Gov. Tony Evers and Wisconsin financial departments have deemed October as Wisconsin’s Financial Planning Month in an effort to highlight the importance of financial literacy, according to an announcement from WisPolitics on Friday.
The Wisconsin Office of the Commissioner of Insurance in partnership with the Wisconsin Department of Financial Institutions announced the initiative, according to WisPolitics. Evers highlighted the necessity of having financial plans, encouraging Wisconsinites to take steps to protect their financial futures saying that personal financial literacy is a life skill that promotes well-being, according to WisPolitics.
The Office of the Commissioner of Insurance provides options for learning about the importance of learning insurance options and creating financial plans, said Office of the Commissioner of Insurance director of public affairs Sarah Smith.
“It’s really important to us that people know their own rights when it comes to insurance and understand the value of having insurance as a financial safeguard,” Smith said.
The Office of the Commissioner of Insurance has over 60 consumer publications with information about different types of insurance, as well as a team in their consumer affairs unit to answer insurance inquiries, Smith said.
The idea of financial literacy and planning can often turn people off, said UW Institute for Research on Poverty professor J. Michael Collins. He said he thinks people think of it as an exercise, but it is better off in the long run to learn about financial options.
Additionally, students in particular often learn by making financial mistakes, such as experiencing late fees or credit card errors, Collins said.
“Those are expensive lessons,” Collins said. “Those are hard lessons to learn that way, and so you have to be informed and understand how to use the financial services and products that you have available. Those are kind of a key thing here.”
Smith and Collins highlighted resources for students to learn more about insurance and other measures for future financial plans.
The Office of Commissioner of Insurance has a page on their website catering to young adults who may have questions about insurance options, Smith said.
“If it’s their [young people’s] first time interacting with financial services companies like insurance companies, that can seem intimidating and we don’t want people to shy away from getting those important insurance policies in place,” Smith said.
There are many resources for financial education and financial services workshops available on campus, including the Office of Financial Aid, UW Credit Union and more, Collins said.
