and financial independence is on the horizon, a local credit union is rich in resources. Redwood Credit Union (RCU) has been spreading the wealth—of information, that is—on financial education for decades. “RCU has been committed to financial education for more than 20 years,” says Matt Martin, senior vice president of community and government relations. In 2013, RCU began offering the Bite of Reality simulation, a workshop created for high school students designed to immerse them in personal finance. Using a mobile app, students are given an occupation, credit score, dependents, credit card debt and other various obligations. “We set up tables with volunteers and partners to be vendors at various stations,” explains Matt Kanzler, financial wellness specialist at RCU. The workshop features nine stations in total, eight of which are staffed by volunteer “vendors,” who sell such products as housing, transportation, child care, food, clothes, entertainment, even makeup and skin care. The students purchase items from every station based on the salary profiles they were given at the beginning of the simulation. “We encourage vendors to upsell and try to push high-priced items as if they’re venders making a commission,” says Kanzler. “We encourage the volunteers to use all sales tactics and peer pressure that we see in real life to give students a bite of reality. The ninth station is a credit-union station. When students go over budget, volunteers at the credit union station guide students to return items they didn’t need and focus on what is essential. Some of the profiles in the app are low- earning incomes, requiring a much tighter budget.
Get financial savvy at home: Apps that will guide your family to being financially literate From kids to adults, financial literacy may be a skill that needs some fine tuning. Luckily, there are apps for all ages that are engaging, and can strengthen a user’s ability to understand and apply financial knowledge. Here are the 6 apps to know about: 1. World of Money: Best financial literacy app overall 2. Zogo: Best financial literacy app for bite-sized lessons 3. RoosterMoney: Best allowance app 4. Investmate: Best for investing education 5. FamZoo: Great for families 6. Savings Spree: Game-based learning Source: The Motley Fool
Business Gets Better When You Join the Chamber
They also make sure that each profile’s
Call Onita for more information, or visit petalumachamber.com
6 Petaluma Blvd. North, Suite B-11, Petaluma, CA 94952 707-762-2785 • petalumachamber.com Open: Mon-Fri 10am-4pm
Matt Martin, senor VP of community and government relations for Redwood Credit Union.
Seeking to further enhance the quality of life of all Petalumans while sustaining our unique environment for the bene t of future generations.
September 2024
NorthBaybiz 51
Made with FlippingBook - professional solution for displaying marketing and sales documents online