UC’s Alpaugh Family Economics Center: Teaching Students for Nearly 50 Years

By Mary Casey-Sturk 

Looking back, how did you spend your allowance? The money your grandparents sent in your birthday card? The funds from babysitting or mowing lawns? Did you think about saving or wonder where your parents’ money came from? Lessons learned while young can inform adult financial decisions. 

At the University of Cincinnati, the Alpaugh Family Economics Center has been working with thousands of students and their families to become fiscally savvy. Locally, it collaborates with teachers and students in Indian Hill Exempted Village Schools on programs like the Stock Market Game (SMG), Family Financial Literacy Nights, and STEM Nights. It also partners with teachers and students at Cincinnati Country Day and Madeira High School on programs like SMG and the Personal Finance Challenge. 

About the Alpaugh Family Economics Center

Indian Hill Living spoke with Susan Heilmayer, the Co-Executive Director (along with Brad Evans) of The Alpaugh Family Economics Center at the University of Cincinnati about their programs, reach, and goals.

Heilmayer shares, “The Center got its start back in 1976 as a teacher training initiative launched by the Cincinnati Chamber of Commerce. Just a year later, it became an official part of the University of Cincinnati—and we’ve been growing and evolving ever since.”

“Supporting teachers has always been at the heart of what we do, but over the years, we’ve expanded our reach in exciting ways. We’ve added programs and competitions for students, created partnerships to bring financial education to entire communities, and built a research team that helps businesses and local governments make informed, data-driven decisions.”

“We also run the Stock Market Game, the Personal Finance Challenge, and the Economics Challenge for the entire state of Ohio—programs that reach tens of thousands of students every year. And our award-winning online platform, $martPath, has been used by more than 2.5 million students in over 80 countries, helping kids everywhere build lifelong money skills.” $martPath’s platform has lessons for Pre-K through 12^th grade.

What was the catalyst for starting the Center? “Center was founded on a powerful idea: financial education can open doors to life-changing opportunities. And every child deserves the chance to learn how to make thoughtful, informed decisions, not just about money, but about life.”, Heilmayer continues, “Our founders believed that when people are financially literate, they’re more likely to be engaged in their communities, contribute to the local economy, and build better futures for themselves and for others. Teaching kids these skills isn’t just good for them, it’s good for all of us.”

“Then, and unfortunately still now, financial education wasn’t reaching young children in most schools. That’s the gap we set out to fill, and it’s the work that still drives us forward. We call it #TheWorkThatMatters.” 

IHL: Why is financial education important? “Financial literacy isn’t just about dollars and cents—it’s empowering. When people understand how money works, they’re more confident making decisions not only for their own lives, but for their communities, too. They’re more likely to vote on school levies, show up to city council meetings, participate in the local economy, and invest for their own futures and their children’s futures.”

“Financially informed individuals are better positioned to break cycles of instability and build lives rooted in security and possibility. And when more people can do that, entire neighborhoods become stronger, more connected, and more engaged.” Adds Heilmayer.

IHL: How have programs evolved with the changing times? Heilmayer shares, “The Alpaugh Family Economics Center was founded in 1976 with a mission to support teacher education in economics and personal finance. While professional development for educators is still at the heart of our work, our impact has grown far beyond the classroom. Today, our reach extends across the globe through $martPath—our award-winning, free online financial education platform (smartpathlearning.com)—and throughout Ohio via programs like the Stock Market Game, Personal Finance Challenge, Economics Challenge, and Invest in Girls.”

“Here in Greater Cincinnati and Northern Kentucky, we also run the Susan Sargen Student Enterprise Program (StEP), which allows thousands of elementary students to earn StEP bucks for positive behavior and attendance. Students then practice real-world financial decision-making by choosing to spend, save (with interest!), or donate their earnings at quarterly school stores.”

“As the financial world continues to evolve, so do we. Our programs are regularly updated to align with academic standards and to reflect the realities of today’s economy. In 1976, we were teaching kids how to count coins and balance a checkbook. Today, we’re helping them navigate digital payments, credit, investing, and Buy Now, Pay Later tools. The world of money is more complex than ever—and we’re here to help students and educators make sense of it.”

On Support from the Alpaugh Family

Heilmayer shares, “The Alpaugh family has been part of the Center’s story since day one. It started with Walter “Pete” Alpaugh, and continued with his son, Peter Alpaugh—both of whom have been incredibly generous with their time, talents, and support over the years.”

“In 2004, the Alpaugh Family Foundation made a gift that launched our Alpaugh Scholars Program. Thanks to that gift, thousands of teachers across the Tristate have received meaningful, professional development that’s helped them feel more confident and better equipped to teach economics and personal finance in their classrooms. In 2012, Peter Alpaugh funded the creation of $martPath. $martPath is an award-winning, engaging, and interactive technology for economic/financial education.” Heilmayer continues, “Then in 2019, Peter Alpaugh made a transformative multimillion-dollar endowment to the Center. In recognition of the family’s remarkable support, we proudly became The Alpaugh Family Economics Center at the University of Cincinnati.”

“But Peter’s impact goes far beyond financial generosity. You’ll find him at nearly every major event—chatting with educators at Alpaugh Scholars sessions, rolling up his sleeves on our board committees, and enthusiastically buying from student entrepreneurs at our Market Madness event each May at Fifth Third Arena. His commitment to the mission is personal, and it shows in every way.”

Indian Hill Living spoke with Peter Alpaugh about the Economics Center.

What drew your family to initially support this program?

“Beginning 51 years ago, a group of businesspeople, including my father, W.G. (Pete) Alpaugh Jr., began thinking about what was missing in grade and high school education. While reading, writing, and math have always been important, everyday “money skills” were not being taught.” Shares Alpaugh of Indian Hill, adding “The group believed young people needed to learn how to save their money, as well as how to spend it wisely on things they needed or wanted.”

On supporting the programs and events.  Alpaugh shares, “Yes, I do attend many of the Center’s events to support the staff and the many volunteers who work so hard to make them happen.” “The StEP programs take place in local schools to help students understand what it means to be a wise consumer. They are taught how to create products, how best to sell them, and how to make good choices as buyers. Once a year, the students are invited to the Market Madness event at the University of Cincinnati, where they buy and sell their StEP products with each other. Students can also use their earnings to purchase specialty items or, if they choose, donate their earnings to causes selected by their school program.”

Among his favorite purchases at Market Madness, “Over the years, I have purchased many creative items from students: key chains, decorated eggs, even a mascot bracelet.”

Alpaugh shared his thoughts about those who have made the Economics Center a success. 

“What impresses me most is the people who share in this mission and vision: helping our younger generation understand how to earn money, how to spend money on what they truly need or want for themselves and their families, and how to give back by donating to important causes.”  Alpaugh continues, “The leadership of the Economics Center has been critical to the success of this mission. George Vredeveld was our first Director and the creator of many of our Center’s programs, including the StEP program, the Stock Market Game, the Alpaugh Scholars, and the Research Department (Current Co-Executive Director Brad Evans and his team conduct research for both profit and nonprofit organizations).”

“Julie Heath followed as our next Executive Director. She was instrumental in creating and launching the $martPath online financial education platform. Interestingly, Julie even brought in someone to use puppets to teach basic money skills on the $martPath website! Now, Sue Heilmayer and Brad Evans are at the helm as Co-Executive Directors, doing a great job leading the Center into its next half-century.”

“I am deeply thankful for all our past Presidents, the many Board Members over the years, the hardworking Center staff members, and the Emerging Leaders, past and present, for their time, energy, and devotion to the mission of the Economics Center.”