As parents and guardians, we focus on keeping our children safe, healthy and happy. We want them to have strong skills in important subjects like math, science and English. But in many cases, young people don’t get the financial education they need to succeed.
Why Is Financial Education Important?
Even when students graduate with a great education, they can quickly derail without basic financial skills. A well-rounded education must include budgeting, saving and other important financial concepts, like credit scores and debt-to-income ratios. Without this knowledge, students lack the tools they need to successfully navigate our complex financial system.
Debt can follow young adults for years and impact their ability to buy a car, get a mortgage or provide for their families. People are more likely to stay out of debt when they’re taught the true cost of borrowing money and the importance of saving and planning.
In 2007, we founded the VyStar Academy of Business and Finance to help school districts deliver financial education to students. Since then, we’ve partnered with eight school districts throughout Central and Northeast Florida to open 18 high school credit union branches. Over the years, we’ve delivered financial education to more than 43,600 students through our High School Credit Union Branch Program and “On My Own” Reality Fairs.
High School Credit Union Branch Program
Each of our high school branches is run by Student Manager Interns and is open during school lunch hours to serve students, faculty and staff. These interns are employed by VyStar and receive nine weeks of paid instructional and on-the-job training the summer before their internships begin. They also teach fellow students the financial skills they’ve acquired.
Since the program began in 2006, VyStar has provided 1,350 students with internships. Each school year, thousands of students attend financial wellness lessons taught by Student Manager Interns. All students can use branch hours to talk to an intern or manage their accounts.
“On My Own” Reality Fairs
When the Florida Department of Education created 26 new personal finance standards as part of the state’s overall curriculum requirements in 2013, VyStar was ready to serve with our “On My Own” Reality Fairs. This hands-on simulation program allows teens to experience their financial futures in a tangible, engaging way.
With so many lessons for educators to teach in the classroom, it can be difficult to dive deeply into personal finance. Our reality fairs help supplement and solidify what students learn in school. Approximately 28,557 students have participated in an “On My Own” Reality Fair.
At the fairs, each student assumes they are 25 years old and the primary supporter of their household. After being assigned a family scenario, credit score, occupation and monthly gross income, each participant learns how to manage their budget.
In the simulation, they make spending choices for expenses like housing, groceries, utilities, transportation and more. The student then “pays” with a check or imaginary debit card and subtracts the amount from their monthly budget. Each student is also challenged with unexpected expenses, like car repairs and medical bills, allowing them to learn how life decisions and creative solutions impact their finances.
We’re committed to improving financial education in the communities we serve. When we give our kids the skills they need for the future, we help them avoid mistakes that could impact their financial lives for years to come.