WisBusiness: Expert says public needs financial education

By Matt Dolbey

MADISON — Chicago Branch Federal Reserve Bank Vice President Doug Tillett said Wednesday he wished financial education centers like the one he helped open Wednesday weren’t needed.

Tillett, speaking at the grand opening of the UW-Extension Financial Education Center in the south part of the capital city, said if people
were more educated about money issues or if the American finance system weren’t so complicated, individuals would not need these kinds of

“The most irritating thing is … money doesn’t come with instructions,” Tillett said. “Unfortunately, people really need this.”

Tillett added afterward in an interview that the need for financial education has grown dramatically with increasing complexities in
investment and planning – complications that people just 20 years ago “could not imagine.”

The center will hold classes in financial education, aid people with
tax problems and returns and provide other opportunities for investing
or money management.

The Chicago branch holds hundreds of events and has many centers like the one in Madison, Tillett said.

“It’s really in our best interest to do this sort of thing,” Tillett explained, stressing that financially educated people can
make shrewder decisions and better manage money.

The grand opening of the center coincided with “Money Smart Week” in Wisconsin. First Lady Jessica Doyle, Madison Mayor Dave Cieslewicz and
Bill Wilcox, president of CBM Credit Education Foundation were among other dignitaries in attendance.