Members Exchange Federal Credit Union recently hosted a reality fair in partnership with the Tennessee and Mississippi Credit Union Association. Cheryl Oggs, vice president with the Association, led the real-world financial planning simulation for more than 40 young people.
We asked LaDonna Jacobs, senior vice president with Members Exchange Federal Credit Union, to share feedback from the event. Here’s the Q&A!
What feedback did you hear from the attendees about the reality fair?
- Eye-opening experience.
- Understanding the difference between needs and wants.
- Understanding why parents are not able to purchase high-dollar items.
- They had no idea their parents have to juggle these things each month.
- Why some parents have to take on a second job.
- Children are expensive.
- Unexpected life circumstances happen (Reality Wheel Events).
- Saving money is beneficial.
- Budgeting/managing money is a daily thing.
Do you think the reality fair helped reinforce the value of a dollar with attendees?
Yes, absolutely. One table was food. It really made them think about money when it comes to eating out, eating leftovers, taking lunch to work in order to spend less money. There were four options that ranged from $1,300 to $600. Most didn’t realize you can spend that amount on food because their parents cover the cost.
Is there anything else that you would like to add?
During the event, I loved seeing them talking things out, strategizing.It is so rewarding at the end and after they share their feedback to actually see that they truly get it.
These events are meant to educate this next generation to be better managers of their money, start budgeting and understanding the value in savings. If we work with them now, as they become adults, they will use these money-management techniques to build their financial success.
I have participated in the past, the Members Exchange Federal Credit Union team members that assisted were first timers. Our team walked away with a greater knowledge of the need in the community and how important it is to share what we do as a credit union—People Helping People!
