Westfall 8th graders were recently given a job, a paycheck, and a family to support and had to make choices about their monthly spending to learn about Real Money in the Real World!
Real Money. Real World. (RMRW) is a youth-focused financial literacy program from Ohio State University Extension and Pickaway WORKS. Real Money. Real World is fun and distinctive because it includes an interactive spending simulation that provides the opportunity to make lifestyle and budget choices similar to those made by 27-year-old adults.
Real Money. Real World. has three primary goals:
- To increase participants' awareness of how education level and corresponding career choice influence personal income and financial security.
- To increase the students’ knowledge of money management tools used in daily spending for cost-of-living decisions.
- To increase participants’ awareness of how income and lifestyle choices affect the amount of money available for discretionary spending.
RMRW is designed to increase participant awareness related to:
- How the type of job affects how much income can be earned.
- The level of education needed to get the job desired.
- The amount of money deducted from paychecks for taxes, other withholdings, health insurance, and retirement.
- How financial institutions help with personal money management.
- What it costs to maintain a household.
- What it costs to care for a child.
- How every spending decision affects other spending opportunities.
RMRW Performance Outcomes
Because of RMRW, youth will place more importance on and plan for changes related to:
- Doing well in school.
- Getting more education or training after high school.
- Waiting until financially ready before having children.
- Having a plan for spending that includes both needs and wants.
- Learning how to make financial decisions that adjust spending to match income.
- Saving money regularly.
Our 8th-grade students gained first-hand experience on topics including the importance of financial responsibility, money management, and smart decision-making to ensure overall financial well-being. While middle schoolers tend to understand concepts, like simple financial cost judgments and assigning values to goods and labor, they may not necessarily know how to use these concepts in their own lives. That’s where Real Money, Real World comes into play!