Financial literacy event for Girl Scouts teaches value of money management

DETROIT - America has a financial literacy problem, just look at recent data and it's undeniable.

FOX 2: "What happens if you don't pay your bills?"

"You’re going to have some financial problems and your credit score is going to go down," said Nia, a Girl Scout.

Financial market research platform, Gitnux, recently published roughly 57 percent of adults in the United States are financially literate, which, if you do the math - means over 40 percent, aren't.

Go a step further, and only 24 percent of millennials have basic financial knowledge.

"It’s very imperative that we work together as a community, and we make this a number one priority to empower our generations of students, to make sure they can avoid the pitfall of poverty," said Laketa Dumas, Founder, The BIG Institute.

FOX 2: "What do you think about finances now? Is it easy? Is it hard?"

"It’s very hard," said Breeya, a Girl Scout.

Which is why Comerica Bank and The BIG Institute stepped in.

"April is Financial Literacy Month so we are putting on a simulation event with Laketa and The BIG Institute to help elementary school girls go through a real-life simulation in terms of helping them understand how you make money, how you spend that money, how you budget, how you life within your means," said Steve Davis, Comerica Bank.

On Thursday, the second floor of the Federal Reserve Bank was transformed - it is the brainchild of former Detroit Public School Student and employee Laketa Dumas, founder of "The BIG Institute."

"In this simulation, they go through 17 stations," Dumas said. "And they decide if I should go treat myself? Should I buy that Burberry dress? Or should I go invest and start a business?"

"I had to take a loan. And I didn’t get a car because because I would have to pay car insurance and all that," said Mikayla, a Girl Scout.

Decisions, Decisions.

These are the immersive experiences kids need, Dumas says. adding that even some adults could use it, for that matter.

"They’re learning real decisions," she said. "What community do I want to live in? What type of car do I want to drive? Am I able to afford a vacation? Do I have enough for groceries? Do I need a cash advance? What about investing?"

For more information on both Comerica Bank’s programs and The BIG Institute visit the website HERE.