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Cape Financial <br /> Cdd,SFducation <br /> - •-�..ea DRAFT COPY <br /> WHAT IS A CREDIT FOR LIFE FAIR? <br /> GOALS,BENEFITS,&BACKGROUND <br /> PURPOSE <br /> The ultimate purpose of the Credit for Life fair toolkit is to offer a 10 step guide to <br /> schools,teachers, community organizations, financial institutions or any other <br /> entity interested in developing a fair to help improve the financial literacy skills of <br /> young people through applied learning. According to research,97%of financial <br /> education fair participants experienced an increase in confidence of financial <br /> management and the majority of these participants planned to track their spending <br /> (source: University of Wisconsin-Extension). The fair simulates the financial <br /> decisions students will make when they have graduated school,whether it be high <br /> school, college or grad school, and are at the beginning of their careers. Students <br /> will experience the difficulties of managing a budget while maintaining a balance <br /> between needs and wants. They will develop a skill set that will help them <br /> recognize financial obstacles they will encounter throughout their lives and <br /> recognize the importance of being financially responsible. Therefore,the fair <br /> planning process tends to be initiated by a member of a financial institution or a <br /> teacher/administrator at a local school. <br /> WHAT ISA CREDIT FOR LIFE FAIR? <br /> A Credit for Life fair is a fun, interactive simulation of saving, spending,and <br /> budgeting based on career choices and lifestyle decisions. At the fair, students <br /> choose their occupation and spend the next few hours making the various financial <br /> decisions they will make as an adult,ranging from choosing where to live to buying <br /> a TV. The target audience that participates in such fairs generally consists of middle <br /> or high school students. Fairs target these grade levels because these students are <br /> old enough to start earning an income and as a result, managing this income often <br /> becomes relevant and interesting to them. However,the fair concept can be <br /> adapted for other grade levels or forums,such as elementary school or summer <br /> camps. Additionally, adults can benefit greatly from fairs as most volunteers claim <br /> to have greatly improved their financial literacy throughout the course of the <br /> planning process. <br /> Credit For Life Development Toolkit Page 5 <br />