Author: Calyn Colston
Planning Unit: Calloway County CES
Major Program: Family and Consumer Science
Plan of Work: 2022 4-H Developing Community Leaders
Outcome: Initial Outcome
In March 2022, Calloway County 4-H hosted a Reality Store financial simulation event for the Murray City and Calloway County 7th and 10th graders. The goal of the event was to increase youth financial awareness and provide them tools to make great life and financial decisions. Each of the four school FRYSC coordinators partnered with Calloway 4-H planning the event and 72 community volunteers from many different businesses and community programs worked the booths. Over the two day event, 317 seventh graders and 256 tenth graders participated in the real-life simulation to learn how to efficiently manage their hypothetical base salary of 28k per year into a 1 month budget. Students were all given the same salary, but drew for their number of children and chose whether or not they were married. After visiting the Bank booth first and having taxes and savings withdrawn from their monthly budget, students then visited booths for utilities, groceries, phone and internet, housing, and more. Volunteers assisted students when they had financial trouble or needed to make budget adjustments.
After the event, students were surveyed for input regarding the Reality Store event. 96% of students thought Reality Store was a worthwhile activity in guiding them in making career and/or educational choices for the future and 98% of students answered "yes" to the question, "Do you better understand how career choices, education, skills, and economic conditions affect your income." Many students commented that it was a fun way to learn how to manage their money and "put in perspective how life isn't easy". The Calloway Extension Office also received a report of one tenth grader later that week deciding not to ask his mom for money to go out on Friday night because he knew now how difficult it is to balance a monthly budget.
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