SRPMIC Holds Financial Literacy Event for Youth
The Salt River Pima-Maricopa Indian Community Administration and Young River People’s Council presented a financial literacy workshop at the Way of Life Facility on Friday, November 15. The goal of the class was to introduce Community youth ages 12 and older to the basics of money management.
The event started off with SRPMIC President Martin Harvier welcoming up to 100 youth, parents and volunteers to the event.
“I am hoping this is a kickoff to something larger in the future as far as financial literacy for the [younger] members of our Community. It’s good to see the parents and the children who are here,” said Harvier in his welcome message.
Northern Arizona University’s Gwendolyn Cody and her staff presented the Seven Generation Money Management game to the youth and their parents. The game is a hands-on financial literacy game targeted to youth to enhance their money-management skills. It provides an understanding of bank accounts, investing, buying a house, purchasing a car and other money-related life skills.
Everyone divided into two groups. The first group went to the basketball courts at the Way of Life Facility, which had been converted into businesses such as a car dealership, an insurance office, a college admissions office, a bank, an electronics store, a travel agency, a furniture store, a tax office and many others. To play Seven Generation Money Management, participants were given ledgers to track their income, saving and spending. Everyone kept track of how much they spent and how much money they earned through their jobs, per-capita payments and investments. The youth had to visit at least 10 booths and write down what they bought, and list their investments, debts and income. They learned how much a new smartphone really costs with all the fees included. They also learned about the difference between making payments or paying for an item in full.
SRPMIC employees volunteered at each booth, explaining how much it costs to pay for a family vacation, to buy a home or rent an apartment, to buy a car and pay for the insurance, and how much they might owe the Internal Revenue Service each year. The youth were able to experience what it is like to be responsible adults, but in a fun way.
While the first group was playing the game, the second group went to the WOLF kitchen, where they enjoyed a pizza dinner and listened to a presentation from the Providence First Trust Company. Then both groups switched stations and the second group played the money management game.
Raffle prizes included gift cards and electronic items. The grand prize was an Apple laptop.
For more information about upcoming events such as this, visit the Salt River Pima-Maricopa Indian Community Facebook page.