From the Archives: August 2013
Active Learning Fairs Provide Opportunity for Teens and Adults to Improve their Financial Futures
Aristotle once said, "For the things we have to learn before we can do them, we learn by doing them." Credit unions can provide their community members an opportunity for advance ‘ learning by doing’ with two experiential learning fairs; one geared to helping teens prepare for life on their own and one aimed at helping adults of all ages prepare for retirement. In both of these fairs, participants interact with several stations to discover for themselves the choices that will affect their financial future.
- The Financial Reality Fair provides an opportunity for teens to work with a paycheck and learn how to budget and provide for themselves in the future. Students are provided a budget worksheet customized to the expected entry-level income for a job of their choosing. They make decisions on the monthly expenses they will face including living arrangements, food, transportation, student loans, entertainment, etc. At the end of the session they will review their financial profile with a financial counselor.
- The Route Your Retirement Fair is an innovative approach to retirement planning aimed at working adults of all ages. During the fair, participants are asked to make several predictions about their likely lifestyle choices in retirement and are provided with information about the expenses they will encounter based on their choices. The Fair then helps participants link their lifestyle choices and costs to their retirement savings plan. To learn more about the Route Your Retirement Fair, attend a free training and informational session on Sept. 25 at MSUFCU in East Lansing conducted by REAL Solutions Field Coach Mark Lynch from the National CU Foundation. Participants will experience the Retirement Fair and be trained in conducting a fair.
The Michigan CU Foundation can provide assistance to help credit unions host these active learning fairs. The materials and information needed to hold a Teen Financial Reality Fair are available from the MCUF. The MCUF may also be able to provide funding assistance for either of these fairs through Community Reinvestment Initiative Grants.
For more information or to register for the free informational session on Sept. 25, contact MCUL Financial Education Manager Beth Troost at Beth.Troost@mcul.org or by phone at (800) 262-6285, ext. 453.