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Treasurer Mandel Presents the “Real Money,
Real World” Simulation
EAST CLEVELAND – State Treasurer of Ohio Josh Mandel’s office provided
a “Real Money, Real World” workshop today at Shaw High School in East
Cleveland as part of a statewide effort to increase student financial
literacy. The Real Money, Real World interactive budget
simulation is part of the Treasurer’s presentation at the Smart Money
Matters event, and is intended to increase students’ awareness of the
impacts of financial choices on home budgeting. This event is
part of the Treasurer’s continued effort to bring awareness to
financial education during National Financial Literacy Month.
“It’s very important to teach high school students skills like
balancing their checkbook and living on a tight budget to help keep
them out of financial trouble when they become young adults,” said
Treasurer Mandel. “Less than half of teens report that they
discuss money management with their family, and a similar amount say
they don’t know how to manage a credit card. The Real Money, Real
World simulation forces students to make realistic decisions and set
priorities in order to live within their means. This exercise is
part of a broader effort to give young Ohioans a more solid financial
foundation to build on as they graduate and go on to college or start
their working careers.”
As part of the Real Money, Real World budget simulation, students are
given a fixed income, and are dealt financial obligations. They
are then asked to budget for such expenses as: child care, clothing,
communications, credit cards, entertainment, food, housing, insurance,
student loans, transportation, utilities, etc. Their spending and
expenses must meet their income, often requiring tough decisions and
encouraging thoughtful discussion on priorities.
Ohio Senate Bill 311, passed in 2007, requires financial literacy to be
taught as part of the Ohio Core Education Standards. The law
requires schools to integrate the study of economics and financial
literacy into one or more existing social studies credits or into the
content of another class so that every high school student receives
instruction in these concepts. The law requires that financial
education be integrated into the curriculum for all students beginning
with the class of 2014.
“This simulation is just one example of the ways that my office is
seeking to expand access to financial literacy for students and all
Ohioans,” said Treasurer Mandel. “We are also working to add more
online resources and content for students and teachers to help them
fulfill their graduation requirements, and be better prepared for
future success after high school.”
Smart Money Matters is a collaboration between the Ohio Treasury, PNC
Bank, Third Federal Savings and Loan, the U.S. Department of Housing
and Urban Development and the Ohio Realtist Association.
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