JACKSONVILLE, Fla. – An annual event is planned in downtown Jacksonville to help teach teens to manage their finances. Currenty 93% of American parents with teenagers reported that they worry their children might make financial missteps such as overspending or living beyond their means.
On Saturday, March 28th at the Jacksonville Public Library in downtown there will be an event called a 'mad City Money Simulation' for teenagers aged 14 to 17.
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More than 20 local credit unions are partnering for the event.
One of the credit unions is Joe Markley a regional manager at First Florida Credit Union. Markley came on The Morning Show and told me, "Financial literacy is really no longer taught in the school system. It used to be taught more prevalent. As a matter of fact only four states require high school students to actually take any personal finance classes at all."
"When college students are now entering college, most of them have one credit card. And by the time they graduate they have four or more and their balances are over $3,000," Markley said.
We also asked Markley what the Mad City Money Simulation is. "It is essentially a giant interactive game of life. What it is you come in, we give you a new identity. We give you a family. We give you financial obligations. You interact in Mad City with merchants care salesmen, mortgage brokers and you learn to spend your money wisely," Markley said.
If you want to attend the event you are encouraged to RSVP by calling (904) 307-2899. You can also find out more at www.mynechapter.org.