On the first day of practice, students in the Centennial High School football program received an important lesson in financial literacy, with the help from Coach Richard Taylor and NFL Linebacker Brandon Copeland.

Copeland explained to the 180 athletes in the program that in order to live out their dreams, they must learn how to manage their money, especially because young athletes have access to income that student athletes in the past did not have.

He was referencing advances such as Senate Bill 1296, passed in 2021 by the Arizona State Legislature, which allows student-athletes in Arizona to engage in NIL -- name, image and likeness --activities without penalty.

Peoria Unified School District and the Arizona Council on Economic Education are neutral on current and proposed laws that allow college athletes to "sell their brand," known broadly in college sports as NIL deals. However, both organizations are dedicated to ensuring that student athletes are prepared to manage their money in college and beyond, regardless of the source of income.

Financial literacy is low across all generations, but is the lowest among Gen Z, according to a report by TIAA Institute and Global Financial Literacy Excellence Center at the George Washington University School of Business.

As part of the event, Aug. 8, the student football players were trained in money management via a Financial Fitness in Action activity.

FFA is an ACEE program that simulates real life situations and teaches students financial strategies to overcome real life challenges.

Students were given a budget template that assigned an occupation, income, marital status, kids, etc. Students took their sheets to several stations in the room. Each station represented a different everyday expense - like healthcare, grocery, entertainment, transportation, etc. Students had to prioritize their spending based on their income and resources. Students listed their expenses on their sheet, ultimately putting together their own simulated personal income statement.

By the end of the simulation, students were thinking about money management and financial priorities. One Centennial football player said, “In order to be successful, you have to be committed like keeping track of your money and knowing what you can and cannot get.”

Some were shocked at how much it costs to live on their own. Others were surprised at how quickly their money was spent.

Almost every student said the simulation was fun and helped them understand budgeting. One student summed it up best: “budgets are important to live in this world.”

In 2019, the Peoria Unified Governing Board, unanimously passed a financial literacy resolution and partnered with Arizona Council on Economic Education to offer financial literacy programs to students and teachers. The governing board renewed their contract with ACEE last May.

A special thanks to the more than 30 volunteers from Truwest, Zelle, Midwestern University, Western Alliance, Costco, Silicon Valley Bank, BOK Financial, Robinhood, and Centennial Booster Club for hosting the stations and supporting student financial literacy.

The Arizona Council on Economic Education is a 501(C)3 nonprofit organization dedicated to entrepreneurship, economic and financial literacy and workforce development in Arizona. They prepare teachers and students in learning personal finance, economics and entrepreneurship; and distributes proven economic education resources to schools free of charge. www.azecon.org.