Wisconsin Financial Literacy Standards
Champlain College, which publishes a biannual National Report Card summarizing state-by-state financial education criteria, gives Wisconsin a “C” in that area as of 2023. Wisconsin has adopted standards for financial education and schools are required to incorporate the subject, but how to do so is not established and left up to each locality. In 2006, a statewide task force was created to write Wisconsin’s Model Academic Standards for Personal and Financial Literacy. Although these guidelines offer rigorous assistance for curriculum development, they are not mandatory.
The Badger State took a step in the right direction by establishing an Office of Financial Literacy in 2000, which created the Governor’s Council on Financial Literacy in 2010. The Council’s mission is to improve financial literacy in Wisconsin by expanding teacher training, distributing grants and awards to support financial education, and providing an annual report. In 2013, the Offices of Financial Literacy and Public Instruction released a Financial Literacy Survey Report indicating that 44% of Wisconsin school districts required a personal finance course for graduation.
The Economic Education Council (CEE) reports that Wisconsin’s K-12 standards include personal finance, but the state does not require them to be implemented by districts; nor is a high school course mandated to be offered/taken.
National Standards for Financial Education
Financial Literacy Standards for Older Youth & Adults (High School through Adults)
Although there is no direct mandate by the California State Board of Education, it is recommended that national standards be implemented. Financial education is a unique subject; all participants have developed financial habits and relationships with money before instruction begins.
National standards are those that have been proven in empirical and theoretical research to produce the highest improvements in participant test scores.
Financial Literacy Standards for Kids (Kids PK through 8th Grade)
In collaboration with education leader Heidi Jacobs, the NFEC created these financial literacy standards to define learning goals and educational targets for optimal child financial education. Guided by strong pedagogical theory, the standards ensure that instructional targets are age- and developmentally-appropriate and that lessons can be effectively scaffolded. Standards represent five sections based on topic areas in the NFEC curriculum.
Standards for Financial Education Instructors
The NFEC teamed with the well-known Danielson Group to develop the first and only national standards for financial educators – The Framework for Teaching Personal Finance – to define optimal educator skill sets and performance levels. The framework also identifies the financial educator responsibilities empirically proven to produce highest gains in participant test scores. This framework is used in all 50 states, including California.
