Credit Unions Host "Bite of Reality" Financial Literacy Event for Teens

A group of local teens got a "bite of reality" on Saturday, July 13 when they attended an interactive financial education simulation at the Wilmington Boys and Girls Club hosted by Wilmington, CA-based Family Federal Credit Union and Manhattan Beach, CA-based Kinecta Federal Credit Union. It was offered by the Richard Myles Johnson (RMJ) Foundation, the state foundation for credit unions in California and Nevada.

The eventwhich aims to teach young people the basics of finance by having them take a "real world" test drive complete with a job, money and the freedom to make their own financial decisionswas run by employees from Kinecta FCU and Family FCU, who volunteered their time. At the start of the event, the teens were given a fictional occupation, salary, spouse and family, student loan debt, credit card debt, and medical insurance payments. They then visited various stations to "purchase" items such as housing, transportation, food, clothing, household necessities, and daycare. They battled their way past salesmen, unexpected expenses and windfalls, and expensive tastes to keep themselves in the black, and learn how to budget and make wise financial choices. When some of the teens ran into difficulties with overspending, those staffing the "credit union" station were more than happy to provide assistance. Many lamented the cost of taking care of kids and how difficult it was to spend wisely. "Its eye-opening," said 16-year-old Miguel Hernandez, who admitted to just spending his paychecks from his part-time job, and knowing he wont have the luxury of continuing to do that as an adult. "This is making me aware of what I need to do when I get older." "I appreciate more what adults go through," said Micah Burog, 17, at the end of the event. And that taste of reality is exactly what the event coordinators hope young people take away from the program. "During Bite of Reality, we love it when the teen has an ah ha moment when they learn something new about budgeting and spending. Their responses are so genuine," said Kinecta FCU Vice President of Corporate Communications, Government Relations, Community Relations and Member Care Marsha S. Mathias. "Kinecta employees volunteer their time to help teens learn about budgeting and planning. Bite of Reality makes it easy for our volunteers and fun and engaging for the teens." "It was fun seeing the attitude in the students change as the day went on and they realized they had to make adjustments; and hearing students say they now know what their parents have to go through, and that they feel sorry for them because its hard to make the right choice with spending," said Lucia Moreno-Linares, CEO of Family FCU. "Giving teens this hands-on opportunity to experience making financial decisions in a low-risk setting gives them a better understanding of the challenges of living on a budget before they have to make those decisions in the real world," said Tena Lozano, executive director of the RMJ Foundation. About Family Federal Credit Union Family Federal Credit Union was founded in 1983 by Father Luis Valbuena, OMI, at Holy Family Catholic Church in Wilmington to serve the financial needs of parishioners and the community by providing a place to save, to borrow at fair rates, and to educate oneself about finances. We offer savings accounts, youth accounts, free checking, ATM/debit, affordable Visa credit cards, Audio Response, money orders, money transfers, and financial education classes. About Kinecta Federal Credit Union Kinecta Federal Credit Union (kinecta.org) is one of the nations largest credit unions, with approximately $3.2 billion in assets; 22 branches; four retail mortgage centers; 41 Nix customer service centers and 10 Kinecta branches at Nix locations; and more than 250,000 members nationwide. Kinecta offers its members a full range of financial products through the Credit Union and its subsidiaries, Kinecta Financial & Insurance Services and Kinecta Alternative Financial Solutions, dba Nix Financial (MyNixFinancial.com). About Richard Myles Johnson Foundation: The Richard Myles Johnson Foundation, founded in 1958, is dedicated to supporting credit union efforts in spreading the financial literacy message to young people. The Foundation offers the Bite of Reality program, a hands-on simulation program that teaches the basics of finances to teenagers. It also provides scholarships for credit union volunteers and staff to attend seminars and conferences to further their educational and professional development. It is funded through donations from credit unions, California and Nevada Credit Union Leagues chapters, corporations providing credit union services, and individuals. More information about the Foundation is available at its website at www.rmjfoundation.org.��