Financial Health Day: Financial Education from Instruction to Application

 

Financial Health Day is a model developed by the New Jersey Coalition for Financial Education (NJCFE) a couple of years ago whereas classroom instruction is reinforced with reality based learning.  According to Maryanne Evanko, NJCFE President, “ending instruction with a real life simulation is often the best way to reinforce learning.”  Former New Jersey Senator Jon Corzine who attended the initial Financial Health Day in the Teaneck School District agreed stating “this concept needs to be taken on the road”.  That is exactly what NJCFE has been doing.

 With a grant from Members United Federal Credit Union, Financial Health Days have been carried out in all three New Jersey regions, with the most recent on May 22, 2009, at Met East High School in Camden, NJ.  Students at Met East High School, under the direction of Advisor Keinan Thompson, spent their senior year learning the basics of handling their money and finances with help from their teachers and the FDIC’s Money Smart for Young Adults curriculum.  The lessons, however, did not stop in the classroom.  To further prepare students to enter the real world of money, students had an opportunity to apply what they learned in a financial simulation called “On My Own”.  Students were assigned an income, family size and credit score, and then visited 10 different simulation stations making financial decisions pertaining to areas such as housing, transportation, and health care, based upon the assigned characteristics.  Met East teachers and volunteers served as simulation consultants helping students make informed decisions.  At the end of the simulation, Wachovia Bank opened checking accounts for the students.

 

“Financial Health Day makes learning about money interesting while showing real challenges people face each day”, said Stephanie Bittner, Community Outreach Director for Consumer Credit Counseling Services of Delaware Valley, which co-sponsored the event.  “As a result of Financial Health Day the students have a better understanding of everyday financial decisions and the importance of making informed financial decisions”, said Wanda Hardy, President of Credit Worthy, Inc., a nonprofit financial education organization which co-sponsored the event and was instrumental in preparing teachers to teach these important financial topics to their students.