Mad City Money

The Bay County Chamber of Commerce Education Committee and Innovations Federal Credit Union have partnered to bring Mad City Money, a hands-on financial simulation, to Bay County Schools. The simulation, developed by the Credit Union National Association, is a tool for teaching personal finance and life skills to high school students. Through the school-based simulation, students discover the impact of their decisions, learn about important financial concepts and practice money management skills in a creative role-playing activity.

Carol Roberts, President/CEO for the Bay County Chamber said, “We are excited to partner with Innovations for this event. We are learning more and more that as students are leaving school and preparing for the future, they do not realize the impact of debt and the importance of saving for their future; Nor do they have a concept of financial literacy. Mad City Money helps them recognize that small financial decisions today will impact their larger decisions tomorrow.”

The Chamber held the first Mad City Money at Mosley High School. Students gathered for the two hour simulation and were transported to the future where they received a new identity; complete with an occupation, family and monthly salary. After a quick introduction, David Southall, President/CEO of Innovations and Chairman of the Education Committee, gave these new adults instructions about the exercise, along with their new identities and they quickly got to work. Their task: shopping for necessities and wants all while creating and following a realistic budget while achieving the goal of a positive balanced budget.

Members of the Education Committee and Bay Young Professionals volunteered to serve as merchants to sell students the necessities needed such as Really Realty and Utilities, Gotta Eat! Grocery, Fun Stuff, Kid Care, Home Stuff, Big Wheels New & Used, My Closet and Mad City Mall. While students shopped, some were visited by the Fickle Finger of Fate, who passed out fortunes or unexpected expenses such as repair a flat tire or medical bills.

After students visited all of the merchants they had the opportunity to review their budgets and choices with a member of the Innovations team. Together they review the student’s purchases, discuss the importance of savings and take a look at how they can better prepare for the future.

“I have explained to students that Mad City Money is like playing The Game of Life in real-life!” said Jennifer Hall, Entrepreneurship Instructor at Mosley High School. “I’m excited about the opportunity for these students to interact with Innovations FCU and Chamber members and to get a taste of budgeting. Many of these students get money from the Bank of Mom & Dad; we are trying to have students think about how things are going to be once they are out on their own.”

One student commented, “When I have a career and steady income, I will try to save as much money as I can for retirement while living comfortable.” While another student said, “I need to be smart and find a good way to balance things that I need and things I want.”

“Our goal is to show the students how important it is to be financially responsible. At the end of the Mad City Money simulation, we remind the students that when they become adults, their spending and savings choices not only effect their lives but also the lives of their family members,” says David Southall, President/CEO of Innovations.

The Chamber’s Education Committee is planning to hold more Mad City Money events during the 2018-19 school year. For more information on how you can bring Mad City Money to your school, contact Elizabeth Smith at the Chamber at 850-785-5206.