State Superintendent's Web Message Archive

Personal financial literacy is vital for all students

Second annual Money Smart Week Is October 7-13, 2007

In Wisconsin, we believe that personal financial literacy is vital for all students to be successful.

An estimated 80 percent of Wisconsin students work while they are in high school. Nearly one-third of students have personal checking accounts and credit cards in their own names. Students today face financial choices that have expanded well beyond what their parents or grandparents dealt with as teens and young adults. From college savings plans, to investment funds, and various retirement accounts to the wide range of borrowing options, students need to learn how to make wise financial decisions so they avoid excessive debt and have adequate savings to meet their dreams.

Last year, Wisconsin became the first state in the nation to develop content and performance standards that define what students should know and be able to do for Personal Financial Literacy. The standards address credit, debt and money management, planning saving and investing, and community and financial responsibility. They relate income and education, address being a critical consumer, and define responsible risk management. They also address entrepreneurial skills and knowledge and help young people understand how to be wise consumers, savers, and investors so they and their families are economically secure.

As we strive to provide our students with the 21st century skills they need to succeed, we want to ensure that their education reflects the knowledge and skills that are critical for financial literacy. As a companion to our Personal Financial Literacy Standards, we are now working on a curriculum guide and best practices document, which we expect will be published in early 2008. These materials will deepen educators' ability to infuse financial literacy across the curriculum.

As state superintendent, it is my privilege to sit on the Governor's Council for Financial Literacy. The Council's mission is to advise the governor on how government, private sector organizations, and community groups can improve the levels of financial literacy for adults and students.

One of the major initiatives implemented by the council is Money Smart Week, which will be observed from October 7 to 13. Money Smart Week is a collaborative statewide effort to provide easily accessible financial education in communities throughout the state. The workshops, seminars, programs, events and other activities will help families, students, homeowners, businesspeople, employees, and other community members expand opportunities through improved financial literacy. To find financial education offerings in your community, visit the Money Smart Wisconsin website.

October 2, 2007 -- Return to message archive index

For questions about this information, contact Debra A. Bougie (608) 266-1598

Last updated on 2/26/2008 10:38:36 AM