of the expense tables, the students balance their budgets to see if they made the right choices to successfully live on their own. Finally, students meet with volunteer financial counselors to review how well they managed their budget. In the end, students walk away with an awareness of the financial challenges they will face and the experience of maintaining a lifestyle based on a budget.
“I have seen what happens when people aren’t prepared for their financial present or future,’ said Mike D’Orlando, the operations manager of Sikorsky Credit Union who participated in this event as a financial counselor. ‘This event give young people something to think about many years before they might experience it, and hopefully they will be ready when that time comes.” Diane Christiano, coordinator, Career & Technology Education in Stratford added her own insight. “It is not just about money, it’s about making good choices and decisions in one’s life. For example, students were amazed about the impact that credit has on their life as a whole.”
Along with Sikorsky Credit Union staff, employees from Big Y and Stratford Library volunteered time at the events. In addition to these two high schools, Sikorsky Credit Union is holding Financial Reality Fairs at Ansonia, Seymour and Shelton High School in the coming weeks, and has already sponsored events at Henry Abbott Tech in Danbury and Oxford High School.
Sikorsky CU employee Nicole Craw spun the “Wheel of Reality,” at last year’s Financial Reality Fair held at Bunnell High School.