Financial Reality Fair at the University of Bridgeport

MSCU joined other credit unions from across Connecticut at the University of Bridgeport for the Financial Reality Fair, designed to equip high school students with a basic knowledge of budgeting, saving and the importance of building and maintaining credit.

Students heard from University of Bridgeport President Danielle Wilken, Ed.D and CT State Treasurer Erik Russell kicked off the event by explaining a central part of his job, managing the state’s budget, and emphasizing the importance of financial independence and healthy money habits among young adults entering the workforce, and particularly those taking out loans for their education. 

Erik Russell, Connecticut State Treasurer, fielded student questions on managing finances.

Treasurer Russell also fielded questions from the audience of students from Bridgeport and surrounding area high schools, regarding the amount of the state’s budget he is responsible for managing, and additional financial management topics.

Applying budgeting principles

Erica Moore, Senior Resolutions Specialist at MSCU, presenting to local high school students.

Erica Moore, our Senior Resolutions Specialist, facilitated an orientation for students, explaining how to use and navigate an app which would guide them through a mock budgeting scenario.

Students then moved from station to station, staffed by local credit union and University of Bridgeport graduate student volunteers, each one representing an expense that they would have to cover as they entered adulthood - including rent, a car payment, utilities, food and clothing – and were presented with various options, ranging from practical to luxury, whether they were looking to purchase a cell phone or book a vacation as part of the mock scenario.

Students were presented with various options for some common recurring expenses.

Through the exercise, students learned the importance of having good credit when it comes to financing a vehicle or renting an apartment, the significant cost difference between having a roommate and living on your own, and how a more practical vehicle like a Honda led to more savings in the long run versus a BMW with a higher monthly payment. 

Students also learned how credit unions, since they are not-for-profit, can help them reach their savings goals through providing lower fees, better interest rates and improved client service.

Students learned: 

• The value of building and maintaining good credit.
• The difference between needs and wants.
• The importance of having emergency savings.
• Cost-saving strategies to help them stay within their budgets. 
• How credit unions can help them achieve their savings goals through providing lower fees, better interest rates and improved client service.

Students discussed their options with volunteers from local credit unions.

We are thrilled at the turnout of today’s event and look forward to additional opportunities to support communities across Western Connecticut. Stay tuned for more financial independence programming and don't forget to follow us on social media for more MSCU news and updates!