West Liberty-Salem High School seniors recently participated in the Real Money, Real World simulation presented by The Ohio State University Extension Office.
The financial literacy simulation is geared for students ages 12-18. The program features an interactive spending simulation that presents students with lifestyle and budget scenarios.
The morning session began with a four-module presentation that covered the four main topics students would experience during the simulation, which included: training, jobs and income; deductions; how to use financial services wisely; and making choices to prepare for the simulation.
Each student was given a future occupation based on their current plans, whether it be going straight to the workforce or continuing their education (options included trade school, community college, bachelor’s, and master’s degree options).
Each occupation provided a student with a gross income. Next, students completed a worksheet by documenting their level of education, gross annual salary, income, marital status and a certain number of specifically-aged children. Then they were asked to determine their net pay based on the related deductions.
Students then headed to the simulation. The simulation included 12 stops at various tables, where various life events happened.
The goal was to end the game with money left in their monthly budget. Most students did well with having at least a little bit of money left over, but many students were surprised at the cost of living and how hard it was to stretch their income out for a month.
Many pupils mentioned that what they thought was a good salary turned out to not really be enough. “I think the experience was fairly eye-opening. The students I talked to found it helpful and enjoyed it,” Molly Smith, high school guidance counselor said.
Real Money, Real World is a collaboration between The Ohio State University’s College of Food, Agriculture, and Environmental Sciences and their county extension offices. To learn more about the experience, visit osu.edu.
