Teens get crash course in cost of being an adult

On a recent visit to The Baseball Grounds of Jacksonville, 15-year-old Brandon Clayton Jr. gained a wife, children and home mortgage.

At least that was the scenario.

Having teens like Brandon imagine their future lives — and show them how much money they will need to maintain those lives — was part of the moveUP Money Experience for Teens, the youth-component of Community First Credit Union's moveUP financial wellness program.

The free initiative offers a real-life money simulation for students 13 to 18, with them receiving new identities including families, educational backgrounds, careers, monthly incomes and debt. They "visit" merchants, learn how to stick to a monthly budget, create financial goals and, afterward, get to open a "teenage-specific" checking account.

About 150 youth and 100 parents attended in June; the next session is Saturday.

Brandon heard about the program from a friend and decided that as a high school student he needed such preparation.

"I was able to experience real-life scenarios, such as having a wife, kids, mortgage. All that is needed to run a household in a very realistic way," he said. "I wanted to really see what the whole experience was like. I wanted to see for myself if the decisions I made were the right ones … but I quickly realized I was not making the right decisions.

"I learned that I would need a lot more money than I anticipated," said Brandon, who attends Yulee High. "I need to make sure I make enough money for the things that I want."

Such financial enlightenment for teens was the goal of moveUP for Teens, a partnership with Duval County Public Schools, Florida Blue and the Jacksonville Jumbo Shrimp, said Kenyon Sutton, a Community First financial wellness officer.

"Our public schools teach the basics, and these events enhance that learning and show how it can be put into practice," he said. "The objective … is to educate teenagers on the importance of money and money management in adulthood. Too many times we see people in their 20s, 30s, 40s or even 50s who don’t understand how money works."

MoveUP gives them a "glimpse into money management as an adult," so they will understand the concepts before adulthood, he said.

"They learn how a checking account works, how to keep a positive balance, what kinds of bills adults pay and how expensive those bills can be, the importance of saving, how to balance needs and wants and how to manage debt," Sutton said. "This also gives parents an outlet to discuss a difficult and uncomfortable topic in a safe way."

Community First began hosting moveUP for Teens in its branches in 2016 and eventually partnered with schools, community organizations and workforce development programs to spread its reach. About 1,800 teens have been through the program so far, he said.

"Teenagers usually show up a little grumpy because their parents, or someone else, dragged them to this 'financial workshop' on a Saturday," Sutton said. "By the end of the workshop, they usually are much more upbeat, having fun as they put things together. Parents always thank us for putting this on."

Some teens start out the day thinking that as adults they will "buy cars for themselves and bus passes for their spouses or make Grandma take care of the baby-sitting," he said. "We talk through the reality of that and parents always chime in at how unrealistic that is."

But there are also youth who are already clued in to reality. Their parents "are often surprised at how level-headed their teenagers can be when it comes to money," Sutton said.

Joining Brandon at the Baseball Grounds were the 15-year-old Reid quadruplets, who attend Raines High School. Two of them, Nebthet and Neith Reid, said the experience was eye-opening.

"I for one didn't know how money worked in the real world," Nebthet said. "I didn't know that there were so much that you have to budget and save in order to have things you want and need. Basically we had to be an adult for a few hours."

Among her revelations was the importance of setting priorities. "It isn't always about what you want. … It's about what you really need. That was a big lesson," she said.

Neith said the "new identities" each participant received gave her a lot to ponder.

"I had to determine how much money I had to spend for my family without getting into debt," she said. "I had to make real-life decisions. I really had to think about how much money I had to spend on each thing. I learned that when I have a family, I have to think about each aspect of the house and the family needs and I just can't spend … I need to save as well."

The siblings urged other teens to pursue moveUP, and Nebthet even suggested it be taught in all high schools.

This year the Legislature approved and the governor signed a new law that will among other things require Florida high schools to offer a elective course focused on financial literacy, starting this fall (bit.ly/2Mslaby). But Sutton said other states, including Georgia, Idaho and Texas, have gone a step further and made financial education a high school graduation requirement.

"They saw increased credit scores and lower delinquency after three years," he said. "Other studies show that those that receive financial education in their teenage years tend to be financially healthier adults with less debt, more savings, and … have bank accounts. If we want our adults to be financially healthier, then we need to ensure we are passing that wisdom down to the next generation."

Beth Reese Cravey: (904) 359-4109

The next moveUP Money Experience for Teens will be from 11 a.m. to 1 p.m. Saturday at Orange Park Mall, 1910 Wells Road, Suite 1096A (in the old Bath and Body Works store across from Dillard's). The event is free with advance registration for teens 13 to 18, with their parents, and includes food, activities and all the supplies needed. To register go to moveup-for-teens-orange-park-mall.eventbrite.com.

MoveUp Money Experience for Teens