Finance Park: Building Financial Literacy in Fairfax County Public Schools

Finance Park, a program jointly operated by Fairfax County Public Schools (FCPS) and Junior Achievement of Greater Washington, stands as a cornerstone in the district’s efforts to equip students with essential financial literacy skills. This immersive, hands-on simulation provides eighth-grade students with a realistic experience of managing a household budget and navigating the complexities of personal finance.

Before visiting the actual Finance Park facility, students participate in a rigorous curriculum in their classrooms. This preparatory phase covers key financial concepts such as budgeting, credit, insurance, investing, and taxes. Students learn how to calculate income, understand deductions, differentiate between needs and wants, and make informed decisions about savings and debt. They research different career options and explore the relationship between education, career choices, and potential earnings. This foundational knowledge is crucial for maximizing the value of their experience at Finance Park.

The Finance Park facility itself is designed as a simulated town, complete with storefronts representing various businesses and services. Each student is assigned a unique life scenario based on real-world demographics, including their chosen career, salary, marital status, and whether they have children. This scenario dictates their monthly income and initial financial obligations.

During their visit, students work to create a balanced monthly budget. They must make choices regarding housing, transportation, food, healthcare, childcare (if applicable), entertainment, and savings. They visit each storefront and interact with volunteers, often professionals from the financial industry, who guide them through the decision-making process. These volunteers offer advice, answer questions, and help students understand the consequences of their financial choices.

The interactive nature of Finance Park allows students to experience firsthand the challenges and trade-offs involved in managing a budget. They quickly learn that unexpected expenses can arise and that careful planning is essential for achieving financial stability. The program also emphasizes the importance of saving for long-term goals, such as retirement or education, and the potential benefits of investing wisely.

Furthermore, Finance Park instills in students a greater appreciation for the value of education and hard work. By experiencing the financial realities of different career paths, they gain a deeper understanding of the connection between education, earning potential, and overall financial well-being.

Finance Park is more than just a field trip; it is a powerful learning experience that empowers students with the knowledge and skills they need to make sound financial decisions throughout their lives. By combining classroom instruction with a realistic simulation, FCPS and Junior Achievement are providing students with a valuable head start in navigating the complexities of the modern financial landscape.