WISCONSIN STANDARDS FOR
Personal Financial Literacy
Wisconsin Department of Public Instruction
WISCONSIN STANDARDS FOR
Personal Financial Literacy
Wisconsin Department of Public Instruction
Carolyn Stanford Taylor, State Superintendent
Madison, Wisconsin
Wisconsin Standards for Personal Financial Literacy ii
This publication is available from:
Wisconsin Department of Public Instruction
125 South Webster Street
Madison, WI 53703
(608) 266-8960
dpi.wi.gov/finance
May 2020 Wisconsin Department of Public Instruction
The Wisconsin Department of Public Instruction does not discriminate on the basis of sex, race, color, religion, creed, age, national origin,
ancestry, pregnancy, marital status or parental status, sexual orientation,; or ability and provides equal access to the Boy Scouts of America
and other designated youth groups.
Wisconsin Standards for Personal Financial Literacy iii
Table of Contents
Foreword ................................................................................................................................................................................................................................... iv
Acknowledgements ........................................................................................................................................................................................................... v
Section I: Wisconsin’s Approach to Academic Standards ........................................................................................................................... 1
Purpose of the Document ...................................................................................................................................................................... 2
What Are Academic Standards? .......................................................................................................................................................... 3
Relating the Academic Standards to All Students ......................................................................................................................... 4
Ensuring a Process for Student Success ........................................................................................................................................... 5
Section II: Wisconsin Standards for Personal Financial Literacy ............................................................................................................... 7
What is Personal Financial Literacy Education? ............................................................................................................................ 8
Wisconsin’s Approach to Standards in Personal Financial Literacy Education .................................................................. 9
Standards Structure ................................................................................................................................................................................ 10
Personal Financial Literacy Strands .................................................................................................................................................. 12
Wisconsin Standards for Personal Financial Literacy At-a-Glance ........................................................................................ 14
Standards, Learning Priorities, and Indicators ............................................................................................................................... 15
Definitions .................................................................................................................................................................................................. 16
Section III: Standards .................................................................................................................................................................................................... 17
Financial Mindset (FM) ........................................................................................................................................................................... 18
Education and Employment (EE) ........................................................................................................................................................ 24
Money Management (MM) ................................................................................................................................................................... 26
Saving and Investing (SI) ........................................................................................................................................................................ 29
Credit and Debt (CD) .............................................................................................................................................................................. 34
Risk Management and Insurance (RMI) ............................................................................................................................................ 38
Wisconsin Standards for Personal Financial Literacy iv
Foreword
On May 27, 2020, I formally adopted the Wisconsin Standards for Personal Financial Literacy. This revised set of
academic standards provides a foundational framework identifying what students should know, evaluate, and
communicate about money information and financial services. Topics include how students can select and
respond to life events and their effects on personal finances.
The Wisconsin Standards for Personal Financial Literacy were written by a committee of educators, professors, and
business people from across the state who shared their expertise in financial literacy education and teaching
from kindergarten through higher education. The writing committee outlined what content, practices, and ways
of thinking are critical for students to become responsible adults who make good financial decisions. The public and the State
Superintendent’s Academic Standards Review Council provided feedback for the writing committee to consider as part of Wisconsin’s
Academic Standards review and revision process.
The 2017 Wisconsin Act 94 requires school districts to adopt academic standards for financial literacy and incorporate instruction into the
curriculum in grades kindergarten through 12.
The Wisconsin Standards for Personal Financial Literacy are divided into six strands:
● Financial Mindset
● Education and Employment
● Money Management
● Saving and Investing
● Credit and Debt
● Risk Management and Insurance
These six strands combine to support the learning of personal financial literacy as students advance to the workplace or post-secondary
educational opportunities. The personal financial literacy skills and knowledge learned in Wisconsin schools support all students in becoming
college and career ready. Wisconsin communities are made stronger through these positive results for students.
The Wisconsin Department of Public Instruction will continue to build on this work to support implementation of the standards with
resources for the field. I am excited to share these revised Wisconsin Standards for Personal Financial Literacy.
Carolyn Stanford Taylor
State Superintendent
Wisconsin Standards for Personal Financial Literacy v
Acknowledgements
The Wisconsin Department of Public Instruction (DPI) wishes to acknowledge the ongoing work, commitment, and various contributions of
individuals to revise our state’s academic standards for Personal Financial Literacy. Thank you to the State Superintendent’s Standards
Review Council for their work and guidance through the standards process. A special thanks to the Personal Financial Literacy Writing
Committee for taking on this important project that will shape the classrooms of today and tomorrow. Thanks to the many staff members
across the division and other teams at DPI who have contributed their time and talent to this project. Finally, a special thanks to Wisconsin
educators, businesspeople, parents, and citizens who provided comment and feedback to drafts of these standards.
Wisconsin Standards for Personal Financial Literacy Writing Team
Co-Chairs: Joel Chrisler, Teacher, Sauk Prairie High School
Beth Ratway, Technical Assistance Consultant, American Institutes for Research
David Mancl, Director, Office of Financial Literacy
DPI Liaisons: Kris McDaniel, Social Studies Consultant
Diane Ryberg, Family & Consumer Sciences Education Consultant
Dave Thomas, Information Technology Education Consultant
Susan Becker
Barron Area School District
Amanda Beld
School District of West
Salem
Pam Brunclik
Wisconsin Indianhead
Technical College
Dee Dee Giovingo
Lake Geneva Schools
E-Ben Grisby
Green Bay Area Public
Schools
Jennifer Guenther
Economics WI/AIM Forward
Kerri Herrild
De Pere School District
Hoss Jager
Kenosha Unified School
District
Linda Killian-Baures
Independence School
District
Sara Kreibich
Somerset School District
Patrick Kubeny
School District of
Rhinelander
Wendy Lambrecht
School District of
Greenwood
Brett Lesniak
Stevens Point Area Public
School
Brandn Lindsey
Mequon Thiensville SD
Heather Long
Clintonville Public School
Distrct
Carrie Pierschalla
Merrill Area School District
Wisconsin Standards for Personal Financial Literacy vi
Jenny Rathke
WESTconsin Credit Union
Luc Richards
Howard-Suamico School
District
Andy Riechers
Belmont Community School
District
Rocio Santa
Milwaukee Milwaukee
Public School District
Tanya Schmidt
Oshkosh School District
Blia Schwahn
Eau Claire Area School
District
Amber Seitz
Wisconsin Bankers
Association
Delaine Stendahl
Whitehall School District
Angela Strick,
D C Everest Area School
District
Susan Turgeson
UW-Stevens Point
Erich Utrie
School District of Jefferson
Department of Public Instruction, Academic Standards
• John W. Johnson, Director, Literacy and Mathematics, and Director for Academic Standards
• Meri Annin, Lead Visual Communications Designer
• David McHugh, Strategic Planning and Professional Learning Consultant
Department of Public Instruction Leaders
• Scott Jones, Chief of Staff, Office of the State Superintendent
• Sheila Briggs, Assistant State Superintendent, Division of Academic Excellence
• Tamara Mouw, Director, Teaching and Learning Team
• Sharon Wendt, Director, Career and Technical Education Team
• Sara Baird, Assistant Director, Career and Technical Education Team
Section I
Wisconsin’s Approach to Academic Standards
Wisconsin Standards for Personal Financial Literacy 2
Purpose of the Document
The purpose of this guide is to improve Personal Financial Literacy education for students and for communities. The Wisconsin Department of
Public Instruction (DPI) has developed standards to assist Wisconsin educators and stakeholders in understanding, developing and
implementing financial literacy course offerings and curriculum in school districts across Wisconsin.
