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 * Home
 * Enterprise Pathways
 * Colleges and Trade Schools
 * Middle School and High School
   * North Central Region
   * North East Region
   * South Central Region
   * South East Region
   * West Region
 * Organizations/Events
   * Other


FINANCIAL LITERACY
CHALLENGE


A FUN DAY TO BUILD FINANCIAL KNOW-HOW!

 * Current Contests
   K-12 Regional Contests HBCU Partners Contest

 * Schools
   Middle/High School College and Trade Schools

 * Other Organizations
   Non-profit Organizations Enterprise Pathways


ABOUT THE SIMULATION



In the Financial Literacy Simulation, your students experience two different
game modes. First, they will be college students with part-time jobs, and then
half way through the game, they graduate and get their first full-time jobs. On
top of experiencing the difference between sharing the cost of rent with
roommates to living on their own and having larger bills; they will see what it
feels like to suddenly have health insurance and student loan bills to pay.

Students must learn how to balance their savings goals with their fixed and
variable (unexpected) expenses.

The main objectives of the game are to build an emergency savings fund, setting
and keeping a savings goal, build your credit score while maintain a healthy
quality of life.


HOW THE BUDGET GAME WORKS

 * Playing the Game
 * Decisions Matter
 * Progress Reports


PLAYING THE GAME

Students progress through the game by rolling a die. At the end of each roll, a
random life event pops up where students must choose how they will respond. Over
time their choices impact the events that happen, offering a unique experience
for every student.

At the start of each month, students are shown how much income they expect to
earn, see all their fixed expenses and set aside money for unexpected expenses
and emergencies and set a savings goal for that month. When they achieve that
goal before month’s end, they earn bonus points.


DECISIONS MATTER

Students make decisions throughout the game.

 * “How much rent do I want to pay?”
 * “Should I invest in a cheap backpack or a rugged one?”
 * “Should I hang-out with their friends this weekend, or study?”

Every decision has a long-term impact on how the game plays out.

Students who study a lot in school will start their full-time job with a higher
salary. Students who take care of household chores save money on their groceries
by clipping coupons. These impactful decisions are the basis for how the
Simulation experientially teaches students how to responsibly manage their life.


PROGRESS REPORTS

Teachers can review student progress from accessing every student’s checking and
savings bank statements, and their credit card statements. Teachers can see the
bonus points they’ve earned from hitting their savings goals and the grades they
earned in their lessons.

All actions students perform on the platform can be tracked so you have a full
picture of how much they’re learning.


INTEGRATED LESSONS

There are dozens of lessons in the Financial Literacy Challenge to help students
understand how to navigate their life, as the events in the game mirror back to
real life.


TOPICS INCLUDE:

 * How to distinguish between needs vs wants?
 * How to file your income taxes?
 * How to fill-out a check?
 * What are common banking fees?
 * And more!

As students complete lessons and achieve milestones in the game, they earn
badges and students who complete all the lessons and all the months in the
Budget Game will earn their Financial Literacy Certification.


HOW PLAYERS ARE ASSESSED


SAVINGS GOALS

Students earn the most points by quickly saving up an Emergency Savings Fund of
$1,000. Then consistently saving 10% of their monthly income and replenishing
their savings whenever they use these funds for costly life events, (like the
axle breaking on their car).


CREDIT SCORE

Students earn points by building up their Credit Score through responsibly using
their credit cards. This also increases their Credit Limit. They will see first
hand what happens when they keep a balance on their credit cards, and how
expensive it is to incur late fees!


QUALITY OF LIFE

After building their emergency fund and hitting their monthly savings goals,
students also earn points by focusing on their Quality of Life. This keeps the
students from just saving all their money and not taking care of themselves.


NET WORTH

Net Worth is not counted as part of the overall game score, but it can be a
powerful motivator! Students can see the Net Worth of other students from the
ranking page, which gets them thinking about how much money they’re spending.


JOIN THE CHALLENGE

Experience the power of this Financial Literacy Simulation by reaching out to
Bank of America to schedule a virtual demonstration. Unlock access to this
incredible resource by registering and participating in this transformative
experience.

Registration details are provided by contacting your local Bank of America
associate or by contacting at finlitsim@bofa.com

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