CHARLOTTE, N.C. — High school seniors are asking “Where’s the Money” as they make decisions about their financial futures. As inflation continues to rise and wages in some fields remain stagnant students are stepping into the financial world on a rocky footing.
Not everyone is prepared or educated enough about how to be successful when it comes to financial planning.
Junior Achievement of Central Carolinas, a local nonprofit, is looking to help. Each year, Junior Achievement teaches hundreds of students about personal financial planning and career exploration. Students go through a real-world model of what their future jobs would be. Some found out they may have to reconsider based on long-term financial goals.
"There was a time when a student asked the teacher 'is this truly how much you make,'" Season Truong, a capstone manager at Junior Achievement said. "And then the teacher was like, 'yeah, I have to work three jobs to be able to support the lifestyle that I want to live.'"
As students graduate, they make big decisions about their upcoming careers, credit cards, and student loans, which are all things that will set the stage for their financial future.
"I would not have gotten a credit card at 18 and made the decisions I did," said Crystal Taylor, Junior Achievement's operations director. "I paid for my prom dress and meal out on a credit card. And I promise you, I probably was paying on that for five to seven years."
It’s an experience like those the organization wants students to learn from.
"I did not realize how expensive retiring actually is for the rest of your adult life," said Sir Malachi Simpkins a senior at East Lincoln High School.
Simpkins is thinking of going into the world of culinary arts after he graduates.
"I'm really hoping to bring a Michelin-star restaurant here," he said.
While he mulls over his lifelong dream, the simulator helped him realize there may be some financial decisions he needs to think about first.
"Starting out, my job is not one that makes a whole lot of money. So it was going to be quite a bit of debt to worry about," Simpkins said.
The Junior Achievement Finance Park at Junior Achievement of Central Carolina is a real-world model that starts on iPads each student is handed at the start of their visits. Students pick a career and their financial goals and a breakdown of the realities of that decision pops up.
Madeline Saunders chose to be a lawyer.
"I'm definitely poor, my financial health is poor," Saunders said. "I've just started my budget, but there's not going to be a lot to spare."
That’s because of the expected student loans she’ll have to pay back. And when you factor in her long-term saving goals like buying a house it gets bleaker.
"Homeownership is probably not going to be an instant thing, but a home is a good investment," Saunders said.
The experience is not to dissuade students from their career path; instead, it gives them a financial outlook to be prepared for.
"Having the students being able to make the mistakes here kind of gives them a better skill set of what should I not do in the real world so that I don't end up where I don't want to be," Truong said.
Contact Shamarria Morrison at smorrison@wcnc.com and follow her on Facebook, X and Instagram.
WCNC Charlotte's Where's The Money series is all about leveling the playing in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.