SUNY Oneonta hosts simulation on personal finance
Offering an educational spin on the classic board game Life, Making Cents of
To participate in the interactive budgeting event, students completed surveys of several factors including their chosen career fields and where they planned to live after graduation. Organizers used the data to generate customized profiles based on starting salary, cost of living and even the thermostat settings they expect to keep in their future homes.
Students were issued paper play money to use throughout the stations, which mimicked real-life expenses including food costs, rent allowance, healthcare and entertainment and leisure-related expenses.
In addition to student volunteers and academic faculty, the event was staffed by representatives from the campus offices of financial aid, career development and health and wellness to offer insight on various aspects of budgeting.
Volunteers demonstrated how to fill out tax forms, make loan payments, apply for lines of credit, comparison-shop at the grocery store, providing pamphlets and online resources for students to use in the future.
Financial advisers from the local branches of
The multi-colored "Life Happens" wheel represented the randomness of unforeseen circumstances. Each color on the wheel corresponded to an unpredictable event and assigned a dollar value to each.
Participants each got two spins -- one for good news -- using a
"My personal belief is that educating students in finance benefits everyone," Sutton said.
Even though the Making Cents program is funded through a grant from the
Sutton, who administers more than 20 additional Making Cents events throughout the year, said he designs many of the events to fulfill requirements for the school's Leadership Education and Development (LEAD) program.
According to
Phelps said 20 percent of the December graduating class received LEAD accolades, calling the program a "high-engagement initiative."
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