Press Releases

Wisconsin 12th Graders Flunk Personal Finance

(Madison) Wisconsin students score "F" when tested on their knowledge of credit cards, retirement funds, insurance and other personal finance basics according to results of a survey released earlier this week in Washington DC. The Jump$tart Coalition for Personal Financial Literacy surveyed 4,024 12th graders nationwide using a 45-minute examination in 183 schools across the U.S.

On average Wisconsin students answered 58.8% of the questions correctly-slightly above the national average-but a failing grade based upon the typical grade scale used by schools (90%-100%=A, 80%-90%=B, etc.). Nationally, the average score in the 2002 survey was 50.2%, down from 51.9% in 2000, and 53.7% in 1997. Dr. Lewis Mandell, Ph.D., professor of finance and managerial economics at the University of Buffalo School of Management, conducted all three surveys. Unlike the first two, the 2002 survey included data for eight states in addition to the national findings. The results include nine Wisconsin schools.

"These results show the real need for financial education," said Governor Scott McCallum. "For our children to become successful adults, they must understand the basics of personal finance. Early this year, I put together a task force to work on financial education. I look forward to their recommendations on how we can improve students financial knowledge," added McCallum. The Governor's Task Force on Financial Education will present its recommendations in June.

The Wisconsin Jump$tart affiliate partners with Wisconsin Department of Financial Institutions (DFI) and other public and private organizations to bring financial know-how to a new level of awareness for Wisconsin's youth. An example of this is the series of financial education programs such as the family-oriented You and Your Money: A Conference on Personal Finance and the Wisconsin Institute of Financial and Economic Education, a teacher-training program.

"Even though Wisconsin scored above the national average, the overall results still proves that we need to do more to educate youth about financial matters," said David Mancl, Director of DFI's Office of Financial Education and chair of the Wisconsin Jump$tart Coalition. "The silver lining surrounding this news is that the collaborative efforts of Wisconsin Jump$tart and its member organizations may have helped raise Wisconsin scores," added Mancl.

For more information about the Jumpstart questionnaire and the Wisconsin results, financial education programs, and the Governor's Task Force on Financial Education please visit the Your Money Matters section of DFI's website at http://www.wdfi.org/ymm.