Wisconsin Financial Literacy Education: Are Students Prepared for the Complexities of Financial Decision Making?

Abstract

Financial literacy is a crucial skill for making important life decisions. In December 2023, the Wisconsin State Legislature passed a new law mandating high schools to require a financial literacy course by 2028. At present, some high schools already have such courses, but they are often not required. Other high schools may struggle to find the staff and resources needed to carry a financial literacy course by 2028. The purpose of this study is to investigate the current state of financial literacy education in Wisconsin high schools. Survey data were collected from undergraduate students. Factor analysis was used to evaluate students’ familiarity with topics such as saving, debt, budgeting, and investments. Findings from this study provide an important data point prior to the implementation of the mandated financial literacy course. Ultimately, this study could help determine improvement opportunities for financial literacy education in the state of Wisconsin.