Contact:
Ethnie Groves, Office of the Governor, 608-261-2156
Kathryn Carlson, Department of Financial Institutions,
608-267-1719
Governor Jim Doyle today announced the creation of a state
Council on Financial Literacy. The council will advise Governor Doyle on how
government, private sector organizations, and community groups can improve
financial literacy among state citizens including youth and low- to
moderate-income families.
“Together we can do a better job of educating our citizens –
especially our youth – to deal with today’s financial products and
services,” Governor Doyle said. “I want Wisconsin to be recognized as the
national leader when it comes to financial skills and knowledge.”
Wisconsin Department of Financial Institutions Secretary
Lorrie Keating Heinemann noted that the success of Wisconsin is not
dependent only on good economic policy but also on community education and
outreach programs such as the Council on Financial Literary.
“We have a strong focus on financial literacy in Wisconsin,”
Secretary Keating Heinemann said. “Strengthening Wisconsin’s financial
future is our goal, and financially literate consumers are fundamental to a
growing economy.”
First Lady Jessica Doyle will serve as honorary chair of the
Council on Financial Literacy. Council members will include the heads of the
Departments of Financial Institutions, Workforce Development, Insurance, and
Revenue, and the Wisconsin Housing Economic Development Authority, as well
as the State Superintendent of Schools and representatives from the banking,
credit union, and credit-counseling industries. Other members will include
representatives of the University of Wisconsin System, the Wisconsin
Technical College System, private foundations, representatives of unions,
the Wisconsin Jump$tart Coalition, and other individuals and organizations
involved with financial education and literacy.
“The members of this council will bring a wealth of
knowledge and diverse viewpoints and perspectives,” Governor Doyle said.
“Many of them will also be people who are already involved with financial
education and literacy.”
Many Wisconsin families struggle to deal effectively with
the increasingly complex range of choices they encounter in the financial
services markets. Families that lack financial assets have little ability
to build wealth, contributing to rising consumer debt. Surveys also show
that young people often lack basic financial skills and knowledge.
“Regulation and licensing of financial providers can only go
so far to protect citizens,” Secretary Keating Heinemann said. “The most
effective way to help people interact successfully with the financial system
is by raising their level of financial literacy. We have made great strides
already with programs such as the National Institute of Financial and
Economic Literacy (NIFEL) that ultimately helps our youth. Now we must widen
our efforts.”
Governor Doyle also praised the establishment of the new
Financial and Economic Literacy Caucus that was announced last week in
Washington, D.C. The caucus was formed by members of the Financial Services
Committee and includes Wisconsin Congresswomen Gwen Moore.
