Oklahoma Treasurer Ken Miller and former University of Oklahoma football star Ryan Broyles are banding together to teach students money management skills in an unconventional way.
Together, Miller and Broyles are working on a statewide effort to improve financial literacy among middle school and high school students by creating a video game that teaches money management skills, according to NewsOK.
“It’s important to have financial responsibility in order to know how much money you have and to plan on long-term success,” senior Kathryn Ostlund, an Oklahoma Christian University business major, said.
The NFL and Visa Inc., with support from the Oklahoma Jumpstart Coalition for Financial Literacy, developed an interactive game called Financial Football. In the game, teams compete by answering financial questions to gain yards and score touchdowns, according to the official game page on practical.moneyskills.com.
Broyles, who now plays for the Detroit Lions, told NewsOK that he was not always responsible with his money, but he learned early to live below one’s means, even as a pro-athlete.
Despite high income, people can have trouble managing their finances.
“Don’t let it be overwhelming,” Executive Director for Budget and Financial Services Clint Larue said. “And the best way for it to not be overwhelming is to know what you’re spending your money on, which means tracking your spending.”
Some monetary problems among college students can stem from credit cards and other credit-based systems.
“I think that having a healthy credit score is very wise, and Dave Ramsey talks about cutting up your credit cards and I don’t agree with that,” Larue said. “As long as you stay within your means, a credit card can help build that healthy credit score.”
A lot of everyday expenses can be cut out of a budget in order to save money, according to senior Domenico Degrazia, a business major.
“Financial responsibility is being able to spend less than what you make,” Degrazia said. “To be responsible and aware of what your income is and to be able to manage your budget without going over it.”
Broyles said in an interview with NewsOK that many professional athletes live contract to contract because they don’t know how to manage their money.
“A lot of people get a large sum of money up front and they change their standard of living… but if you continue to increase your spending with what you’re making, you’ll never get ahead,” Broyles said.
The Treasurer’s staff is distributing Miller and Broyles’ game to every public middle school and high school in Oklahoma.
“Financial Football is a great way to get students’ interest in personal finances and gives them a financial playbook they can use the rest of their lives,” Miller said in an interview with NewsOK.
Learning financial responsibility at an early age can help students be more prepared when they get to college and have to deal with student loans, according to Larue.
“If we aren’t responsible with finances and planning we could end up with debt and unprepared for any obstacles,” Ostlund said. “Based on the amount of income one has should determine how much expenses they are allowed to have in order to stay financially sound.”
Oklahoma Christian University implemented the SALT program in 2012 to help students keep track of their student loans and other debts. Partnered with American Student Assistance, the program offers multiple features to help with financial wellness, and is free to all students and alumni.
“There is a lot of power within that software tool,” Larue said. “Tracking your spending and budgeting things, a lot of educational tutorials in there and that is one platform we make available to our students. One of the primary reasons we have it is to help students with their student loans and to make sure they understand everything before they make a payment.”
For more information about SALT, visit here.
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