Fourth and Fifth Grade Students Learn Budgeting Tips from Bauer Undergraduate Students
Houston-area fourth and fifth graders learned about finances, budgeting and investing in February at a financial literacy program hosted by the C. T. Bauer College of Business at the University of Houston.
The college held the event in partnership with the Greater Channel chapter of Jack and Jill of America, Inc., a national organization with more than 230 chapters across the country. The organization is comprised of mothers with children 2 to 19, dedicated to nurturing future African-American leadership by strengthening children through leadership development, volunteer service, philanthropic giving and civic duty.
In support of this mission, the Greater Channel chapter identified Bauer College for a unique program to teach members about the importance of business and the role that money plays in making long-term decisions.
Tanya Daniels (MBA ’01), the Jack and Jill mother who helped coordinate the event, said she chose Bauer based on the success of a similar program hosted for the Sugar Land chapter of Jack and Jill in 2014.
Four Bauer undergraduate students presented this year’s program. Accounting junior Chris Gervasio, finance senior Ike Ukazu, finance junior Khagunesh Patel, and finance and marketing senior Richard Wang led the day’s activities.
The group started the morning with a brief discussion about their future. The Bauer student presenters asked the youngsters what activities they enjoy now and what they hope to be when they grow up. The answers ranged from lawyer to artist to model.
Following that discussion, the Bauer students tasked the Jack and Jill members with selecting the types of clothes, family unit, transportation and home they hoped to have in the future. The students had a choice of four options within each category that ranged from economical to luxurious. Expectedly, the majority of the group made choices within each category that were consistently on the high-end, favoring the sports cars and mansions over the sedans and apartments.
Gervasio and Ukazu then revealed the average price of each of the items the students selected. Then, they provided a list of occupations along with their annual salaries. They were then given the opportunity to repeat the exercise, now with the additional condition of staying within an assigned budget.
The students quickly realized that they could no longer make the same decisions they made in the earlier round. Eleven-year-old Kyle Randon explained that he had initially chosen the family unit that showed a married couple with kids, but then changed his decision when having to stick to his budget. “Kids are very expensive,” he said.
After the budgeting simulation, the elementary students learned more about entrepreneurship and investing through interactive activities that showed the role that profit plays in making business decisions.
“One of the kids told me they were very optimistic about their future after today’s program, and that more than made the experience worth it for me,” Ukazu said.
By Sarayu Sundar