SUNDAY, OCTOBER 24, 2010
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EZ EE at an interactive museum for financial literacy park from G1
es” granting them extra dollars for, say, helping the elderly. Oth- ers receive the not-so-happy news that their car broke down or their sunglasses cracked, resulting in an unplanned expense. “Financial literacy is not a fad,”
Federal Reserve Chairman Ben S. Bernanke said during the grand opening of Finance Park last week. “It is a critical thing for everybody.” In a 2008 study by the
Jump$tart Coalition, which pro- motes financial literacy among youths, high school students cor- rectly answered less than half of the questions on a personal fi- nance assessment, down from 52 percent in 2006. Meanwhile, a survey this year by the National Foundation for Credit Counseling found that more than half of adults do not budget their ex- penses. About a third of adults would give themselves a grade of C or worse for their knowledge of personal finance. The creators of Finance Park
said that the recession spotlight- ed the need for financial educa- tion starting at an early age but that the idea for the program was born well before that. Junior Achievement, a non-
profit group that helps teach stu- dents about business, opened its first Finance Park in Tampa in 2003 and has since opened 14 more locations. In Fairfax, the group began by working with schools to incorporate its curricu- lum into the classroom, followed by a trip to a smaller version of the park that was housed in a trailer. The initiative coincided with
the passage of legislation in Vir- ginia that made financial educa- tion a requirement for students. The program has since evolved into 20 hours of instruction taught in all eighth-grade math and social studies classes and, of course, the visit to Finance Park. Junior Achievement said it is in early conversations with other school systems, including those in PrinceGeorge’s andMontgom- ery counties, about creating simi- lar programs. The park is staffed primarily
with volunteers, including par- ents and employees from spon- soring businesses. Capital One was the largest backer of the program, but other big names are displayed on the storefronts and even street signs at the park: ICI Investments, Burger King, Volk- swagen. Companies pay $15,000 to $250,000 for naming rights. CapitolOnedonated $2.5 million. Edward J. Grenier III, head of
theNational Capital Area chapter of Junior Achievement, said the group often partners with busi- nesses and has established stan- dards to ensure that corporate marketing does not detract from students’ learning. Inaddition,he said, the group wanted the park to mimic real life as closely as possible, warts and all, to engage students. “It has got to feel real so they
get lost in the moment,” Grenier said.
Students begin the visit by cal-
culating their monthly take- home salary and creating an esti- mated budget. The catch is that if students buy items only at the high end of their budget, they are guaranteed to go over their total spending limit. That forces them to make tough choices. “Getting it wrong is actually
the right answer here,” Grenier said. “Making your mistakes here gives us a chance to correct them.” Some students have caught on
to the game. Meagan Bragg, 13, stood in Finance Park’s car deal- ership and sifted through paper- work detailing her options: com- pact, premium, sporty, wagon. Meagan picked the least expen- sive,most practical vehicle on her list, aVWJetta SportWagen. “It’s easier just to drive kids
around in a wagon,” she said, thinking about her 8- and 11-year- old fictional children. Plus, she added, “I didn’t really want to use all my money because I don’t want to go bankrupt.” But sometimes even the best intentions can be led astray. Me- lissa Mathews, 13, perused the description of a house with a $1,163 monthly mortgage: a spa- cious two-bedroom, two-bath with a deck and a grill and a— “Ohhh, it has a backyard pool!”
Melissa said, as she checked the box next to her selection. “I like that!” One small problem. In her imagined adult life, Melissa has two kids. A real adult visiting the park pointed out that they would have to share a room. Melissa shrugged.
Volunteer Ethan Robinson, center, a logistics officer with the State Department, answers students’ questions as they fill out their “life situation” cards at Finance Park. Youths get a valuable lesson
G5
PHOTOS BY TRACY A. WOODWARD/THE WASHINGTON POST Students who participated in the financial training programat Junior Achievement Finance Park in Fairfax have left graffiti on a blackboard inside the facility.
1930’s family home Buy it. Sell it.
Federal Reserve Chairman Ben S. Bernanke, right, met with students at the opening of Finance Park.
“Think about how many chil-
dren you have and what kind of home you’ll need, not necessarily what you want,” Finance Park staffer Lori Lichstrahl told the students. “ ’Cause sometimes you can’t always havewhat you want.” Quietly, Michelle erased her
check mark and opted instead for a three-bedroom house close to
good schools. There was no pool.
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