This publication provides a vision for student success and follows The Guiding Principles for Teaching and Learning
(2011). In brief, the principles
are:
1. Every student has the right to learn.
2. Instruction must be rigorous and relevant.
3. Purposeful assessment drives instruction and affects learning.
4. Learning is a collaborative responsibility.
5. Students bring strengths and experiences to learning.
6. Responsive environments engage learners.
Program leaders will find the guide valuable for making decisions about:
• Program structure and integration
• Curriculum redesign
• Staffing and staff development
• Scheduling and student grouping
• Facility organization
• Learning spaces and materials development
• Resource allocation and accountability
• Collaborative work with other units of the school, district and community
Wisconsin Standards for Personal Financial Literacy 3
What Are the Academic Standards?
Wisconsin Academic Standards specify what students should know and be able to do in the classroom. They serve as goals for teaching and
learning. Setting high standards enables students, parents, educators, and citizens to know what students should have learned at a given point
in time. In Wisconsin, all state standards serve as a model. Locally elected school boards adopt academic standards in each subject area to
best serve their local communities. We must ensure that all children have equal access to high-quality education programs. Clear statements
about what students must know and be able to do are essential in making sure our schools offer opportunities to get the knowledge and skills
necessary for success beyond the classroom.
Adopting these standards is voluntary. Districts may use the academic standards as guides for developing local grade-by-grade level
curriculum. Implementing standards may require some school districts to upgrade school and district curriculums. This may result in changes
in instructional methods and materials, local assessments, and professional development opportunities for the teaching and administrative
staff.
What is the Difference between Academic Standards and Curriculum?
Standards are statements about what students should know and be able to do, what they might be asked to do to give evidence of learning,
and how well they should be expected to know or do it. Curriculum is the program devised by local school districts used to prepare students
to meet standards. It consists of activities and lessons at each grade level, instructional materials, and various instructional techniques. In
short, standards define what is to be learned at certain points in time, and from a broad perspective, what performances will be accepted as
evidence that the learning has occurred. Curriculum specifies the details of the day-to-day schooling at the local level.
Developing the Academic Standards
DPI has a transparent and comprehensive process for reviewing and revising academic standards. The process begins with a notice of intent
to review an academic area with a public comment period. The State Superintendent’s Standards Review Council examines those comments
and may recommend revision or development of standards in that academic area. The state superintendent authorizes whether or not to
pursue a revision or development process. Following this, a state writing committee is formed to work on those standards for all grade levels.
That draft is then made available for open review to get feedback from the public, key stakeholders, educators, and the Legislature with
further review by the State Superintendent’s Standards Review Council. The state superintendent then determines adoption of the
standards.
Aligning for Student Success
To build and sustain schools that support every student in achieving success, educators must work together with families, community
members, and business partners to connect the most promising practices in the most meaningful contexts. The release of the Wisconsin
Wisconsin Standards for Personal Financial Literacy 4
Standards for Financial Literacy provides a set of important academic standards for school districts to implement. This is connected to a
larger vision of every child graduating college and career ready. Academic standards work together with other critical principles and efforts
to educate every child to graduate college and career ready. Here, the vision and set of Guiding Principles form the foundation for building a
supportive process for teaching and learning rigorous and relevant content. The following sections articulate this integrated approach to
increasing student success in Wisconsin schools and communities.
Relating the Academic Standards to All Students
Grade-level standards should allow ALL students to engage, access, and be assessed in ways that fit their strengths, needs, and interests. This
applies to the achievement of students with IEPs (individualized education plans), English learners, and gifted and talented pupils,
consistent
with all other students. Academic standards serve as the foundation for individualized programming decisions for all students.
Academic standards serve as a valuable basis for establishing concrete, meaningful goals as part of each student’s developmental progress
and demonstration of proficiency. Students with IEPs must be provided specially designed instruction that meets their individual needs. It is
expected that each individual student with an IEP will require unique services and supports matched to their strengths and needs in order to
close achievement gaps in grade-level standards. Alternate standards are only available for students with the most significant cognitive
disabilities.
Gifted and talented students may achieve well beyond the academic standards and move into advanced grade levels or into advanced
coursework.
Our Vision: Every Child a Graduate, College and Career Ready
We are committed to ensuring every child graduates from high school academically prepared and socially and emotionally competent. A
successful Wisconsin student is proficient in academic content and can apply their knowledge through skills such as critical thinking,
communication, collaboration, and creativity. The successful student will also possess critical habits such as perseverance, responsibility,
adaptability, and leadership. This vision for every child as a college and career ready graduate guides our beliefs and approaches to education
in Wisconsin.
Wisconsin Standards for Personal Financial Literacy 5
Guided by Principles
All educational initiatives are guided and impacted by important and often unstated attitudes or principles for teaching and learning. The
Guiding Principles for Teaching and Learning (2011) emerge from research and provide the touchstone for practices that truly affect the vision
of Every Child a Graduate Prepared for College and Career. When made transparent, these principles inform what happens in the classroom,
direct the implementation and evaluation of programs, and most importantly, remind us of our own beliefs and expectations for students.
Ensuring a Process for Student Success
For Wisconsin schools and districts, implementing the Framework for Equitable
Multi-Level Systems of Supports (2017) means providing equitable services, practices,
and resources to every learner based upon responsiveness to effective instruction
and intervention. In this system, high-quality instruction, strategic use of data, and
collaboration interact within a continuum of supports to facilitate learner success.
Schools provide varying types of supports with differing levels of intensity to
proactively and responsibly adjust to the needs of the whole child. These include
the knowledge, skills and habits learners need for success beyond high school,
including developmental, academic, behavioral, social, and emotional skills.
Connecting to Content: Wisconsin Academic Standards
Within this vision for increased student success, rigorous, internationally
benchmarked academic standards provide the content for high-quality curriculum
and instruction and for a strategic assessment system aligned to those standards.
With the adoption of the standards, Wisconsin has the tools to design curriculum,
instruction, and assessments to maximize student learning. The standards articulate what we teach so that educators can focus on how
instruction can best meet the needs of each student. When implemented within an equitable multi-level system of support, the standards can
help to ensure that every child will graduate college and career ready.
Wisconsin Standards for Personal Financial Literacy 6
References
The Guiding Principles for Teaching and Learning. 2011. Madison, WI: Wisconsin Department of Public Instruction. Retrieved from
https://dpi.wi.gov/standards/guiding-principles
.
Framework for Equitable Multi-Level Systems of Supports. 2017. Madison, WI: Wisconsin Department of Public Instruction. Retrieved from
https://dpi.wi.gov/rti
.
Section II
Wisconsin Standards for Personal Financial Literacy
Wisconsin Standards for Personal Financial Literacy 8
What is Personal Financial Literacy Education?
Personal financial literacy education is the focus on teaching students the ability to understand, evaluate, and communicate information about money
and financial services. This learning includes the selection of appropriate financial options, the ability to plan for the future, and the capability to
respond to life events and their effect on personal finances. The Wisconsin Standards for Personal Financial Literacy (the standards) are divided into six
strands:
● Financial Mindset
● Education and Employment
● Money Management
● Saving and Investing
● Credit and Debt
● Risk Management and Insurance
Each of these six strands is an important component to the whole of financial literacy. Topics of study could include things such as: verbal vs. written
contracts, the true cost of interest, goal setting, protection from loss, insurance, spending habits, bankruptcy, sources of credit, and investment options.
Wisconsin Standards for Personal Financial Literacy 9
Wisconsin’s Approach to Standards in Personal Financial Literacy
The Wisconsin Standards for Personal Financial Literacy were written by a committee of educators, professors, and business people from across the state.
The writing committee was tasked with outlining what content, practices, and ways of thinking are critical for students to become responsible adults
who make good financial decisions.
