|For Immediate Release
|June 2, 2005
Governor’s Council on Financial Literacy Inaugural
Meeting a Success
Study Shows Need for Improved Financial Savvy
(Madison) Governor Doyle's newly created Council on Financial Literacy
met for the first time on Wednesday, June 1, 2005 in the State Capitol.
The Council is charged with measurably improving the financial literacy
of Wisconsin’s citizens.
“The Council has a broad mission, but with this energetic group
of both public and private sector appointees, I am confident we will succeed
in elevating the level of financial literacy across the state,”
said Council Chair and Department of Financial Institutions Secretary
Lorrie Keating Heinemann.
The Council consists of 20 members including the heads of six state agencies
as well as top-level representatives from Wisconsin businesses, financial
institutions and non-profit organizations. First Lady Jessica Doyle serves
as the Honorary Chair of the Council.
The Council discussed five key areas that they would like to focus on:
formal education in schools, employee education, emerging markets, fraud
prevention and family financial literacy. These areas broadly cover the
most important targets for improved financial literacy.
Marsha Courchane PhD, an economist with Freddie Mac, presented the findings
from a Freddie Mac (Federal Home Loan Mortgage Corporation) study entitled,
“Consumer Literacy and Credit Worthiness” to the Council.
Interestingly, the Freddie Mac study found that many people think they
know about and understand financial matters more than they actually do.
In fact, the study revealed that 60% of Wisconsin citizens who think they
know a fair amount about financial matters actually know very little.
The general conclusion of the Freddie Mac study is that financial knowledge
is the key factor in improving financial literacy and that this knowledge
is best gained through formal education, both for children and adults.
These results will be considered by the Council as they move forward
in promoting the importance of financial literacy and in advising the
Governor and the State on how the public and private sectors can best
collaborate to deliver financial literacy in the most efficient and effective
Council members include:
Mr. Richard D. Ackley
Sokaogon (Mole Lake) Band of Lake Superior Chippewa
Ms. Wendy Katherine Baumann
WI Women's Business Initiative Corp
Ms. Deborah Blanks
Social Development Commission
Mr. Jeremiah Boyle
Federal Reserve Bank of Chicago
Superintendent Elizabeth Burmaster
WI Department of Public Instruction
Secretary Roberta A. Gassman
WI Department of Workforce Development
Commissioner Jorge Gomez
Office of the Commissioner of Insurance
Mr. David Hackworthy
Secretary Lorrie Keating Heinemann
WI Department of Financial Institutions
Mr. David D. Mancl
Wisconsin JumpStart Coalition
Ms. Kathryn Marczak
Harley Davidson Financial Services, Inc.
Ms. Meridee J. Maynard
Northwestern Mutual Life Insurance Co
Mr. Kevin McKinley
Author, Certified Financial Planner & Co-Host – NPR’s
On Your Money
Secretary Michael L. Morgan
WI Department of Revenue
Ms. Ann Peggs
WI Women's Council
Women's Council Representative
Mr. Antonio R. Riley
WI Housing & Economic Development Authority
Dr Mark C. Schug
University of Wisconsin - Milwaukee
Ms. Cathie Tierney
Community First Credit Union
Mr. Douglas J. Timmerman
Mr. William Wilcox
CBM Credit Education Foundation, Inc.