As a child, many of us dreamt of the day we’d become adults. We couldn’t wait to be out in the real world. Well, this week, the 7th-grade students in Somerset County got a taste of what that might be like. Thanks to Junior Achievement of the Eastern Shore, the 7th graders got to visit a new Finance Park facility in Silver Spring, MD; a Junior Achievement capstone program aimed at increasing financial literacy in students. JA Finance Park® is set up like a real city with a bank, grocery store, car dealership, insurance agency, and other storefronts. The storefronts are manned by volunteers that help the students with their budgeting and research throughout the day.
When the more than 100 students arrived at the facility, they were each handed a tablet with a life scenario. Some were 36-year-old landscapers with a spouse and two kids making $40,000 a year and others were single 25-year-old architects making $90,000 a year. Some had credit card or education debt and some had poor credit scores. All of these factors impacted the students’ ability to obtain a mortgage or car loan. The simulation is also less than forgiving, throwing some students a curveball like a flat tire that they are required to fix.
The goal of the simulation is for students to understand budgeting and the importance of saving. Students first have to make a budget and set savings goals. After budgeting, they get to shop and put pencil to paper. Students have to purchase or rent a home, buy a car, pay for utilities, purchase car and health insurance. And, just like in the real world, all of these costs are impacted by the size of their family, the size of the house they picked, and the car they purchased. Maybe they thought $500 a month was realistic for their mortgage payment but after shopping realized they can’t buy that huge two-story house they wanted for so little. They then have to go back and adjust their budget. It starts to really click in their minds that unnecessary expenses like buying clothing and eating out can add up quickly.
A visit to the JA Finance Park® facility is the culmination of 14 days of in-classroom curriculum.
“Allowing students to experience, and I mean truly experience, what it is like to be an adult is something classrooms and presentations could never replicate,” said Jayme Hayes, President of Junior Achievement of the Eastern Shore. “Students learn by doing, and this will be something they will never forget.”
Junior Achievement of the Eastern Shore is planning to take additional groups from Pocomoke High School, Snow Hill Middle School, and Stephen Decatur Middle School on similar Finance Park trips in the spring. Those wanting to sponsor or volunteer for one of these trips should reach out to Mary Holden at mary.holden@ja.org.
About Junior Achievement of the Eastern Shore
Junior Achievement of the Eastern Shore is a non-profit organization dedicated to educating youth, grades K-12 both public and private, on financial literacy, work readiness, and entrepreneurship. Our hands-on, age-appropriate programs inspire youth to live within their means, prepare for the world of work and understand the free enterprise system. Our programs are brought to life by local business members from the community. We are an enhancement to what kids learn in school and a direct link to real-life applications, making school relevant and increasing students’ engagement in the classroom.
