Statement on Governor Walker’s signing of the financial literacy bill (AB 280) into law from Rose Oswald Poels, president/CEO of the Wisconsin Bankers Association
“WBA applauds Governor Walker’s decision to support financial literacy in Wisconsin by signing into law AB 280, which directs each school board to adopt academic standards for financial literacy and incorporate instruction into the curriculum in grades kindergarten to 12.
The state of Wisconsin has made a commitment to increasing the financial capability of its citizens and the banking industry whole-heartedly supports this effort.
Financial education is an important aspect of every person’s life. It’s more than simply knowing how to save for retirement or balance a checkbook. It’s learning about how to make sound choices that will help people become financially empowered in every corner of the state. If a person is lacking the basics of financial literacy, they are open to being taken advantage of and are susceptible to a financially unstable future.
States across America have different standards and ways of preventing personal finance crises. According to the Council for Economic Education’s Economics and Personal Finance Education Report, states that have mandated financial education are seeing positive impacts.
Wisconsin’s banks are here to help support our schools with implementing financial education as part of the everyday curriculum. Not only do we visit classrooms, but we also work with organizations and community coordinators to be visible where children spend their time. Our institutions supply both financial resources and human capital to ensure that financial literacy is a skill that will last a lifetime.
Schools also have other resources at their fingertips to help them with the work done by the Governor’s Council on Financial Literacy. Parents, school administrators and teachers can find and rate curriculum at www.mymazuma.com, a portal dedicated to helping answer financial questions.
In 2016, over 400 bankers from across the state reported nearly 1,250 personal finance presentations. Those volunteer bankers educated more than 43,000 consumers of all ages about the importance of saving and budgeting, how to use credit responsibly, the ins and outs of obtaining a home mortgage or car loan, and many more financial topics. In the month of April alone, in conjunction with Teach Children to Save Day, bankers from over 40 institutions reported nearly 400 presentations that reached over 23,000 students.
WBA would like to thank Governor Walker, the bills authors (Sen. Kapenga, Rep. Krug, and Rep. Fields) and the over 40 co-sponsors for supporting this critical legislation and choosing to support financial literacy in Wisconsin.”