The foundational documents and support for the writing committee include:
● Economics and Personal Finance Standards of Learning (Virginia Department of Education, 2009);
● Financial Coaching Strategies (Division of Extension – University of Wisconsin-Madison, 2017);
● Financial Literacy Standards & Framework (National Financial Educators Council, 2018);
● Hands on Banking (Wells Fargo, 1999 - 2009);
● National Standards for Financial Literacy (Council for Economic Education, 2013);
● National Standards in K-12 Personal Finance Education (JumpStart Coalition for Personal Financial Literacy, 2017);
● Social & Emotional Learning Standards (Illinois State Board of Education, 2003);
● Social and Emotional Learning Competencies (Wisconsin Department of Public Instruction, 2018);
● Strands and Standards General Financial Literacy (Utah State Board of Education-Career & Technical Education, 2015);
● Take Charge Today (The University of Arizona, 2013);
● Wisconsin’s Vision for Entrepreneurship Education (Wisconsin Department of Public Instruction, 2009);
● Wisconsin Standards for Business & Information Technology (Wisconsin Department of Public Instruction, 2013);
● Wisconsin Standards for Family & Consumer Sciences (Wisconsin Department of Public Instruction, 2013);
● Wisconsin Standards for Information Technology Literacy (Wisconsin Department of Public Instruction, 2017);
● Wisconsin’s Model Academic Standards for Personal Financial Literacy (Wisconsin Department of Public Instruction, 2006);
● Wisconsin Standards for Social Studies (Wisconsin Department of Public Instruction, 2018).
Wisconsin Standards for Personal Financial Literacy 10
Standards Structure
• Discipline: Personal Financial Literacy
• Content Area (Strand): Financial Mindset
• Standard: Broad statement that tells what students are
expected to know or be able to do
• Learning Priority: Breaks down the broad statement into
manageable learning pieces
• Performance Indicator by Grade Band: Measurable degree to
which a standard has been developed and/or met
How to read the standards codes for a performance indicator:
“Content areas” for Personal Financial Literacy in this code structure include:
● FM - Financial Mindset
● EE - Education and Employment
● MM - Money Management
● SI - Saving and Investing
● CD - Credit and Debt
● RMI - Risk Management and Insurance
Wisconsin Standards for Personal Financial Literacy 11
Grade Bands
All Wisconsin academic standards are formatted to a common template to support educators in reading and interpreting them. Most of these standards are developed
around grade bands.
Grade bands of K-2, 3-5, 6-8, and 9-12 align to typical elementary (e), intermediate (i), middle (m), and high school (h) levels. Each row of learning priorities shows a
progression of indicators across the grade bands.
Some performance indicator boxes are intentionally left blank where it is not developmentally appropriate to teach a particular personal financial literacy topic at that
grade band level.
Wisconsin Standards for Personal Financial Literacy 12
Personal Financial Literacy Strands
Financial Mindset
Financial mindset is a combination of the values, emotions, attitudes, behaviors, and external influences that lead to mental habits for thinking about and responding to
any financial circumstances; the financial mindset offers the “why,” where the other strands outline the “how.” An individual’s financial mindset is usually influenced by
previous financial experiences; however, self-awareness of influences can play a significant role in future decisions. The increasing scope of financial choices makes it
essential that students know their resources, rights, and responsibilities as consumers. This includes an understanding of the role of contextual factors in decision
making as well as the role of advertising, sales techniques, consumer laws, and consumer organizations. The ability to analyze opportunity costs, value, and benefits of
products and services is an essential skill for consumers. The reality and potential for building an intentional financial mindset includes the need for a sense of
responsibility to the broader community.
Education and Employment
Education and employment is establishing short-range and long-range financial goals as an essential part of financial literacy. This process begins while a person is in
school and continues throughout life. A clear understanding of the interconnectedness of educational attainment, career choice, entrepreneurial attitudes, and
economic conditions will help to shape goals and increase the likelihood of reaching them.
Money Management
Money management is the foundation of being financially responsible. Learning how to plan, develop, use, and maintain a personal budget is the first step in being able
to make quality financial choices and decisions. Proactive money management skills, setting financial goals, and understanding effective cash flow strategies are the
next steps that allow students to be responsible consumers. Financial institutions and service providers play a significant role in supporting our lifelong learning about
money management.
Saving and Investing
Saving and investing is the relationship among financial institutions, investment options, avenues for financial research, the economic history, performance of
investments, and the appropriate application of basic economic principles. Using information from these and other sources will lead to wiser financial planning
decisions for individuals and families.
Credit and Debt
Credit and debt is the role and responsibility regarding how people incur debt and seek credit for major purchases such as a home, car, education, and business. The
ability to choose the most advantageous sources and forms for financing has long-term benefits. It is essential to make informed decisions when incurring debt,
understand the true costs of credit, and develop skills for managing existing debt.
Risk Management and Insurance
Risk management and insurance is how people address unexpected financial losses or needs, which can affect the financial status of an individual or family for years. In
addition to avoiding unreasonable risks in saving and investing, contemporary economics also requires that insurance, including life, property, health, liability, and
disability be part of financial planning for individuals and families.
Wisconsin Standards for Personal Financial Literacy 13
Wisconsin Standards for Personal Financial Literacy At-a-Glance
Students will...
Financial Mindset
1. Develop strategies to make intentional financial decisions throughout their lifespan.
2. Analyze how financial psychology impacts financial well-being.
3. Establish digital awareness to enhance their financial mindset.
Education and Employment
1. Compare the effect of personal income on their goals.
2. Evaluate the impact of lifelong learning on one’s ability to function effectively in a diverse and changing economy.
Money Management
1. Demonstrate their ability to use money management skills and strategies.
2. Utilize financial institutions and service providers to support money management.
Saving and Investing
1. Explore savings concepts and apply this knowledge to attain financial security.
2. Explore investing concepts and apply this knowledge to attain financial security.
Credit and Debt
1. Examine the benefits and costs of using credit.
2. Interpret lending options and consumer rights and responsibilities.
Risk Management and Insurance
1. Contrast different types of risk and how it could affect financial decisions.
2. Assess possible choices to protect against financial risk.
Wisconsin Standards for Personal Financial Literacy 14
Standards, Learning Priorities, and Indicators for Wisconsin Standards for Personal Financial Literacy
The Wisconsin Standards for Personal Financial Literacy outline what students should know and be able to do upon graduation from a Wisconsin public high school to
prepare for future studies, career, and community life. The standards are divided into six strands: Financial Mindset; Education and Employment; Money Management;
Saving and Investing; Credit and Debt; and Risk Management and Insurance. Each strand has two or three standards that are divided into learning priorities and
performance indicators across four grade bands.
The knowledge and skills set forth in the Wisconsin personal financial literacy strands and standards cross all grade levels and disciplines. A comprehensive,
developmentally appropriate pre-kindergarten through grade 12 program can promote personal financial literacy throughout numerous curricular areas, including
Business and Information Technology, Family and Consumer Sciences, Mathematics, and Social Studies. Educators from all grade levels can use the financial literacy
standards to align instruction and create grade-specific curricula and activities designed to instill within students a desire to be financially literate. The standards are
intended to help schools develop a comprehensive K-12 program that provides the knowledge and skills to establish sound financial habits.
The strands in personal financial literacy are meant to be used together; the strands were purposely condensed to avoid duplication. It will be helpful to educators and
district leaders conducting a curriculum review to unpack the standards in every strand to see where they are best met in the local district. Research studies have
shown that students recall and understand themes and topics better when strands are integrated and not taught in isolation.
Wisconsin Standards for Personal Financial Literacy 15
Definitions
The use of “i.e.” and “e.g.” in the indicators is in the manner of the original Latin. The abbreviation “i.e.”, from the Latin id est, means “that is”, and is used as a definition
(required information). The abbreviation “e.g.” is from the Latin exempli gratia, and means “for example” (suggested information). Definitions marked with “*” are taken
from Wisconsin’s Model Academic Standards for Personal Financial Literacy (2006).
*Capital: One of three credit scoring factors representing the value of owned personal items including savings, investments, and property.
*Cost-benefit analysis, risk-reward relationship: Tool used to choose among alternatives that involves weighing the cost of a product or service against the benefit it
will provide.
