Wisconsin
6th-8th Grades
State Standards
Personal Financial Literacy
FMFinancial Mindset
FM1Students will develop strategies to make intentional financial decisions throughout their lifespan.
FM1.aCritical Consumer
FM1.a.mAnalyze 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.bFunctions and Structure of Money
FM1.b.mDifferentiate 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.cOpportunity Costs
FM1.c.mPredict 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.
FM2Students will analyze how aspects of financial psychology impact financial well-being.
FM2.aValues and Behavior
FM2.a.mAnalyze different cultural perspectives and behaviors regarding financial values and goals across communities.
FM2.bEmotional Influences
FM2.b.mDescribe financial situations that trigger various emotions. Summarize how emotions may interfere with the achievement of financial goals.
FM2.cExternal Influences
FM2.c.mDifferentiate 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.dFinancial Goals
FM2.d.mAnalyze long-term and short-term financial goals utilizing elements of goal development strategies.
EEEducation and Employment
EE1Students will compare the effect of personal income on their goals.
EE1.aCareer Development
EE1.a.mAssess 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.
MMMoney Management
MM1Students will demonstrate their ability to use money management skills and strategies.
MM1.aBudgeting
MM1.a.mConstruct a basic budget, including allocating spending and savings that spans for a week or a month.
MM1.bFinancial Management
MM1.b.mPlan 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).
MM2Students will utilize financial institutions and service providers to support money management.
MM2.aFinancial Institutions and Service Providers
MM2.a.mDescribe and evaluate the benefits and risks of basic financial institution services.
MM2.bPayment Types
MM2.b.mCompare 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.cAlternative Financial Currency
MM2.c.mAnalyze online and mobile systems or applications that permit consumers to acquire items or transfer money.
SISaving and Investing
SI1Students will explore savings concepts and apply this knowledge to attain financial security.
SI1.aSaving Principles
SI1.a.mCompare 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.bSavings Types and Features
SI1.b.mAnalyze the benefits of depositing money into a financial institution. Compare and contrast savings versus checking and debit accounts.
SI1.cSaving Goal Planning
SI1.c.mCreate 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.dSaving Risk and Reward
SI1.d.mDefine simple and compound interest. Analyze the relationship between opportunity cost and reward.
SI1.eRole of Government in Saving
SI1.e.mRecognize the limit of the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) coverage of financial accounts.