Accounting for Kids Can be Fun
Now in its 18th year, Accounting for Kids, Inc. (AFK) is a Cincinnati-based non-profit organization that supports and mentors disadvantaged children in local school districts. With the help of an army of financial and business professionals serving as tutors, AFK Day offers critical concepts such as finance, accounting, and economics to children in the classroom.
This past year’s AFK Day volunteers included our own Mark Hogan, senior wealth advisor, and Julie Albright, wealth advisor. Mark and Julie introduced financial concepts to children in a fun and interactive manner. Volunteers also encouraged students to discuss their life goals, and plans for college.
Through generous sponsors and hundreds of volunteers, the annual AFK Day continues to be a success for all participants involved, now reaching approximately 140 classrooms in 30 schools throughout the Cincinnati region. This year, volunteers came from diverse companies from Madison Wealth Management, GE, Toyota, and Fifth Third Bank to Macy’s and Deloitte. Students from Northern Kentucky University and Xavier University also participated as volunteers.
Mark and Julie tutored a fourth grade classroom at Winton Hills Academy, located in an underserved school district. The kids divided into teams and agreed on team names (for example, “Budget Bashers” and “Expenditures”). The kids were led through a game called Moneypalooza, which is designed as a monopoly-type game, and proved an effective tool for teaching financial literacy.
The object of the game is to save the most money, but the winning team is required to share (donate) a given amount. As part of playing the game, the children are challenged to come up with creative ideas when posed with some of the following financial literacy questions:
- How can you spend less on things you don’t really need to buy? (for example, bring water from home rather than purchasing a water bottle at school);
- How can you earn money? (some examples were dog walking, babysitting, etc.), and;
- To which charity will you donate money?
Julie noted that the “kids in our classroom were very sharp, engaged, and enthusiastic.”
If you are interested in volunteering to help children at local schools understand the fundamental concepts of finance, accounting and economics, please contact Accounting for Kids, Inc. In just a few hours of time, volunteers can make an impact in the lives of these students.