*Diversification: Distributing funds among different types of investments to minimize overall risk.
Entrepreneurship: Creating something new or developing ideas or projects; not following prescribed paths and thinking outside the box. Visit Wisconsin’s Vision for
Entrepreneurship Education for additional information.
Fiduciary: A person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under
circumstances which require total trust, good faith and honesty. (Legal Dictionary, dictionary.law.com, accessed 01/09/2020)
Investment vehicle: A product used by investors in an attempt to gain positive returns. Investment vehicles have a range of regulation, jurisdiction, and risk that may
influence the likelihood of being included in an investment portfolio due to investor’s knowledge, skills, tolerance, goals, and financial capability. (Investopedia,
investopedia.com, accessed 01/09/2020)
Investment strategy: Guides an investor's decisions based on goals, risk tolerance, and future needs for capital. Some investment strategies seek rapid growth where
an investor focuses on capital appreciation, or they can follow a low-risk strategy where the focus is on wealth protection. (Investopedia, investopedia.com, accessed
01/09/2020)
*Net worth: The difference between a person’s assets and liabilities.
*Opportunity cost: Whenever choices are made, the cost of something expressed in terms of what had to be given up to obtain it. The resources used to satisfy one
goal that cannot be used for another (i.e., weighing of one alternative against another rather than merely considering the cash price or value of a specific good or
service).
*Pay yourself first: Disciplined saving or setting aside money as a regular part of the budget for later spending or investing.
*Philanthropy: A personal foundation, or corporate interest in helping others, especially through gifts to charities or endowments to institutions.
Wisconsin Standards for Personal Financial Literacy 16
*Social Security: The federal government’s basic program for providing income when earnings are reduced or stopped because of retirement or disability. Income is
also provided to families when the working parent(s) dies and underage children are a part of the family.
Section III
Discipline: Personal Financial Literacy (PFL) Standards
Wisconsin Standards for Personal Financial Literacy 18
Content Area: Financial Mindset (FM)
Standard PFL.FM1: Students will develop strategies to make intentional financial decisions throughout their lifespan.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
FM1.a: Critical Consumer
FM1.a.e
Differentiate between buyers
(consumers) and sellers
(producers).
List traits of being a
responsible consumer (e.g.,
look at the price or compare
the value of items).
Define advertising and list
places advertisements can be
found.
FM1.a.i
Describe the steps in making
a purchase (i.e., consumer
buying process).
Identify items that can be
used in making consumer
decisions (e.g., comparison
shopping skills regarding
price or substitutes).
Predict the motives of a sales
claim and explain how
consumers would verify
information delivered
through a range of
advertisements (e.g., digital,
print, audio, or
product/service reviews).
FM1.a.m
Analyze the roles of
consumers and producers in
financial markets.
Distinguish between the
rights and responsibilities of
buyers and sellers under
consumer protection laws.
Evaluate the influence on
demographic groups of
advertising and the media on
decision making and
spending.
FM1.a.h
Summarize consumer rights,
responsibilities, protections
and consumer vigilance (e.g.,
contesting incorrect billing or
registering a consumer
complaint).
Analyze and apply multiple
sources of information when
making consumer decisions
(e.g., advertisements,
reviews, interest rates,
applicable fees, consumer
movements, or choice).
Analyze the financial impact
of advertising including
techniques, potential for
deception along with the
influence of promotions,
packaging, and placement.
Wisconsin Standards for Personal Financial Literacy 19
Content Area: Financial Mindset (FM)
Standard PFL.FM1: Students will develop strategies to make intentional financial decisions throughout their lifespan. (cont’d)
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
FM1.b: Functions and
Structure of Money
FM1.b.e
Categorize types of money
(e.g., coins or bills), and
explain why money is used.
FM1.b.i
Describe the role of money in
everyday life.
FM1.b.m
Differentiate between the
functions of money as a
medium of exchange (e.g.,
money accepted in exchange
for goods or services), store
of value (e.g., retention of
money’s value for future
exchanges), and a unit of
account (e.g., stated unit of
measurement to simplify
transactional exchanges in
contrast to bartering).
FM1.b.h
Evaluate the functions and
value of money in the United
States (e.g., how the value is
based upon the strength and
credit of the
government/issuing body).
Identify the function of the
foreign exchange market to
establish a relative value of
different currencies and the
process that changes in
currency values may have on
purchasing power in
relationship to the cost of
goods and services in a global
marketplace.
FM1.c: Opportunity Costs
FM1.c.e
Differentiate between a want
and a need.
FM1.c.i
Compare and contrast the
costs and benefits of a
decision.
Explain that choices may
have long-term unintended
consequences.
FM1.c.m
Predict the opportunity costs
of various decisions.
Explain why the opportunity
cost might differ from person
to person or in different
situations (e.g., auto or
housing).
Contrast cost-benefit and
opportunity cost.
FM1.c.h
Perform a cost-benefit
analysis on a real-world
situation.
Wisconsin Standards for Personal Financial Literacy 20
Content Area: Financial Mindset (FM)
Standard PFL.FM2: Students will analyze how aspects of financial psychology impact financial well-being.
Performance Indicators (by Grade Band)
NOTE: This standard continued on next page.
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
FM2.a: Values and
Behavior
FM2.a.e
Identify why people decide to
earn, save, spend, or give
money.
FM2.a.i
Examine different cultural
perspectives and behaviors
regarding financial values and
goals across communities.
FM2.a.m
Analyze different cultural
perspectives and behaviors
regarding financial values and
goals across communities.
FM2.a.h
Assess the impact of
individual values and
behaviors on financial
decisions and goals.
FM2.b: Emotional
Influences
FM2.b.e
Identify how emotions may
be the same or different from
other people.
FM2.b.i
Describe how emotions
impact financial decisions.
FM2.b.m
Describe financial situations
that trigger various emotions.
Summarize how emotions
may interfere with the
achievement of financial
goals.
FM2.b.h
Evaluate strategies
individuals use to manage
emotions impacting financial
decisions.
FM2.c: External Influences
FM2.c.e
Identify external influences
(e.g., peers, family, or
community) that may affect
what someone wants.
FM2.c.i
Explain ways financial
decisions are influenced by
external factors.
FM2.c.m
Differentiate how positive
and negative external
influences (e.g., peers or
marketing) impact financial
decisions in a society with
frictionless transactions (e.g.,
pre-stored payment
information, no signature
required, or biometrics).
FM2.c.h
Critique a financial plan and
identify areas that may have
been influenced by external
sources.
FM2.d: Financial Goals
FM2.d.e
Identify the importance of a
financial goal (e.g., purchasing
a bicycle or toy).
FM2.d.i
Describe elements of a goal
development strategy (e.g.,
SMART - specific,
measurable, attainable,
relevant, and time-bound).
FM2.d.m
Analyze long-term and short-
term financial goals utilizing
elements of goal
development strategies.
FM2.d.h
Distinguish how an
investment plan that
incorporates a goal
development strategy
reflects various life factors
(e.g., age, personal values,
income, liabilities, assets,
goals, family size, risk
tolerance, or net worth).
Wisconsin Standards for Personal Financial Literacy 21
Content Area: Financial Mindset (FM)
Standard PFL.FM2: Students will analyze how aspects of financial psychology impact financial well-being. (cont’d)
Performance Indicators (by Grade Band)
Learning Priority
K-2 (e)
3-5 (i)
6-8 (m)
9-12 (h)
FM2.e: Civic Engagement
and Philanthropy (e.g.,
giving back, volunteering,
donation, or charity)
FM2.e.e
Recognize ways to give back
(e.g., donating to a charity or
volunteering) in our
classroom, school,
community, state, tribal
nation, country, and in the
world.
FM2.e.i
Describe the benefits of
charitable giving,
volunteerism, and charities in
our classroom, school,
community, state, tribal
nation, country, and in the
world.
