In Wisconsin, April is Financial Capability Month. This month's focus is to help folks with money management, including raising understanding of the organizations and markets that influence our financial system.

Banks, credit unions, insurance companies, financial institutions, state and federal agencies, consumer advocacy organizations, and private sector companies have teamed up to promote financial literacy for the benefit of all Wisconsin residents. These organizations are providing money management programs throughout the month of April. For instance, "Money Wise Week," a resource geared for young people, offers guidance on how to save money for college as well as how to find grants and loans for college. In addition, they are providing resources for individuals to protect against scams and “how-to” guides on checking your credit reports.

Speaking of helping our younger generation, young people frequently have little knowledge of debit and credit cards, mortgages, banking, and investing. That is why I believe that we need to make sure our students graduate with a basic understanding of personal finances. There are more and more financial decisions that a person must make through life as the variety and complexity of financial products continue to grow. That is why I co-authored AB109, which would have required high school graduates to earn a half-credit in personal financial literacy.

Also, did you know that Wisconsin helps disabled individuals set up a Achieving a Better Life Experience (ABLE) account? An ABLE account allows people with disabilities to save money in a tax-advantaged savings account to pay for both short- and long-term needs. This allows them to protect their earnings to help pay for future housing and other essential expenses. It is my hope that this year we can pass legislation to allow folks to open an account here in Wisconsin instead of in another state.

Providing Wisconsin residents with access to these programs and tools is a big step in the right direction to help people better understand our complicated financial decisions and empower them to independently make the choices that are best for them. To find more information on all the programs in our state, you can contact the Department of Financial Institutions at (608) 572-5794 or visit www.dfi.wi.gov