Ethnie Groves, Office of the Governor, 608-261-2156
Governor Also Officially Launches Financial Literacy Council
Governor Jim Doyle today designated April as “Savings and Investing Awareness Month” in Wisconsin and signed an Executive Order officially creating Wisconsin’s first Council on Financial Literacy.
“This Council will advise me on how we can work cooperatively to improve financial literacy in Wisconsin, especially among low and moderate income families,” Governor Doyle said. “Working together we will make Wisconsin the recognized national leader when it comes to financial skills and knowledge. I look forward to receiving the Council’s reports.”
“Savings and Investing Awareness Month” is part of a nationwide effort to raise awareness of the value of saving and investing plans and to promote the continued need for improved financial literacy. The promotion also highlights the growing dangers of financial fraud and identity theft.
First Lady Jessica Doyle is the Honorary Chair of the Council on Financial Literacy. State Superintendent Elizabeth Burmaster recognized members of the Taskforce on Model Academic Standards for Personal Finance at the proclamation signing.
Many Wisconsin families also struggle to deal with the rapidly evolving and increasingly complex range of choices they encounter in the financial services market. Money problems are the leading cause of divorce and a leading cause of suicides and high numbers of bankruptcies in Wisconsin.
The National Jump$tart Coalition last year found that graduating 12th graders across the country achieved an average score of only 52.3 percent on a test of their financial knowledge. At the same time, at least a third of high school students have credit cards in their own names and access to Internet shopping and other financial venues.
Wisconsin Department of Financial Institutions Secretary Lorrie Keating Heinemann participated in the proclamation-signing ceremony along with representatives from the Wisconsin Bankers Association, Community Bankers of Wisconsin, Wisconsin Credit Union League and Credit Union National Association, CBM Credit Education Foundation, Inc., Milwaukee Saves/Wisconsin Saves, and the Wisconsin Jump$tart Coalition.
“DFI is proud to support ‘Savings and Investing Awareness Month’ and to promote financial literacy throughout the year,” Secretary Keating Heinemann said. “The more people know and understand about their money, the better they will be able to do financially for themselves and their families.”
The following proclamations and a commendation were also signed:
To the Wisconsin Bankers Association, a proclamation designating April 26 “2005 Wisconsin Teach Children to Save Day in Wisconsin;”
To the Community Bankers of Wisconsin, a proclamation making the month of April “2005 Community Banking Month;”
To the Wisconsin Credit Union League and Credit Union National Association, a proclamation making the week of April 17-23, 2005 “National Credit Union Youth Week;”
To the CBM Credit Education Foundation, a proclamation making April 18 through April 23, 2005 “National Credit Education Week;”
To the Wisconsin Jump$tart Coalition, a proclamation marking April “Financial Literacy for Youth Month;”
To the Milwaukee Saves/Wisconsin Saves, a commendation recognizing their efforts to raise awareness of the importance of financial literacy and for providing free services to help people save money and build wealth; and
To the Department of Financial Institutions, a proclamation making the month of April “Savings and Investing Awareness Month” in Wisconsin.
For more information: http://www.finlitwi.org/default/.