Professor Katherine Schuessler Marian University Economics Teaching Conference November 7, 2014.

Service Learning in Economics:Reality day

Professor Katherine SchuesslerMarian University

Economics Teaching ConferenceNovember 7, 2014

"Service-Learning [is] a credit-bearing, educational, experience in which students participate in an organized service activity that meets identified community needs and reflect on the service activity in such a way as to gain further understanding of course content, a broader appreciation of the discipline, and an enhanced sense of civic responsibility" (Bringle & Hatcher, 1996).

What Is Service Learning?

Reality Day- a personal finance simulation for high school students.

Video of “Mad City Money” https://www.youtube.com/watch?v=OMbwCUGm9L4

Service Learning in Economics

Staff the stations and advise high school students with the help of community members.

Research costs and provide the options for each station.

Role of College Service Learning Students

First step: Orientation for the high school students.

◦ High school students are assigned an occupation based on their expressed career interests and a “life status”.

◦ The life status includes such things as marital status, children, pets, student loans and credit card debt.

A Walk Through of Reality Day

First step: Orientation for the high school students.◦ Students complete the top of second page of

yellow handout.◦ Explain the tax withholdings and net pay, discuss

child support ◦ Have H. S. students enter the net pay into a

check book ledger.◦ Assist H.S. students in writing their first check –

usually student loans- and enter into the ledger.


On to the stations: Visit the Financial Station to deposit paycheck

and pay student loan.

Next visit Real Estate and Automotive stations

Write a check or use a debit card or each payment and enter it into their checkbook.


RENTALS

OPTION A

OPTION B

7 UNIT APARTMENT (For single persons only)

Bedrooms: 1 Bathrooms: 1 Living Area: 500 sq. ft. Parking: Off-Street Includes: Heat, Water, Trash Pick-up NO PETS ALLOWED Security Deposit paid with application

RENT: $450 per mo. ********************************** 3 UNIT APARTMENT Bedrooms: 2 Bathrooms: 1 Living Area: 1150 sq. ft. Parking: 1 Stall Garage Includes: Heat, Water, Trash Pick Up, Lawn Care. PETS ALLOWED Security Deposit paid with application

RENT: $590 per mo.

Students must: visit the remaining stations in any order.

stop at each station and receive a stamp even if it doesn’t’ apply to them.

visit the Checks and Balances after every five transactions to show that their check book balances.


Students are required to pick up two Fate Cards These bring the recipient good or bad news….


FATE CARD

Time for new brake pads on the car. Pay $175 at the Fate Table.

FATE CARD

You had a rummage sale and made $125. Visit the

Financial Station and deposit your money!

FATE CARD

You had a rummage sale and made $100. Visit the

Financial Station to deposit your money!

Optional stationsSOS : Help for students who run out of

money. It may be food stamps, or housing assistance or a payment from a charity.

Judge/Government – Pay any fines here

Bus tokens-an option for those who chose not to buy or lease a car.

A Walk through of Reality Day

Optional stations

Part- time Jobs: Can’t make ends meet and you don’t want to trade in the truck? Get a part-time job for 4-25 hours /week.


Random Events

Nurse cards: a nurse randomly gives out cards informing the unfortunate recipient of a medical problem and corresponding bill

Tickets: beware of the police officer writing tickets. Many students are fined for speeding, disorderly conduct or littering.


Budget Adjustments:Often the students run out of money and want to change the home or cars they have selected


College Volunteers write a two page paper reflecting on their experience and responding to the questions below. Their ideas are shared with the class.

What? What happened? What did you observe? What issue is being addressed in this event?

Reflection

So What? Did you learn a new skill or clarify an interest? How is your experience different from what you expected? What did you like/dislike about the experience? What did you learn about the people you served and those you worked with?

Now What? What did you learn from this experience? How does this learning relate to economics? How can you apply this learning? What changes if any would you make to improve this event for the various participants?

Reflection

Increased their understanding of the personal finance

Practiced skills in leadership,

communication and collaboration.

Connected with professionals and community members who they will learn from and may connect with again later for jobs or internships

Benefits to Students Volunteers

Have a more positive outlook on both the class and on service to the community

Had fun!

Benefits to Students Volunteers

H.S. students face tradeoffs in managing their scarce resources.

H.S Students have a better understanding of costs.

Students learn that their own human capital (knowledge and skills) is their most valuable resource and the importance of education and training in their future economic success.

How Does this Service Learning Project Relate to Economics

Grading Service Learning

Orientation of Volunteers

Background checks

Other Matters

“Students need to rethink their career paths. People with incomes under $2000/mo. expected it to go much farther than it did.”

“I was rather surprised by how, for lack of a better word, clueless some of the students were.”

“Young people have no idea how expensive it is to have a child. One girl told me her daycare was more than her house payment; I just sort of giggled because I know it is true.”

“The funniest thing to hear was all the complaining they did because of the huge expense of daycare and also, having to buy diapers.”

Comments from Service Learning Students:

“I worked checks and balances and I loved it. This is exactly what I will probably be doing in a very short amount of time so to be able to get this kind of experience firsthand really was great.”

“I learned that I was very capable of explaining the viable options that the students had in investing their money. I got one pointer from a community member. I told her that I was a little nervous and that I may not know how to explain the concepts to the students. She told me not to worry, that I already know more than they do and if I don’t, just fake it. As long as you sound confident in your explanation they will never question you.”


“This opportunity is a great way for college students to get a glimpse of the realities that are to come after college…..teaching these students is a way for us to become better prepared as well.”


Eyler, Janet, and D.E. Giles. A Practitioners Guide to Reflection in Service-Learning. Nashville: Vanderbilt University, 1996.

Implementing Service Learning in Higher Education Author(s): Robert G. Bringle and Julie A. Hatcher Source: The Journal of Higher Education, Vol. 67, No. 2 (Mar. - Apr., 1996), pp. 221-239 Published by: Ohio State

References

http://www.servicelearning.org/library/lib_cat/index.php?library_id=2228

http://www.servicelearning.org/library/lib_cat/index.php?library_id=2228

Thank you!!

Questions?? Suggestions??

Professor Katherine Schuessler Marian University Economics Teaching Conference November 7, 2014.

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Transcript of Professor Katherine Schuessler Marian University Economics Teaching Conference November 7, 2014.