Pewaukee, Wis. - Wisconsin credit unions’ long history of collaborating with the state’s school districts to provide personal finance education is becoming a critical partnership ahead of legislation that may soon require financial literacy standards and curriculum.
As not-for-profit financial institutions that are owned by consumers instead of stockholders, credit unions are able to prioritize people over profit and provide financial education opportunities that other financial institutions can’t or won’t offer.
“Various school districts across the state have already tapped the expertise and resources available through credit unions to teach money management skills in the classroom, at in-school credit union branches, with work books or educational events, benefiting tens of thousands of Wisconsin students annually,” said Brett Thompson, President & CEO of the Wisconsin Credit Union League.
Thompson cited a report noting 64% of Wisconsin school districts with high schools (243) already have a prerequisite for financial literacy, up from just under half (49%) in 2012 and only a quarter (25%) in 2010.
“As the legislature considers AB 280/SB 212 to require personal finance curriculum for K through 12th grades, credit unions will continue to be a committed partner for Wisconsin schools,” Thompson said.
Credit unions’ financial education efforts include:
Research has shown that students who graduate after more rigorous standards are put into place are more likely to pay their bills on time, leading to improved credit scores.
The Scorecard, at www.theleague.coop/scorecard, explains how Wisconsin credit unions serve their communities and how they've saved their members close to $2 billion over the past decade.
Contact: Christine Henzig
, Director of Communications
Around 2.9 million Wisconsin residents belong to credit unions. Find a credit union to join.