FM2.e.m
Research individuals or
organizations that give back
and describe their impact on
the local, state, tribal nation,
country, or world.
FM2.e.h
Describe how to incorporate
philanthropic opportunities
into personal financial goals.
Wisconsin Standards for Personal Financial Literacy 22
Content Area: Financial Mindset (FM)
Standard PFL.FM3: Students will establish digital awareness to enhance their financial mindset.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
FM3.a: Online and Account
Security
FM3.a.e
Explain the importance of an
online password, and identify
reasons to use a password.
FM3.a.i
Compare and contrast strong
and weak online passwords,
and identify criteria for a
strong password.
Identify information that we
protect with a password.
Identify what personally
identifiable information (PII)
is private and should not be
shared with others (digitally).
FM3.a.m
Evaluate alternatives to
account passwords (e.g., facial
or fingerprint recognition, or
sign-in through social media
accounts).
Explore methods of managing
and protecting passwords for
multiple accounts.
Identify possible motives
behind data breaches.
Describe ways to determine if
a person’s identity has been
compromised.
FM3.a.h
Choose an effective means to
manage and protect
passwords for multiple online
accounts.
Develop strategies to guard
against and respond to
malicious threats including
viruses, phishing, and identity
theft, and recognize the
importance of security
protocols.
Research ways online
transactions, online banking,
email scams, and
telemarketing calls can make
a person vulnerable to
identity theft.
FM3.b: Digital Footprint
FM3.b.e
Define sources of digital
information and storage (e.g.,
Internet, World Wide Web,
and personal devices).
FM3.b.i
Describe ways a person
leaves a financial digital
footprint.
Explore under supervision
information a person can
obtain online about other
individuals.
FM3.b.m
Compare and contrast active
and passive financial digital
footprints.
Illustrate how a financial
digital footprint can be used
by others.
FM3.b.h
Assess actions and data as
beneficial or detrimental to a
financial digital footprint.
Strategize ways to optimize a
financial digital footprint.
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 23
Content Area: Financial Mindset (FM)
Standard PFL.FM3: Students will establish digital awareness to enhance their financial mindset. (cont’d)
Performance Indicators (by Grade Band)
Learning Priority
K-2 (e)
3-5 (i)
6-8 (m)
9-12 (h)
FM3.c: Digital Resources
FM3.c.e
List websites or mobile apps
and identify what types of
information people access
online.
FM3.c.i
Determine criteria to identify
safe websites and apps.
FM3.c.m
Explain restrictions on why
websites and mobile apps
may be legally restricted
based upon age (e.g., Family
Educational Rights and
Privacy Act).
Evaluate how financial
applications are utilized to
support financial transactions
(e.g., access financial
information, direct deposit,
bill pay, transfers, or
balancing a checking account).
FM3.c.h
Appraise a user agreement
for common financial
websites and applications.
Evaluate benefits and costs of
exclusively online banking.
Wisconsin Standards for Personal Financial Literacy 24
Content Area: Education and Employment (EE)
Standard: PFL.EE1: Students will compare the effect of personal income on their goals.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
EE1.a: Career
Development
EE1.a.e
Explain behaviors and
decisions that reflect
interests, likes, and dislikes.
Describe why people work
and how aspects of the work
environment affect their life.
EE1.a.i
Build an ongoing awareness
of personal abilities, skills,
interests, and motivation, and
determine how these fit with
a chosen career pathway.
Compare and contrast
occupations relative to
personal interests, aptitudes,
and potential earnings (i.e.,
military service,
apprenticeship, skilled trades,
and professional
occupations).
EE1.a.m
Assess personal strengths
(e.g., skills, knowledge, and
experience), aptitudes, and
passions related to potential
future careers.
Create a plan to reach future
career goals taking into
account personal interests,
aptitudes, and potential
earnings.
EE1.a.h
Prioritize potential
occupations based upon the
results of a career assessment
or interest inventory.
Create a career development
plan relative to personal
interests, aptitudes, and
potential earnings.
Explain how career
development goals fit with
personal skills and attributes,
current activities, and
postsecondary plan.
EE1.a: Deductions and
Taxes
EE1.a.e
Summarize goods and
services that the government
provides (e.g., roads, schools,
or police).
EE1.a.i
List reasons a government
taxes people.
EE1.a.m
Identify payroll taxes that are
deducted from a paycheck.
EE1.a.h
Evaluate a paycheck and how
payroll taxes along with other
deductions (e.g., insurance,
retirement account, or
flexible spending account for
parking, childcare, and health)
decrease net income.
Analyze the impact of tax
liability on income including
potential deductions and
credits that will impact state
and federal income tax.
Evaluate types of taxes (e.g.,
progressive or regressive)
and earned benefits with
eligibility criteria (e.g., Social
Security, Medicare, or
Medicaid).
Understand and follow the
requirements of filing income
taxes.
EE1.b: Types of
Compensation
EE1.b.e
Identify ways people earn
money.
EE1.b.i
Describe the ways people are
compensated.
Identify reasons people earn
different amounts of money.
EE1.b.m
Evaluate specific examples of
intrinsic and extrinsic
rewards for a specific career
(e.g., salary, flexibility, family
time, or goodwill).
Compare and contrast
employment choices based on
intrinsic and extrinsic factors
(e.g., salary, flexibility, family
time, or goodwill).
EE1.b.h
Assess ways workers are
compensated in different
industries and sectors (i.e.,
fringe benefits, wages,
pension plan, hourly or
salaried).
Wisconsin Standards for Personal Financial Literacy 25
Content Area: Education and Employment (EE)
Standard: PFL.EE2: Students will evaluate the impact of lifelong learning on one’s ability to function effectively in a diverse and changing
economy.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
EE2.a: Post-Secondary
Education, Skills, and
Training
EE2.a.e
Identify skills needed for
different types of jobs.
Discover the different skills
associated with various job or
career fields (e.g., what skills
are needed to be a plumber,
teacher, dentist, firefighter or
store manager).
EE2.a.i
Assess different types of jobs,
based on the skills associated
with each job.
Interpret career information.
EE2.a.m
Compare the benefits and
costs of a variety of post-
secondary education and
training options.
Assess data on the lifetime
earnings of workers with
different levels of education
or training.
Explain cost and benefit
factors such as earning
potential, the total cost of
education or training, and
career opportunities within a
chosen career pathway.
EE2.a.h
Assess how people’s
willingness and ability to plan
for the future affects their
decision to increase their
education or job training in a
dynamic and changing labor
market.
Compare the employment
rates of workers with
different skills.
Evaluate the return on
investment of the
preparation requirements for
different career pathways.
EE2.b: Emerging
Employment and
Education Trends
EE2.b.e
Categorize jobs as high
demand or low demand.
Describe how specific jobs or
career fields have changed
over time.
EE2.b.i
Explain how economic, social,
and technological changes
can impact employment
trends and markets.
Contrast jobs versus careers.
EE2.b.m
Assess and interpret
resources that can be used to
evaluate emerging
employment trends and
markets (e.g., U.S. Bureau of
Labor Statistics, state
agencies, or job search
engines).
EE2.b.h
Research and identify a job or
field that may be high
demand in the future based
on emerging technologies.
Assess employment trends
and how those will impact
future career paths.
Wisconsin Standards for Personal Financial Literacy 26
Content Area: Money Management (MM)
Standard PFL.MM1: Students will demonstrate their ability to use money management skills and strategies.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
MM1.a: Budgeting
MM1.a.e
Explain the importance of a
budget.
MM1.a.i
Provide examples of
household expenses and
sources of income.
MM1.a.m
Construct a basic budget,
including allocating spending
and savings that spans for a
week or a month.
MM1.a.h
Prepare a budget or spending
plan that depicts varying
sources of income, a planned
saving strategy, taxes, and
other sources of fixed and
variable spending.
