MPS leads the nation with personal finance course requirement

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The Milwaukee Public School system, SecureFutures’ largest partner, continues to be a national leader in its commitment to financial education. This year, the MPS school board has approved a new requirement for students to complete a full course in personal finance in order to graduate, which will be phased out over the next five years. MPS is only the second urban school district in the country to put this requirement in place.

When the new course requirement was being discussed, our President and CEO Brenda Campbell was invited to address the Milwaukee School Board in support of its implementation. Brenda emphasized the impact this kind of learning can have on young adults as they enter into the responsibilities of adult life.

“There’s increasing evidence that students who complete personal finance make better financial choices across multiple and critical adult money decisions,” Brenda said. “They are more likely to avoid credit card debt and predatory lenders, and they have a better understanding of how to pay for college, including how financial aid and student loans work.”

Guaranteed financial education is especially beneficial for students from under-resourced communities, and is key to breaking down the barriers that prevent full financial equity and inclusion for all. Across the country, in schools where 75% of students are eligible for free or reduced-cost lunch, only 3.9% are required to take a personal finance course.  Most urban cores in the United States are financial education deserts. While one in five students nationwide graduates having taken a personal finance course, for districts with majority Black and brown students, that drops to 1 in 25. With this new requirement, MPS is changing the status quo.

“Milwaukee Public Schools’ commitment to elevate financial literacy education in the district means more students will be better prepared to enter our evolving financial system. Financial literacy and capability are important components of financial inclusion and that’s why the Wisconsin Department of Financial Intuitions and the Governor’s Council on Financial Literacy and Capability supports initiatives like this,” said David Mancl, Director of the Department of Financial Intuitions’ Office of Financial Literacy.

In addition to the new course requirement, MPS has hired Marti Diaz in a new position, the Financial Literacy Teacher Mentor, to guide the district’s overall financial education efforts.

SecureFutures applauds these exciting steps forward, and looks forward to continuing to work hand in hand with MPS to empower Milwaukee students with exceptional financial education and mentorship!

2021-11-12T15:22:39-06:00
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