As the school year wraps up, so does another great Berks County Financial Reality Fair season for Discovery Federal Credit Union. We believe it’s imperative that before leaving high school, students are familiar with making real-world financial decisions and balancing a budget. Financial Reality Fairs accomplish this by simulating an adult’s financial life and creating an interactive experience where youth learn how to manage money.
At a Financial Reality Fair, students are given budget sheets with a salary, credit score, and balances in checking and savings accounts. These numbers vary depending on the type of degree a student chooses. Students are required to visit booths for necessary expenses like housing, transportation, food, clothing, internet, and more. They also have the choice to add on a gym membership or visit the salon. Every student visits the wheel of reality where they may have to pay an unexpected bill or receive a deposit from something like a gift from grandma. After visiting all of the booths and the wheel of reality, students must calculate their monthly spending. If they are over budget, they must go back to the different booths and make smarter choices or get a part-time job.
This year Discovery FCU supported Berks County Financial Reality Fairs at high schools in Wyomissing, Governor Mifflin, Tulpehocken, Hamburg, Schuylkill Valley, and Conrad Weiser school districts. All combined, we helped over a thousand students prepare for their future.
“As part of the original committee that brought Financial Reality Fairs to Berks County in 2015, I’m proud to watch the program grow and thrive,” said Discovery FCU VP/Chief Risk Officer, Kevin Unger. “This program is even more near to my heart this year, as my son and his friends were able to participate as seniors at Schuylkill Valley. It was great to see how eye-opening the event was for them.”
Berks County Financial Reality Fairs are a team effort. Many local credit unions work together to host a fair, which requires approximately 50 volunteers each. This is all part of the credit union motto, “People Helping People.” The impact of providing this excellent resource is far-reaching. The entire Berks community benefits when the adults of tomorrow are prepared to be financially responsible.