MM1.b: Financial
Management
MM1.b.e
Identify that there are three
ways you can use money -
save, spend, and give.
MM1.b.i
Identify age-appropriate ways
to save, spend, and give
money.
Identify the personal
information necessary to
establish a financial account
(e.g., personal details, contact
information, and social
security number).
MM1.b.m
Plan for ways to save, spend,
and give money.
Compare responsible saving,
spending, and charitable
habits.
Identify various organizations
or places that provide
financial resource support to
individuals or families.
Classify the personal
eligibility criteria to establish
a financial account (e.g., age,
residency, or amount of
deposit).
MM1.b.h
Compare and contrast
different sources of active and
passive income, savings, and
investment vehicles.
Develop and critique short-
term and long-term personal
financial plans.
Evaluate circumstances when
an individual may want to
grant representation or
consult for financial advice
with a financial advisor,
attorney, tax advisor, or
financial planner.
Summarize factors to
consider when seeking
financial advice and services.
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 27
Content Area: Money Management (MM)
Standard PFL.MM2: Students will utilize financial institutions and service providers to support money management. (cont’d)
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
MM2.a: Financial
Institutions and Service
Providers
MM2.a.e
Identify financial institutions
within the community.
MM2.a.i
Identify the services and
resources that financial
institutions provide
consumers.
MM2.a.m
Describe and evaluate the
benefits and risks of basic
financial institution services.
MM2.a.h
Compare financial
institutions and service
providers (e.g., banks, credit
unions, investment and
brokerage firms, mortgage
brokers, payday lenders,
online financial institutions,
or loan agencies).
Analyze the reasons for
regulation and the roles of
financial regulators [e.g.,
Federal Deposit Insurance
Corporation (FDIC), National
Credit Union Administration
(NCUA), Consumer Finance
Protection Bureau (CFPB),
Federal Reserve, Office of the
Comptroller of the Currency
(OCC), or Wisconsin
Department of Financial
Institutions (WDFI),
Wisconsin Office of the
Commissioner of Insurance
(WOCI), Wisconsin
Department of Agriculture,
Trade, and Consumer
Protection (WDATCP)].
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 28
Content Area: Money Management (MM)
Standard PFL.MM2: Students will utilize financial institutions and service providers to support money management. (cont’d)
Performance Indicators (by Grade Band)
MM2.b: Payment Types
MM2.b.e
Recognize that items of value,
including money, can be
earned and exchanged for
goods and services.
MM2.b.i
Investigate multiple ways to
pay for goods and services.
Compare digital banking
methods and cash payments
for purchasing goods and
services.
Identify methods to prove
income has been received and
payment has been made.
MM2.b.m
Compare features of digital
banking in online banking, bill
pay, transfers, and checking
account transactions.
Compare the use of cash,
debit cards, credit cards,
checks, and other modern
forms of payment.
Determine how pre-
authorized payments impact
account balances.
Recognize the importance of
retaining records of financial
transactions.
MM2.b.h
Assess the advantages and
disadvantages of digital
banking (e.g., online banking,
bill pay, transfers, or checking
account transactions).
Summarize the tax and legal
implications that require you
to maintain personal records
of significant financial
transactions.
MM2.c: Alternative
Financial Currency
MM2.c.e
Describe how paying for
goods and services online is
still using real money.
MM2.c.i
Differentiate between debit-
and credit-types of financial
currency.
MM2.c.m
Analyze online and mobile
systems or applications that
permit consumers to acquire
items or transfer money.
MM2.c.h
Compare online and mobile
systems or applications used
as a means of alternative
currency.
Wisconsin Standards for Personal Financial Literacy 29
Content Area: Saving and Investing (SI)
Standard PFL.SI1: Students will explore savings concepts and apply this knowledge to attain financial security.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
SI1.a: Saving Principles
SI1.a.e
Identify an experience of
waiting to have enough
money to buy something.
SI1.a.i
Describe reasons why people
save money.
Explain the phrase pay
yourself first.
SI1.a.m
Compare and contrast places
that can be used to save
money.
Describe ways to decrease
expenses in order to increase
savings.
Compare pay yourself first to
living paycheck to paycheck.
Explain why saving is a
prerequisite to investing.
SI1.a.h
Demonstrate how to manage
savings accounts- both
manually and electronically,
including reconciliation.
Determine the opportunity
cost in relation to a saving
plan (e.g., inflation or taxes).
Compare and contrast the
benefits of pay yourself first
and living paycheck to
paycheck strategies on
financial outcomes.
SI1.b: Savings Types and
Features
SI1.b.e
Identify places where
something valuable would be
secure.
SI1.b.i
Describe why a person
deposits money into a
financial institution.
Describe characteristics of a
secure savings account.
SI1.b.m
Analyze the benefits of
depositing money into a
financial institution.
Compare and contrast
savings versus checking and
debit accounts.
SI1.b.h
Compare and contrast
characteristics of basic
savings options (e.g., savings
accounts, money market
accounts, or certificates of
deposit).
Explain the impact of
electronic funds transfer
(EFT) services on savings
accounts.
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 30
Content Area: Saving and Investing (SI)
Standard PFL.SI1: Students will explore savings concepts and apply this knowledge to attain financial security. (cont’d)
Performance Indicators (by Grade Band)
SI1.c: Saving Goal Planning
SI1.c.e
Describe strategies to save
money.
SI1.c.i
Identify steps to reach a
savings goal.
Explain how people make
spending and saving choices
to meet personal savings
goals.
SI1.c.m
Create a savings plan to
reach short- and long-term
personal saving goals.
Analyze how life changes or
changes in circumstances can
affect a personal savings goal.
SI1.c.h
Determine the best options
to achieve specific short- and
long-term personal saving
goals.
Compare and contrast
financial services and
products to achieve personal
saving goals.
SI1.d: Saving Risk and
Reward
SI1.d.e
Explain how choices we make
now affect what we get in the
future.
Explain how financial
institutions help people make
choices about how to save
money.
SI1.d.i
Compare types of risks and
rewards when saving (e.g., no
loss of principal, interest-
bearing).
SI1.d.m
Define simple and compound
interest.
Analyze the relationship
between opportunity cost
and reward.
SI1.d.h
Compare and contrast the
opportunity cost and reward
of basic saving options (e.g.,
savings accounts, money
market accounts, or
certificates of deposit).
Evaluate the effect of
compound interest on
savings options.
SI1.e: Role of Government
in Saving
SI1.e.i
Identify the role that law
enforcement has to protect
personal financial assets.
SI1.e.m
Recognize the limit of the
Federal Deposit Insurance
Corporation (FDIC) and
National Credit Union
Administration (NCUA)
coverage of financial
accounts.
SI1.e.h
Explain the role that
government agencies play in
protecting deposits (e.g.,
Federal Deposit Insurance
Corporation (FDIC), National
Credit Union Administration
(NCUA)).
Wisconsin Standards for Personal Financial Literacy 31
Content Area: Saving and Investing (SI)
Standard PFL.SI2: Students will explore investing concepts and apply this knowledge to attain financial security.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
SI2.a: Investing Principles
SI2.a.e
Explain how gathering items
of value may build net worth.
SI2.a.i
Describe the difference
between saving and
investing.
Describe reasons why people
invest their money.
SI2.a.m
Explain the difference
between income and net
worth.
Compare and contrast
methods to increase net
worth.
Examine the time value of
money (TVM) and the
variables that affect time
value of money.
SI2.a.h
Explain the role of revenue
generating assets in building
net worth (e.g., real estate or
entrepreneurship).
Evaluate the effect of
compounding earned interest
on investments.
Compute time value of
money (TVM) principles (e.g.,
compound interest or Rule of
72).
Evaluate the reliability and
trustworthiness of digital
investment banking.
SI2.b: Investing Types and
Features
SI2.b.e
Differentiate between
owning something of value,
keeping money in a financial
institution, or giving money
to someone else in return for
future value.
