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Transcript of Our Financial Literacy Movement Presentation by David D. Mancl Director, Office of Financial...
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Our Financial LiteracyMovement
Presentation by David D. ManclDirector, Office of Financial LiteracyWisconsin Department of Financial Institutions345 W. Washington Ave., Madison, WI 53703 (608) 261-9540, [email protected]
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Expanding Opportunities through
Financial Education
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Strengthening Wisconsin's Financial Future
Regulatory Responsibilities
214 state chartered banks
242 state chartered credit unions
13 state chartered savings institutions
112,000+ securities representatives (brokers & advisors)
Wisconsin Consumer Act (credit transactions < $25,000)
Corporate Filing Agency for:
213,000+ LLCs (Limited Liability Companies)
101,000+ Corporations
Numbers are current as of 12/31/09
To ensure the safety and soundness of Wisconsin’s financial institutions, to protect consumers of financial services and to promote economic growth
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Social and economic impact of financial illiteracy
• Leading cause of divorce and suicides
• Bankruptcies at an all time high Individual Costs Cost to each consumer (over $600/yr)
• #1 impediment to WI’s financial competitiveness
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Trends
• Living Longer
• Retirement responsibility shift
• Social Security benefits?
• Raising healthcare costs
• Debtor Class
• Unprecedented access to more financial products and services than ever before.
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Message to Next Generation
You’re on your own!
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National Survey of High School Seniors
Year Score (USA) Score (WI)
1997 57% NA 1999 52% NA 2002 50% 58.8% 2004 52.3% 54.7%
2006 52.4% 53.1%
2008 48% 57%
College 62%
The high school survey was given to 6,856 high school 12th graders in 40 states. The college survey was given to 1,030 full time students nationwide.
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State Financial Education Requirements (+5 since 2009)
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WI Workplace Financial LiteracySurvey Results
• WI for-profit and non-profit businesses (380 responds)
• 66% provide some financial education– Outside provider, 70%– Posters, paycheck insert – Presentation by employee, 25%– Topics
• Investing for Retirement, 90%• Benefits, health insurance, basic investing
– Reasons for providing it • Perk (70%), morale & loyalty, employee demand (30%)
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WI Workplace Financial LiteracySurvey Results
• 33% NO financial education• Barriers
– Weren’t sure employees want it (…?) – Have no one to present
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Challenges
Solutions
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Financial Literacy Movement
• NAEP 2006 (Nat’l Assessment of Educational Progress)
• National Financial Literacy and Education Commission – Request comment on national strategy and core competencies– Search on FLEC
• National Office of Financial Education
• Consumer Financial Protection Agency *
• National Institute of Financial and Economic Literacy
• National Jump$tart Coalition
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WISCONSINWISCONSIN
First-everState Coalition of the Year!
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A financial education program for educators andthe thousands of students they teach
Thank You !!!
10th Anniversary
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We are reaching educators
Program participants’ knowledge rose 13%
Participants felt better prepared to introduce a course in financial education in their schools
Participant evaluations rate the Institute training as “excellent”
-- Pre- and post-test administered and analyzed
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We are reaching students . . . 80% of the teachers implemented financial literacy after attending the Institute
We are reaching educators . . .
A financial education program for educators andthe thousands of students they teach
Over 600 WI teachers trained. We trained educators in technical colleges, correctional institutions, youth volunteers, etc.
-- Data from three separate surveys of all past participants
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
0
100
200
300
400
500
600
700
Academic Year
WI Teachers Trained
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
0
100
200
300
400
500
600
700
Academic Year
WI Teachers Trained
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
010000
20000
30000
40000
50000
60000
70000
80000
Academic Year
Students Taught
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Governor's Council onFinancial Literacy
“The Council’s mission will be to measurably improve the financial literacy of Wisconsin citizens.”
And,“…serve as a continuous sounding board for the Governor’s Office and the Department of Financial Institutions…”
5th Anniversary
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Governor's Council onFinancial Literacy
Formal education in schools
Employee education
Emerging market
Fraud prevention
Family Financial Literacy
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Council Priority
Financial Literacy Innovation awards for teachers$500 to $5000 to teachers and their schoolMOU between DFI and DPI
Total: $150,000
WI’s Model Academic Standards on Personal Finance
A. Relating Income and Education
B. Becoming a Critical Consumer
C. Community and Financial Responsibility
D. Planning, Saving, and Investing
E. Money Management
F. Risk Management
G. Credit and Debt Management
HistoricHistoric
Implementation
Implementation
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Money Smart Week Wisconsin October 2-9, 2010
• “Rally” event at Executive Residence • Governor’s Proclamation • State agencies• 27 Communities Teams• 62 cities • 1000 partners
5th Anniversary
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Participation
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Green Bay Packer Donald Driver
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Wisconsin State Capitol in Green
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Oprah’s Debt Diet Coach
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President’s Council on Financial Literacy
• Money Math Lessons for Life-middle schools
• National Financial Literacy Challenge -high schools
• Community Financial Assess Pilot-unbanked-including FL in sub prime lending
• Financial Education Honor Roll
-employers, colleges/universities-Model cities, states
• Baseline Survey of Adult Consumers
• Multimedia Consortium and Outreach
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REAL Progress and Pathways to ProsperityREAL Progress and Pathways to Prosperity
Investor Education in Your WorkplaceInvestor Education in Your WorkplaceThis project is funded by a grant from the Investor Protection Trust (IPT). The IPT is a Washington, DC-based
nonprofit organization dedicated to investor education. Since 1993 the IPT has worked with the states to provide the independent, objective investor education needed by all Americans to make informed investment
decisions. Visit www.investorprotection.org.
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Program Goals: Program Results:• Recruit 40 Credit Unions
• Register 4000 employees
• Complete 30,000 hours of online coursework completed
• Make measurable impact on employees / employers
80+ CU’s signed up
4200 Registered
30,000+ hours of coursework completed in < 25 weeks!!!!!!
YES. Groundbreaking results on knowledge and behavior!
REAL Progress and Pathways to ProsperityREAL Progress and Pathways to Prosperity
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Expanding Opportunities through
Financial Education
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Questions?... Thoughts?