School seniors attended a Real Money Experience (RMX) financial workshop by the National Financial Educators Council on October 17.
During the Real Money Experience personal finance event, the seniors at the Catholic college-preparatory high school for girls visited 12 separate booths and practiced making the financial decisions they will face when they move away from home. More than 40 students went through the process of completing personal budgets as they visited the stations and interacted with volunteers. Students decided on rent, what types of cars they wanted, savings rates, lifestyle choices, charity and investment strategies. These choices represented a practice run at life, and the exercise was designed to prepare them to head off to college or move out on their own.
"Most high school students in the
US will graduate without ever taking a financial literacy course. We commend
School for offering a personal finance class and for sharing the Real Money Experience event with students," said Vince Shorb of the National Financial Educators Council.
Cornelia Connelly School Dean of Students, Shanti Ernest, said the event was helpful in showing the seniors real-life budget concerns. "It is imperative that the youth of today have the skills to successfully manage their finances. The Real Money Experience has given our senior class the fundamentals of financial literacy which will go a long way in making them good stewards of their finances in the years ahead," she said.
A post-event survey gathered responses from students. One senior wrote, "The workshop gave me some really good things to start thinking about especially with college coming up next year."
The RMX money management workshop was designed around financial education and core subject standards. Experiential learning techniques improve participant interest while effectively teaching skills to make financial decisions that align with the participants' personal goals. The NFEC program has proven to increase participant retention rates, and attendees leave the event motivated to continue learning about money.
The event was generously sponsored by Amy Kiang. Ms Kiang is a Vice President, Senior Financial Advisor and Wealth Management Advisor of Merrill Lynch Wealth Management, Bank Of America Corporation. A special thank you to Sr. Francine Gunther, Mrs. Martha Serrano, Mrs. Rita Chiao, Mrs. Pamela Toomey '72, Mrs. Sharon Fish, Dr. Al Marino and Ms. Judy Tomlinson for volunteering their time in facilitating the skill booths at the event.
The National Financial Educators Council is recognized for its ability to educate high school-aged youth in an entertaining way to which young people can easily relate. Leveraging the support of celebrities, sports stars, and the entertainment industry helps raise interest and improve program effectiveness to reach this demographic. The Real Money Experience money management workshop brings fun, high-energy financial literacy training to organizations and individuals nationwide.