SI2.b.i
Identify different investing
choices (e.g., collectibles,
stocks, bonds, or mutual
funds).
Predict financial outcomes
based on investing choices.
SI2.b.m
Explore investing choices
(e.g., collectibles, stocks,
bonds, or mutual funds)
which can produce income or
growth.
Identify the differences
between banks, credit unions,
and investment firms.
SI2.b.h
Describe a range of
investment vehicles (short-
term and long-term) for
buying and selling
investments.
Explain the concept of asset
allocation, associated fees,
and their effect on the rate of
return.
Differentiate between
different types of long-term
retirement investments [e.g.,
IRA, Roth IRA, 401(k), or
403(b)].
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 32
Content Area: Saving and Investing (SI)
Standard PFL.SI2: Students will explore investing concepts and apply this knowledge to attain financial security. (cont’d)
Performance Indicators (by Grade Band)
SI2.c: Investing Goal
Planning
SI2.c.e
Identify the difference
between short-term and
long-term (e.g., today versus
Saturday versus the future or
elementary versus middle
school versus high school).
SI2.c.i
Explain reasons why people
invest for future personal
financial goals.
Develop short- and long-term
personal investing goals.
Explain that people make
spending, saving, and
investing choices to meet
personal financial goals.
SI2.c.m
Create a prioritized list of
short- and long-term
personal financial investment
goals and suggest methods to
achieve those goals.
Compare games of chance
with investing methods for
financial planning.
Examine the role of investing
for retirement.
Investigate the role of a
financial planner.
Analyze the difference
between dividends and
capital gains.
Identify factors that influence
financial investment planning
(e.g., age, income, liabilities,
assets, goals, family size, or
risk tolerance).
SI2.c.h
Create personal criteria for
investment planning.
Analyze financial investment
services according to
personal criteria for
investment planning.
Assess various means of
building net worth.
Justify how paying yourself
first early and often
influences positive progress
toward long-term financial
planning goals.
Evaluate factors that
influence financial
investment planning (e.g.,
age, income, liabilities, assets,
goals, family size, or risk
tolerance).
Develop an investment plan
to meet individual short- and
long-term financial
investment goals.
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 33
Content Area: Saving and Investing (SI)
Standard PFL.SI2: Students will explore investing concepts and apply this knowledge to attain financial security. (cont’d)
Performance Indicators (by Grade Band)
SI2.d: Investing Risks and
Rewards
SI2.d.e
Identify how items of value
may fluctuate over time.
SI2.d.i
Give examples of investing
risks and rewards.
Explain why there are
different types of interest
(e.g., simple or compound).
Compare rewards when
investing.
SI2.d.m
Compare and contrast types
of risk for investing.
Choose personal risk
tolerance for investments.
Compare and contrast levels
of investment risk and levels
of investment rewards.
SI2.d.h
Compare the risk, return, and
liquidity of various
investment alternatives
contrasting a range of short-
term and long-term
investment strategies.
Identify financial risks,
including inflation, deflation,
and recession.
Assess the long-term
investment potential
associated with the stock
market, focusing on
fundamentals such as
diversification, risk-reward,
dollar cost averaging, and
investor behavior.
SI2.e: Role of Government
in Investing
SI2.e.i
Explain how federal and state
regulators help protect
investors.
Identify investment options
that are tax free.
SI2.e.m
Investigate reliable
government and industry
sources to locate background
information about a local
person who provides
investment advice.
Examine the tax rate on
short-term and long-term
investments.
Analyze the benefits of tax-
advantaged investments for
young people.
SI2.e.h
Determine information,
assistance, and protection that
individual investors can receive
(e.g., Securities and Exchange
Commission, Financial Industry
Regulatory Authority, Consumer
Financial Protection Bureau, or
State Securities Administrators).
Compare and contrast the
advantages of taxable, tax
deferred and tax-advantaged
investments for new savers,
including Roth IRAs and
employer-sponsored retirement
vehicles.
Assess fiduciary responsibilities
and due diligence of financial
professionals.
Wisconsin Standards for Personal Financial Literacy 34
Content Area: Credit and Debt (CD)
Standard PFL.CD1: Students will examine the benefits and costs of using credit.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
CD1.a: Benefits of Using
Credit
CD1.a.e
Explain why something
borrowed must be returned.
CD1.a.i
Identify situations when
people might pay for certain
items in small amounts over
time.
Summarize the advantages
and disadvantages of using
credit.
CD1.a.m
Assess whether a specific
purchase justifies the use of
credit.
CD1.a.e
Analyze uses of credit that
provide financial and
personal benefits.
Predict why someone would
make a purchase using credit
instead of cash.
CD1.b: Costs of Using
Credit
CD1.b.e
Explain the difference
between buying and
borrowing.
CD1.b.i
Summarize the advantages
and disadvantages of using
credit.
CD1.b.m
Assess whether a specific
purchase justifies the use of
credit.
CD1.b.h
Assess the total cost of
incurring a loan (e.g., various
rates of interest, loan
origination fee, early payback,
or length of term).
CD1.c: Interest and Fees
CD1.c.e
Explain how people can
borrow money or an item if
they promise to return it.
CD1.c.i
Compare the differences
between income and
expenses.
Calculate cost of late fees
over a given time period.
CD1.c.m
Compare options for
payment on credit cards.
Demonstrate balance sheet
concepts (e.g., debit and
credit).
Compute the amount of
interest paid over time when
using credit.
Compare advantages and
disadvantages of various debt
payment methods.
CD1.c.h
Evaluate options for payment
on credit cards and the
consequences of each option.
Compare different debt
payment methods.
Calculate the total cost of
repaying a loan under various
rates of interest and over
different time periods.
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 35
Content Area: Credit and Debt (CD)
Standard PFL.CD1: Students will examine the benefits and costs of using credit. (cont’d)
Performance Indicators (by Grade Band)
Learning Priority
K-2 (e)
3-5 (i)
9-12 (h)
CD1.d: Debt Resolution
CD1.d.e
Identify actions a borrower
can take to satisfy a lender
when a borrowed item cannot
be repaid, is lost, or damaged.
Explain who can assist in
solving problems (e.g.,
parents, teachers, or
counselors).
CD1.d.i
Recognize consequences of
overspending when
borrowing, and reflect on
what may need to be
sacrificed to resolve a debt.
Recognize appropriate
people who could discuss
financial issues.
CD1.d.m
Identify indicators of
excessive debt.
Predict possible
consequences of excessive
debt or bankruptcy.
Explain credit coaching and
appropriate times to utilize it.
CD1.d.h
Examine services that
consumer credit counseling
agencies offer.
Examine how consumers
apply financial coaching to
various situations.
Investigate the purpose and
types of bankruptcy,
including its possible negative
effects on assets,
employability, credit
availability, cost of credit, and
lenders.
Explore strategies that may
be used to avoid bankruptcy
and what debt may not be
discharged through
bankruptcy.
Investigate common life
situations that lead to
financial difficulty and
bankruptcy.
Evaluate the methods that
debt collectors take in
recovering collateral from
borrowers.
Wisconsin Standards for Personal Financial Literacy 36
Content Area: Credit and Debt (CD)
Standard: PFL.CD2: Students will interpret lending options, consumer rights, and responsibilities.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
CD2.a: Credit Products and
Services
CD2.a.e
Identify different forms of
payment methods (e.g.,
online, cash, debit card, credit
card, or loan).
Identify people from whom a
person could borrow an item.
CD2.a.i
Compare and give examples
of goods and services.
Explore situations where
people might pay for certain
items over time.
Examine why financial
institutions lend money.
Explain why using a credit
card is a form of borrowing.
Identify the sources of credit.
CD2.a.m
Compare the benefits and
costs of spending decisions
when selecting products or
services.
Differentiate between a
credit card, charge card, and
debit card.
