Every generation faces challenges; however, Colorado’s young people may be more prepared than their parents when it comes to financial ones.
According to the NFCC’s 2011 Consumer Literacy Survey, many adults (41%) would give themselves a grade of C, D, or F on their knowledge of personal finance, marking a statistically significant increase from 2010. This comes at a time when credit card debt is trending up; November saw consumer debt grow at the fastest rate in 10 years. In contrast, the majority of JA Finance Park middle and high school students are confident that they can make budget for current (80%) and future expenses (78%), differentiate between gross and net income (86%), and plan for their financial future (81%). An impressive 88% of middle school students who visited JA Finance Park could share the disadvantages of using credit.
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The difference could be attributed to the fact that fewer than 1 in 10 adults survey by the NFCC learned about financial literacy at school (9%). Since JA Finance Park’s initial launch in September 2011 in the Wells Fargo Atrium in downtown Denver, almost 1,300 middle and high school students dedicated time to differentiating between net and gross income, and making credit and purchasing decisions.
JA Finance Park is a hands-on, budgeting simulation opportunity and free curriculum that helps students build a foundation for future personal financial success. The 5,500-square-foot touring business community, which boasts nearly two dozen storefronts and kiosks, a gathering park and a college and career corner all sponsored by local companies, is set to reopen on February 7 at its new location at the American Furniture Warehouse store in Thornton.
Provided at no cost to students or schools, the JA Finance Park experience begins in the classroom with four units of curriculum that culminates in a day at the park. The curriculum also directly fulfills new state-mandated scholastic economic, math and reading, writing and communications standards including 21st century skill and concepts for middle and high school students.
Junior Achievement also offers an online version of the program, JA Finance Park Virtual. Much like the hands-on version, JA Finance Park Virtual users adopt a fictional persona, create an avatar and make fiscal decisions based on a pre-determined life circumstance all through an online environment.
Schools and teachers interested in offering JA Finance Park in their classrooms can learn more at JAColorado.org or may contact Stephanie Murphy at SMurphy@JAColorado.org or 303-260-6284. If you are interested in volunteering at JA Finance Park, contact Megan Silbert at MSilbert@JAColorado.org or 303-628-7369.