So many Wisconsin high school students failed a personal financial literacy test commissioned by the Jump$tart Coalition, that it prompted credit unions here to look to build upon the financial literacy programs they offer.
The test results showed that Wisconsin students, on average, answered only 53.1% of the questions correctly-a score that would earn them a failing grade based on the basic academic grading scale. Wisconsin students are hardly alone. The national average for the Jump$tart Coalition test was 52.4%.
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.
"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, CEO of the Wisconsin league.
Wisconsin's CUs are implementing a wide array of programs and services to combat financial illiteracy as part of their REAL Solutions initiative. Also on tap are youth savings programs, financial presentations to classrooms, and operating as many as 50 CU branches inside schools.
