PALS CAMPERS LEARN FINANCIAL SKILLS FROM PEFCU STAFF

16 July 2008 10:00 a.m. Eastern
Nicole Thompson

Good money management is an essential life skill. That's why PEFCU partnered with Purdue Athletes Life Skills Program (PALS) to provide financial literacy content and activities during this year's camp.

Whether we like it or not, economics has become the foundation of our entire culture, said PALS Director Bill Harper. Kids typically are not exposed to the complications of handling money or differentiating between wants and needs. This is an opportunity to introduce kids to the reality of life in an informal setting, he added.

On the final day of the four-week camp, the children applied the money management knowledge they had gained over the previous two days to age-based life-skills activities. The younger campers each received a $100 "paycheck," which they had to deposit into the "credit union". Then they used a checkbook register to balance their "checking accounts" according to choices they made individually between low-priced, mid-priced and high-priced vehicles, food and pets as well as unexpected emergencies.

The older campers took this activity to the next level using a computer-based program. Based on their individual interests and chosen level of education, the computer generated a career and salary for each camper. Then they chose to purchase insurance, homes, vehicles, meals and so on at different price levels. They also had to "visit" their financial institution in order to pay off debts like mortgages, credit cards and student loans. During the game, each camper could see his or her monthly income as well as balances on savings and debts.

This [computer] game is fun and I'd like to play it, said PALS Counselor Jill Freeland. The kids have already learned so much about savings and they've told me how they're going to save at home. They're very excited about all they can do with money.

In addition to this partnership with PALS, PEFCU works with local schools and organizations to teach money management skills to area youth throughout the year.

By teaching and helping children develop healthy financial habits now, they will be better prepared for the future, said PEFCU Financial Literacy Coordinator Carolyn Barrett.

For more information about ways PEFCU can help your school or organization meet its financial literacy goals, please contact Carolyn at 765.497.7409.

Photos by Nicole Thompson.

First Photo: Computers Enhance Financial Education
PALS Counselor Jill Freeland explains the importance of and helps a child buy auto insurance during the life skills game.

Second Photo: Young Campers Balance their Checkbooks
PEFCU Financial Literacy Coordinator Carolyn Barrett explains how to avoid making mistakes when balancing checkbooks.

Third Photo: Campers Use Computers to Practice Life Skills
PEFCU Collections Manager Dana Smith helps a camper create her computer persona and practice the money management skills learned earlier in the week.