Baker students learn financial literacy through Mad City Money

C.W. Baker High School students tested their financial literacy Tuesday with Mad City Money, a hands-on simulation.
 
Mad City Money, gives youth a taste of the real world complete with occupation, salary, spouse, student loan debt, credit card debt and more. The students take on the role as an adult as they navigate Mad City and distinguish the difference between wants and needs.
 
Mad City Money at Baker High School is sponsored by Edge Federal Credit Union, which has a branch inside the high school.
 
Corey Sherwood, a loan officer with the credit union, said the goal of the event to teach financial literacy and to help develop good financial habits in young adults.
 
In Mad City Money, students receive a profile that includes a virtual budget, career and family situations. Using their profile information, they had to visit “vendors” that were set up in the school library to “purchase” items they need such as housing, transportation, groceries, childcare and more, basing their purchasing decisions on their budgets.
 
Gabby Carr, a sophomore, said the exercise is helping her realize that she needs to be more financially responsible.
 
“It’s really setting me up for my future because I spend way too much money,” Carr said. “So having this and seeing what I have to spend my money on each month will help me not buy pointless things like I do now.”
 
Business students took part in the exercise. Meghan Titus, a business teacher, said the students enjoy the activity and the lessons are priceless.
 
“They are learning realistic budgeting scenarios that are going to help them later in life,” Titus said.