April is Financial Literacy Month in Wisconsin. This month is not only about learning how to manage money, but it also is about bringing awareness to the institutions and markets that shape our financial system(s). Wisconsin is not the only state advocating for increased financial literacy; in fact, states throughout the nation are implementing initiatives that aim at providing more financial education in hopes to expand financial literacy. All Americans, including Wisconsinites, deserve reliable information on how to make the best financial decisions for themselves and their families.

To help ensure our students have a basic understanding of how finances work, Assembly Bill 899 was introduced to require students to earn at least one credit of personal finance literacy before they graduate high school. This credit must include information on education and employment, investing and saving, credit and debt, and risk management. This bill is increasingly important as we need to setup our students for financial success as they head into college or the workforce.

In addition to schools, financial institutions throughout the state including banks, credit unions, insurance institutions, and privatesector businesses, have joined forces to increase financial education for the benefit and success of all Wisconsinites. Throughout April, these groups are providing programs to help with money management and financial literacy.

For example, during a recent stop at Royal Credit Union, they told me about the amazing programing that they are doing to increase financial literacy for our students. The Test Drive: Next Stop Reality Program provides high school students a real-life simulation of finance and money management. Students take a day to “test drive” their future by selecting a job, and then need to go to numerous stations to see how they can make that work while paying for basic expenses such as housing, utilities, cars, and daycare. In addition to our students, they are also operating a Correctional Facility Program to help inmates expand their financial literacy before their release.

Financial institutions are also working to raise awareness of various programs offered by the state. For example, did you know that the state provides help setting up a savings account for people with disabilities to help pay for both short- and long-term expenses, taxfree (ABLE Accounts)? Another program is the Wisconsin’s College Savings Plan, which has monthly webinars to help students prepare financially for college as well as a the Department of Public Instruction’s “Money Smart Week' which provides advice on how to save for college as well as how to find grants and loans for college.

Making these programs and resources available to all Wisconsinites is a significant step in the right direction, as it will allow individuals to better understand complex financial decisions and institutions in hopes of enabling them to independently make the decisions that are best for them and their families. For more information on what specific programs and resources these financial institutions offer, visit the Department of Financial Institutions Website.