With the passage of Act 60 requiring one-half credit of personal financial literacy to graduate high school starting in 2028, Wisconsin makes significant progress in its commitment to equipping students with essential life skills. To prepare for Act 60, now is a good time to revisit Wisconsin’s Standards for Personal Financial Literacy, which are all required in the law: Financial Mindset, Education and Employment, Money Management, Saving and Investing, Credit and Debit, and Risk Management and Insurance.
The Wisconsin Department of Public Instruction (DPI) explains that this standard focuses on why personal financial literacy is important, while the others outline how students can become financially literate. Developing a healthy relationship with money is foundational. Encouraging a mindset that values financial responsibility, goal setting, and critical thinking about financial decisions sets the stage for lifelong financial well-being.
Education and Employment
Understanding the connection between education, career choices, and income potential is crucial in shaping and attaining goals. Students benefit from understanding how educational choices impact future earning potential and career paths.
Mastering budgeting, tracking expenses, and making informed spending choices are essential skills. Students need to grasp the basics of managing income effectively to meet financial goals.
Saving and Investing
Cultivating saving habits and learning about investment options are integral to making good financial planning decisions. Concepts like saving, compound interest, and investment vehicles can help students build wealth over time.
Credit and Debt
Using credit responsibly, managing debt, and understanding credit scores is essential. Students should learn that informed decision-making involves borrowing wisely and understand the implications of debt on their financial health.
Risk Management and Insurance
Assessing and mitigating financial risks, including understanding different types of insurance coverage, empowers students to handle uncertainties and unforeseen financial challenges. Unexpected financial losses or needs can have a detrimental impact on an individual or family for years to come.
An interactive solution for meeting the requirements of Act 60
Although 2028 may seem far off, it will be here before we know it and school districts need to be prepared. That’s where Money Path comes in! The Money Path app is a comprehensive, web-based tool available to high schools at no cost. It allows students to make personalized, informed decisions for life after high school.
Through Money Path’s interactive modules focused on goal-setting and financial decision-making, students can develop a financial mindset. The simulation of various career and academic paths helps students see the financial implications of their education and employment choices. By using features that enable students to create and manage budgets, track expenses, and set financial goals, they engage with real-life money management scenarios.
Students are encouraged to set aside a portion of their income for savings and are introduced to the concept of investing by saving for retirement. They are also able to compare starting salaries so they can see how their chosen profession influences their monthly spending habits, impacting their capacity to meet financial obligations, maintain a favorable credit score, and avoid debt. By engaging with the app’s budgeting, spending, and investment features, students are prompted to think critically about the risks associated with overspending, accumulating debt, or not saving for the future and are encouraged to consider the importance of an emergency fund.
By integrating Money Path into the curriculum, educators, and counselors can effectively align with the Wisconsin Standards for Personal Financial Literacy which are a requirement in Act 60. Not only do we provide full training and support at no cost, but you can also download our Money Path Program Alignment document to see which components of the Money Path curriculum align with the DPI’s Academic and Career Planning model.
Bring practical learning experiences to your students today with the Money Path app and equip the next generation with the tools they need to start their journey toward financial empowerment!