High school students learn fundamentals of finance
TOLEDO – It was all fun and games when UToledo’s Special Accounts and Financial Wellness Office recently partnered with the Northwest Ohio Credit Union Alliance for a serious lesson about finances.
Finances 101, an interactive simulation game of real-life situations, prepares high school students for financial literacy. Designed to teach the students about the financial demands of adulthood, it attracted more than 500 students from the local area. Northwest Ohio Credit Union Alliance plans to host similar local events in 2025.
Luke Grable, community outreach and education coordinator of Directions Credit Union, explained how the game works >
- The student is given a piece of paper that lists their jobs; if they have a spouse; if their spouse works; their taxes; and their student and credit card debts.
- From that point, the game simulates events, such as having children or enduring medical emergencies.
- Throughout the game, students make decisions about their finances while adding and subtracting from their allowance.
Grable said that in this game, “we’re giving you sort of the worst case scenario at times, and obviously not just take things too personally because this is all just a scenario. Some prosper, some don’t prosper, but ultimately the goal is to create a conversation and hopefully bring to light what opportunities exist for them as an adult.”
Mollee Williamson, financial wellness counselor at The University of Toledo, added what she felt the event offered the students.
“Finances 101 offered a fun way for students to understand the financial concepts and financial demands of the real world,” she said.
The partnership between the university and the Northwest Ohio Credit Union Alliance was forged when Williamson approached them last year about putting on the event. She attended the event at Bowling Green to observe, and she was interested in the work they were doing.
“I think it’s very important because it can be very taboo to talk about money,” said Grable. “People are holding on to those misconceptions about money from such a young age, and once they become an adult, they have to reorganize those ideas into what can actually work for them functionally as an adult.”
Finances 101 is presented several times each year throughout northwest Ohio. Grable explained it is done in a partnership with Sun Credit Union, with the next event being held at Bowling Green State University with a tentative date of March 11. The next one at Utoledo will likely be in October.
For any group in Toledo interested in learning about finances before next October, Williamson presents a variety of financial topics for high school or college courses, student organizations, local community organizations, or community events on behalf of the UToledo Financial Wellness department.
The most popular topic is Preparing to Pay for College. Willamson explained that this course goes over the expected cost, the key terminology in regards to the cost of attending, along with resources to reduce the amount that you’re paying out of pocket.
The second most popular presentation is the Budgeting Basics presentation. This course offers a similar activity to Finances 101 but on a smaller scale that is more intimate for local area high schools.
Other presentation topics include planning and money management, risk management, and custom presentations and workshops. Some presentations include a worksheet that allows them to take the information home and begin a conversation with a parent or guardian.
Williamson said her best financial advice for someone is that planning and money management are life skills, and “you’ll always need to continue to practice, work on it and improve. The sooner you start educating yourself and complementing the financial literacy education you receive, the better off you’ll be to kind of navigate the things life throws your way.“
Schools or groups can sign up for presentations on the University of Toledo website.
