PEWAUKEE, Wis. – Wisconsin credit unions' concerns are growing following a recent round of testing that measured Wisconsin high school students' knowledge on personal finance, the Wisconsin Credit Union League reported.
The test revealed that many Wisconsin high school students don't make the grade when it comes to financial matters. Commissioned by the Jump$tart Coalition for Personal Financial Literacy, the test concluded that Wisconsin students, on average, answered 53.1% of the questions correctly-a failing grade based on a basic academic grading scale, the league said. The national average was 52.4%
"The young people of this state need to be prepared to responsibly handle their finances and make intelligent decisions with their money," said Brett Thompson, president/CEO, Wisconsin Credit Union League. "This includes avoiding predatory services and institutions that take advantage of people's financial inexperience."
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The goal of the study was to measure high school seniors' competence in the basics of personal finance, including the topics of money management, debt, savings, income and spending. While Wisconsin high school students are above the national average for knowledge in personal finance, it's still unsatisfactory as far as the financial leaders of Wisconsin are concerned, the league said.
Currently, credit unions across Wisconsin are implementing a wide array of programs and services to combat financial illiteracy as part of their REAL Solutions initiative. Examples include offering youth savings programs, delivering financial presentations to classrooms, and operating as many as 50 credit union branches inside schools. Governor Jim Doyle honored Wisconsin credit unions in 2006 for their financial advocacy with a Governor's Award for financial literacy.
"Our educational efforts are consistent with the unique mission and purpose of credit unions," Thompson said. "Because credit unions are member-owned and governed by volunteer boards instead of shareholders just in it to make profit, we focus on promoting the financial success of members and bettering our communities. I urge young people starting out in life to get acquainted with a credit union." [email protected]
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