Assess whether a specific
purchase justifies the use of
credit.
Evaluate potential
consequences of using easy
access credit.
Identify the financial benefits
and services of different
types of lending institutions.
CD2.a.h
Analyze the impact of using a
credit card versus debit card
as it relates to money
management.
Compare various types of
student loans, repayment
options, and alternatives of
paying for post-secondary
education or training.
Differentiate between
adjustable- and fixed-rate
debt.
Analyze the effect of debt on
a person’s net worth.
Calculate the most cost-
effective option for paying for
transportation.
CD2.b: High-Cost
Alternative Lending
CD2.b.i
Provide examples of
predatory lending practices
(e.g., deception, coercion,
misleading, exploitation, and
other unethical actions
toward an individual who
does not need, does not want,
or can’t afford the loan).
CD2.b.m
Explain high-cost alternative
lending products and
practices (e.g., refund
anticipation loan, payday
lending, or rent-to-own).
CD2.b.h
Compare and contrast
advantages, disadvantages,
and risks of high-cost
alternative lending products
and practices (e.g., refund
anticipation loan, payday
lending, or rent-to-own).
Differentiate between short-
term and long-term
characteristics of a rapid
access loan, peer-to-peer
loan, and financial institution
loan.
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 37
Content Area: Credit and Debt (CD)
Standard: PFL.CD2: Students will interpret lending options, consumer rights, and responsibilities. (cont’d)
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
CD2.c: Consumer Credit
Rights and
Responsibilities
CD2.c.e
Identify actions a borrower
can take to satisfy a lender
when a borrowed item is lost
or damaged.
CD2.c.i
Evaluate the qualities that
would be desirable in a
person who borrows a
favorite personal possession.
List examples of reasonable
conditions to set for the use
of borrowed personal
property.
Identify penalties associated
with borrowing agreements
(e.g., library or financial
institutions).
CD2.c.m
Research ways that a person
can regain a lender’s trust
after losing or damaging a
borrowed personal property.
Compare the potential
payoffs of a positive
borrowing reputation versus
the potential consequences
of a poor borrowing
reputation.
Explain why and how credit
reports are developed.
Examine the Fair Debt
Collection Practice Act & Fair
Credit Reporting Act.
CD2.c.h
Explain the rights and
responsibilities of buyers and
sellers under the Fair Debt
Collection Practice Act
consumer protection laws.
Explain the rights that people
have to review and resolve
credit score discrepancies
under the Fair Credit
Reporting Act.
Compile examples of
permissible uses of credit
reports other than granting
credit.
Compose information on the
primary organizations that
maintain and provide
consumer credit records.
Analyze factors affecting a
credit score and
creditworthiness.
Wisconsin Standards for Personal Financial Literacy 38
Content Area: Risk Management and Insurance (RMI)
Standard PFL.RMI1: Students will contrast different types of risk and how it could affect their financial decisions.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
RMI1.a: Risk
RMI1.a.e
Describe the feeling of losing
an object (e.g., losing money,
losing a favorite toy, or losing
homework assignments).
Predict some risks in
everyday situations (e.g.,
playing on the playground,
staying up too late, or riding a
bike) and explain ways to limit
these risks.
RMI1.a.i
Identify life situations where
the outcome was unexpected.
Determine what risks may be
worth taking for a desired
outcome.
RMI1.a.m
Distinguish between personal
choices that have reasonable
and unreasonable risk
factors.
Identify how to reduce risk by
relying upon others and other
loss prevention tools.
RMI1.a.h
Determine different
perceptions of risk based on
age, culture, and social status.
Analyze the financial cost of
taking a risk versus
outsourcing the risk (e.g.,
contract for services,
insurance, or utilization of
technology).
RMI1.b: Consequences of
Financial Risk
RMI1.b.e
Explain different ways a
person can lose something
valuable and the
consequences.
RMI1.b.i
Examine how risky individual
financial choices can
negatively impact a family or
community.
RMI1.b.m
Illustrate decisions
individuals make that may
inhibit their ability to meet
financial obligations.
RMI1.b.h
Evaluate examples of
personal financial decisions
that prevent consumers from
acquiring necessary goods
and services (e.g., ability to
acquire with cash or credit
based upon credit score).
Wisconsin Standards for Personal Financial Literacy 39
Content Area: Risk Management and Insurance (RMI)
Standard PFL.RMI2: Students will assess possible choices to protect themselves from financial risk.
Performance Indicators (by Grade Band)
Learning Priority K-2 (e) 3-5 (i) 6-8 (m) 9-12 (h)
RMI2.a: Purpose of
Insurance
RMI2.a.e
Determine different types of
situations where a person
needs protection (e.g., staying
near parents, riding a bike, or
crossing a busy road).
RMI2.a.i
Describe ways to protect and
lower risk of losing valuables
(e.g., putting things away, not
bringing things to school,
locking a locker, or taking
care of valuables).
RMI2.a.m
Describe ways in which
having insurance can protect
a person from financial loss.
RMI2.a.h
Evaluate why some types of
insurance are required by law.
RMI2.b: Types of Insurance
RMI2.b.e
Identify why someone would
get insurance on valuable
items (e.g., cell phone or game
console).
RMI2.b.i
Describe different types of
insurance.
RMI2.b.m
Describe how the different
types of short-term and long-
term insurance coverages can
protect a person.
RMI2.b.h
Compare the different types
of insurance and the level of
protection they provide
including options provided by
a person, an employer, and
the government.
Summarize insurance and the
amount of coverage
mandated by various
government regulations.
RMI2.c: Cost Factors of
Insurance
RMI2.c.e
Predict consequences of not
having protection for various
scenarios.
RMI2.c.i
Compare cost of insurance
versus cost of loss.
Determine what factors
would increase the cost of
protection.
RMI2.c.m
Explain how insurance
coverage is directly
proportional to insurance
premiums (e.g., higher
coverage amounts, types of
coverage, or statistical risk
associated with the age of the
person being insured).
Evaluate how the cost of
insurance can vary based on
past decisions.
RMI2.c.h
Analyze insurance coverage
needs that can increase or
decrease insurance costs.
Compare insurance policies,
rates, premiums, and
deductibles to minimize costs.
Examine the conditions under
which it is appropriate and
necessary for young adults to
have life, auto, health, and
disability insurance.
NOTE: This standard continued on next page.
Wisconsin Standards for Personal Financial Literacy 40
Content Area: Risk Management and Insurance (RMI)
Standard PFL.RMI2: Students will assess possible choices to protect themselves from financial risk. (cont’d)
Performance Indicators (by Grade Band)
Learning Priority
K-2 (e)
3-5 (i)
6-8 (m)
9-12 (h)
RMI2.d: Meaning of
Insurance Contracts
RMI2.d.e
Illustrate what both people
have to do when they enter an
agreement.
RMI2.d.i
Determine the benefits of
insurance contracts.
RMI2.d.m
Compare extended
warranties, insurance,
protection, and coverage.
Identify why it is important to
understand the details of an
insurance plan.
RMI2.d.h
Determine when and why
insurance contracts are used.
Evaluate the components of
insurance contracts and their
common terms and
conditions.
Interpret the responsibilities
and rights provided by
common insurance contracts.
RMI2.e: Loss Prevention
Plan
RMI2.e.e
Determine the best type(s) of
protection for given scenarios
regarding risk (e.g., wearing a
coat in the cold or wearing a
bike helmet).
RMI2.e.i
Create an insurance plan that
demonstrates the type of
insurance coverage that
people need for their items of
value (e.g., insurance on a cell
phone or game console).
RMI2.e.
Construct a plan that shows
how to use insurance
effectively to protect self,
family, and items of value.
RMI2.e.h
Predict what happens when
someone underestimates, or
overestimates a protection
level, and justify an
appropriate level of insurance
coverage.
Evaluate insurance
professionals and companies
to determine whether they
meet different insurance
needs.