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Department of Youth Services host Financial Literacy Summer Program

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Posted: Monday, July 23, 2018. 4:47 pm CST.

By BBN Staff: The Benque Viejo Department of Youth Services (DYS) today commenced their Financial Literacy Summer Program.

The DYS in collaboration with St. Martin’s Credit Union hosted a 2.5-hour simulation exercise with ten youth participants from Benque Viejo Town.

The participants were given an occupation training where they were allocated a salary, student loan debt owed, credit card debts and cost of medical insurance.

They were also required to shop for different items.

In the process, participants learned how to write checks for their purchases and balance both their checkbooks and budget.

The objectives of the simulation are to practice budgeting as an adult with realistic circumstances, identify and experience the consequences of poor financial decisions, and develop good judgment regarding spending and making a budget.

Furthermore, the participants will recognize that budgeting is a necessary (and not too difficult) step in good money management.

 

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