GEM Federal CU Supports Financial Literacy
May 9, 2017
Area middle school students in Minot, ND learned about the realities of being grown-ups in the “real world” during a financial literacy event that was held on Wednesday, May 3rd at The Grand Hotel in Minot.
The purpose of the one-day event it to teach young students how much things actually cost. Seventh and eighth graders may have gone in to the simulation with a vague idea, but they leave the exercise with a much better understanding.
“This is financial literacy in action! The kids are learning they don’t want to be adults just yet,” said organizer Kim Colbenson, CEO of GEM Federal Credit Union in Minot.
Colbenson said 204 students attended seminars on topics such as needs vs. wants, insurance, jobs, credits and loans, the basics of money and budgeting. As part of the simulation, each student was assigned a “life scenario” that laid out the size of their family, their job, their monthly income and expenses.
Students from Minot Ryan, Ray, Towner-Granville-Upham, Beulah, Bowbells, Underwood, Leeds, Kenmare and Trinity Christian School in Williston participated in the financial literacy lesson.
“It’s been very eye-opening for a lot of them,” said Colbenson. She added that while this is GEM’s first year helping to organize the Real World Camp, the credit union is hoping that it will become an annual event.