Students in Lake George Jr.-Sr. High School’s Personal Finance classes put their financial knowledge to the test during the annual Budget Challenge, a hands-on simulation designed to prepare students for real-world financial responsibilities.
The challenge is supported by the local TCT credit union, which was originally founded to support teachers and continues to prioritize financial education and community involvement. Since 2022, the credit union has sponsored the competition, awarding a total of $1,125 to student participants. To date, 18 students have received prize money through the program.
The Budget Challenge is an online financial simulation that requires students to make decisions about budgeting, spending, saving, investing and managing credit. Participants are evaluated on financial capability, investing essentials and overall financial literacy.
For Brenda Hoffman, who has taught Personal Finance at Lake George since 2018, helping students develop these life skills has become a passion.
“I started incorporating more personal finance into my teaching because I realized it was truly adult-level knowledge that students needed,” Hoffman said. “As I learned more, I became increasingly excited about personal finance and passionate about making sure students had access to this information. Karen Breslin and I developed the curriculum, and it has become one of the most popular classes in our business department.”
The course has continued to grow in popularity, with three sections offered this school year. Beginning this fall, New York State will require all students to complete a personal finance course before graduation, reflecting a growing statewide emphasis on financial literacy.
That emphasis is something Morgan Keith, Branch Operations and Community Relations Specialist, has advocated for throughout her career.
“I started in 2010, and by 2013, I was already speaking with legislators about the importance of personal finance education for students,” Keith said. “We believe in people over profits. We want to be there for teachers, students and the community, and financial education is something we’ve been fighting for because we know how important it is.”
Students say the course and challenge have given them confidence about their futures.
“Coming into it, I was kind of nervous, but finishing the course I know more about building my credit and investing, and it helped me feel more knowledgeable about things,” said sophomore Ava Gangsaa.
Sophomore Sophia Stark said the experience helped her better understand the realities of adulthood.
“The overall Budget Challenge has made me feel so prepared and knowledgeable about my future finances,” Stark said. “I think that this challenge is more than a challenge, it is a simulation of future responsibilities.”
For junior Libby Pape, one of the biggest lessons came from examining everyday spending habits.
“How much I spend on coffee in a month seemed so small,” Pape said. “However, those habits can run so deep, so getting a handle on what is reasonable now allows me to be more capable of wise decision-making as an adult.”
This year’s Budget Challenge winners were recognized for their outstanding performance in the simulation. Sophomores Evva Congel and Sophia Stark earned second place and received $50 each. First-place honors went to senior Mollie Johnson and sophomore Dylan Johnson, who each received $75.
As financial literacy becomes an increasingly important part of education, Lake George students are gaining practical experience that will help them navigate life well beyond graduation.