JACKSON – On May 24 and June 2, First Financial Federal Credit Union held the first student-run Learning Independent Financial Education (LIFE) financial reality fair event at Jackson Liberty and Jackson Memorial high schools with the schools’ Jackson Academy of Business (JAB) students.
While the credit union has hosted financial reality fairs in the past, this fair was staffed by high school students who worked with other students to help plan their financial future, according to a press release.
Approximately 160 students at each high school participated in the hands-on version of the “game of life,” during which they were required to make on-the-spot financial decisions, according to the press release.
The LIFE Fair consists of a full-day hands-on experience where students, after identifying their career choice and starting salaries, are provided a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing and food, according to the press release.
Once the students visit all the booths, they balance their budget and sit down with a financial counselor to review their expenses and get a “financial reality check.” At the student-run fairs, First Financial staff members worked at the financial review tables with each of the participating students to provide insight.
Laurie Shupin, a Jackson Liberty teacher and the high school’s JAB coordinator, said, “The students felt it was an excellent learning experience and became more knowledgeable of the subject matter as the day progressed. They are looking forward to more presentations and would love to extend it to the fall and spring semesters.”
Laura Fecak, a Jackson Memorial teacher and the high school’s JAB coordinator, said, “The LIFE Fair was a great opportunity for all of our students involved. It was an eye-opening experience for the financial literacy students who came through to get a dose of reality, connecting classroom concepts to real-life situations, as well as for the JAB students who got to act as the sales representatives in a variety of situations.”
First Financial President and CEO Issa Stephan said, “Our mission for our first student-run LIFE Fair was to help the students understand the value of money and how to manage their money so that as they grow as adults they will become more financially responsible.
“The student-run fair was able to show the high school students even more about the financial realities of the real world. Our credit union puts a high priority on financial education, after all, that is how First Financial began 81 years ago, with a group of teachers in Asbury Park,” Stephan said.