Financial simulations for young adults: Making the "real world" real

Simulations are a useful tool for teaching personal finance concepts. Keys to a successful simulation experience are easy to replicate materials, realistic scenarios, clear instructions for participants, and a thorough debriefing where students discuss their experiences and what they learned. Simulations provide an opportunity for students to appreciate the economic impact of a post-secondary education and to practice financial management skills such as check writing and budgeting. In addition, they are interactive, which makes learning fun. This article provides Extension educators with brief summaries of a "toolkit" of 11 simulation products that teach personal finance concepts to young adults.