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Tyler Chapter Offers Financial Simulation for Young Adults to Promote Financial Literacy
Monday, April 14, 2014 6:50 AM

Tyler Chapter Reality Fair

In celebration of Financial Literacy month, the Tyler Area Chapter of Credit Unions presented the CU 4 Reality Fair at Tyler Junior Collect April 4.  CU 4 Reality is an interactive real world simulation designed to teach teenagers and young adults how to manage money challenges while learning about budgets and checking accounts.

Each student at the April 4 event was assigned an occupation, salary and number of children. They then needed to pay all their monthly expenses – rent/mortgage, groceries, transportation, utilities, credit card debt - by check without overdrawing their account and putting a little something into savings. During the exercise, participants also experienced unexpected emergencies.

The exercise also included financial education classes. Scott Rose, CEO of Kelly Community and president of the Tyler Area Credit Unions presented the classes, which addressed basic financial principles and engaged students with interactive activities designed to bring the “reality” of personal and family finance to bear. Budgeting tools and basic financial information was provided to assist students in knowing how to manage their finances and the surprise that awaits them upon graduation.

The chapter hopes this exercise gives students a better understanding of what it’s like to make financial decisions as an adult. Chapter volunteers included employees from Cooperative Teachers CU, United CU, Tyler City ECU, and Telco Plus CU.  

The Cornerstone Credit Union League is able to make the CU 4 Reality Fair available to credit unions and chapters because of support received from the Cornerstone Foundation, the Friends of Consumer Freedom and the National Credit Union Foundation.