In an eye-opening exercise aimed at introducing financial literacy, high school students enrolled in the Ag Business and Adulting 101 classes at Anthony Wayne High School participated in an immersive budget simulation called Real Money, Real World (RMRW). Brought to them by Ohio State University Extension, this hands-on experience revealed how lifestyle choices and spending habits contribute to the complexities of managing finances.
The Ohio State University Extension designed RMRW as an interactive tool for youth and young adults. The program introduces the basics of financial decision-making, including salary research based on different career paths, and challenges students to navigate budgeting and spending scenarios in a real-world simulation.
Students first reflected upon their career goals and researched the projected salaries for their chosen profession. With that knowledge in hand, they then rotated through 14 spending stations, where they faced real-world expenses, from housing and child care to insurance and entertainment.
At each booth, students were tasked with balancing their budgets and making lifestyle choices that aligned with their available income. The expenses at each station varied, representing common financial responsibilities faced by many working adults. The simulation allowed students to experience the challenges and trade-offs involved in managing monthly expenses and making ends meet.
The activity proved to be surprising and left a lasting impression.
“There were some very stressed students,” said Mrs. Bockbrader. “Overall, many commented that they couldn’t believe how expensive life is - especially if you have kids.”
The lessons didn’t just emphasize cost of living and financial decision making. Students also learned about the impact of student loans, the role and responsibilities of managing their credit and how personal choices can impact their financial security.
Ultimately, RMRW aims to increase financial literacy skills and encourage students to develop an understanding of what it means to be financially independent.
Many thanks to the AW parent volunteers and those that volunteered through the OSU Extension to bring this learning opportunity to AWHS for students.