About 120 high school students participated in a Mad City Money scholarship competition hosted April 20 by Cardinal Community CU in Mentor, Ohio. The winner earned a $1,200 scholarship from the credit union. (Photo provided by Cardinal Community CU)
MENTOR, Ohio (4/24/13)--Cardinal Community CU in Mentor, Ohio, hosted a Mad City Money scholarship competition Saturday, and the winner earned a $1,200 scholarship from the $171 million asset credit union.
Mad City Money is the equivalent of a life-sized board game that allows young people to deal with real-world financial situations--in a setting that provides information on occupations, salaries, credit card debt, student loan debt and medical insurance payments (mentorpatch.com April 19).
Similar to the board game Life, Mad City Money allows high school students to assume the role of an adult in the futuristic Mad City. Provided with jobs, families, income and debt, participants visit merchants and choose clothing, daycare, food, household necessities, housing and other needs and wants while creating and working within a budget. The game was created by the Credit Union National Association.
Roughly 120 students participated in the event.
In the course of the competition, students make mistakes and endure their consequences "in a realistic but safe environment," Christine Blake, Cardinal Community president/CEO, told mentorpatch.
The experience allows students to formulate a basic-budgeting understanding, Blake added, noting that nearly 350 students were taught those concepts last year through the Mad City Money program.