Republicans Propose Enhanced Financial Literacy Legislation

Madison, WI - State Representative Gae Magnafici proudly voted in favor of a bipartisan bill to equip students with essential personal financial literacy skills. The proposed legislation mandates that one-half credit of this subject be completed for high school graduation.

Recognizing the significance of financial success for students entering the workforce or pursuing higher education, Rep. Magnafici emphasized the importance of imparting knowledge on savings growth, budget management, and comprehension of financial tools such as loans.

Alarming statistics from the Department of Financial Institutions reveal that 52% of Wisconsin residents live paycheck to paycheck, while many adults lack personal budgets. Furthermore, 69% of Americans have savings of less than $1,000. By introducing financial decision-making education early in life, individuals can gain a comprehensive understanding and avoid such pitfalls. The bill mandates a minimum of one-half credit in personal financial literacy, covering topics like saving and investing, credit and debt, and risk management and insurance.

Wisconsin joins a growing number of states in pursuing this requirement, with the count rising from eight in 2020 to 19 states that mandate a stand-alone personal finance course for high school graduation. Additionally, 19 other states have introduced legislation to promote financial literacy instruction.

The bill boasts substantial bipartisan support, with nearly 60 Republicans and Democrats from both the Assembly and Senate serving as co-sponsors. It recently passed the Assembly with overwhelming bipartisan approval.

Rep. Magnafici expressed her pride in supporting this bipartisan initiative, emphasizing its role in equipping students with the necessary skills for future success.