Common Planner
K–12 Standards

Grades 9-12

Other Wisconsin Personal Financial Literacy sets

Financial MindsetFM

  • 1

    Students will develop strategies to make intentional financial decisions throughout their lifespan.FM1

    1. a

      Critical ConsumerFM1.a

      1. 1

        Summarize consumer rights, responsibilities, protections and consumer vigilance (e.g., contesting incorrect billing or registering a consumer complaint).FM1.a.h.1

      2. 2

        Analyze and apply multiple sources of information when making consumer decisions (e.g., advertisements, reviews, interest rates, applicable fees, consumer movements, or choice).FM1.a.h.2

      3. 3

        Analyze the financial impact of advertising including techniques, potential for deception along with the influence of promotions, packaging, and placement.FM1.a.h.3

    2. b

      Functions and Structure of Money FM1.b

      1. 1

        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).FM1.b.h.1

      2. 2

        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.b.h.2

    3. c

      Opportunity CostsFM1.c

      1. 1

        Perform a cost-benefit analysis on a real-world situation.FM1.c.h.1

  • 2

    Students will analyze how aspects of financial psychology impact financial well-being.FM2

    1. a

      Values and Behavior FM2.a

      1. 1

        Assess the impact of individual values and behaviors on financial decisions and goals.FM2.a.h.1

    2. b

      Emotional InfluencesFM2.b

      1. 1

        Evaluate strategies individuals use to manage emotions impacting financial decisions.FM2.b.h.1

    3. c

      External Influences FM2.c

      1. 1

        Critique a financial plan and identify areas that may have been influenced by external sources.FM2.c.h.1

    4. d

      Financial GoalsFM2.d

      1. 1

        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).FM2.d.h.1

    5. e

      Civic Engagement and Philanthropy (e.g., giving back, volunteering, donation, or charity) FM2.e

      1. 1

        Describe how to incorporate philanthropic opportunities into personal financial goals.FM2.e.h.1

  • 3

    Students will establish digital awareness to enhance their financial mindset. FM3

    1. a

      Online and Account Security FM3.a

      1. 1

        Choose an effective means to manage and protect passwords for multiple online accounts.FM3.a.h.1

      2. 2

        Develop strategies to guard against and respond to malicious threats including viruses, phishing, and identity theft, and recognize the importance of security protocols.FM3.a.h.2

      3. 3

        Research ways online transactions, online banking, email scams, and telemarketing calls can make a person vulnerable to identity theft.FM3.a.h.3

    2. b

      Digital FootprintFM3.b

      1. 1

        Assess actions and data as beneficial or detrimental to a financial digital footprint.FM3.b.h.1

      2. 2

        Strategize ways to optimize a financial digital footprint.FM3.b.h.2

    3. c

      Digital ResourcesFM3.c

      1. 1

        Appraise a user agreement for common financial websites and applications.FM3.c.h.1

      2. 2

        Evaluate benefits and costs of exclusively online banking.FM3.c.h.2

Education and EmploymentEE

  • 1

    Students will compare the effect of personal income on their goals. EE1

    1. a

      Deductions and TaxesEE1.a

      1. 1

        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.EE1.a.h.1

      2. 2

        Analyze the impact of tax liability on income including potential deductions and credits that will impact state and federal income tax.EE1.a.h.2

      3. 3

        Evaluate types of taxes (e.g., progressive or regressive) and earned benefits with eligibility criteria (e.g., Social Security, Medicare, or Medicaid).EE1.a.h.3

      4. 4

        Understand and follow the requirements of filing income taxes.EE1.a.h.4

    2. b

      Types of CompensationEE1.b

      1. 1

        Assess ways workers are compensated in different industries and sectors (i.e., fringe benefits, wages, pension plan, hourly or salaried).EE1.b.h.1

  • 2

    Students will evaluate the impact of lifelong learning on one’s ability to function effectively in a diverse and changing economy. EE2

    1. a

      Post-Secondary Education, Skills, and Training EE2.a

      1. 1

        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.EE2.a.h.1

      2. 2

        Compare the employment rates of workers with different skills.EE2.a.h.2

      3. 3

        Evaluate the return on investment of the preparation requirements for different career pathways.EE2.a.h.3

    2. b

      Emerging Employment and Education TrendsEE2.b

      1. 1

        Research and identify a job or field that may be high demand in the future based on emerging technologies.EE2.b.h.1

      2. 2

        Assess employment trends and how those will impact future career paths.EE2.b.h.2

Money ManagementMM

  • 1

    Students will demonstrate their ability to use money management skills and strategies.MM1

    1. a

      BudgetingMM1.a

      1. 1

        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.a.h.1

    2. b

      Financial ManagementMM1.b

      1. 1

        Compare and contrast different sources of active and passive income, savings, and investment vehicles.MM1.b.h.1

      2. 2

        Develop and critique short- term and long-term personal financial plans.MM1.b.h.2

      3. 3

        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.MM1.b.h.3

      4. 4

        Summarize factors to consider when seeking financial advice and services.MM1.b.h.4

  • 2

    Students will utilize financial institutions and service providers to support money management. MM2

    1. a

      Financial Institutions and Service Providers MM2.a

      1. 1

        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).MM2.a.h.1

      2. 2

        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)].MM2.a.h.2

    2. b

      Payment TypesMM2.b

      1. 1

        Assess the advantages and disadvantages of digital banking (e.g., online banking, bill pay, transfers, or checking account transactions).MM2.b.h.1

      2. 2

        Summarize the tax and legal implications that require you to maintain personal records of significant financial transactions.MM2.b.h.2

    3. c

      Alternative Financial CurrencyMM2.c

      1. 1

        Compare online and mobile systems or applications used as a means of alternative currency.MM2.c.h.1

Saving and InvestingSI

  • 1

    Students will explore savings concepts and apply this knowledge to attain financial security.SI1

    1. a

      Saving PrinciplesSI1.a

      1. 1

        Demonstrate how to manage savings accounts- both manually and electronically, including reconciliation.SI1.a.h.1

      2. 2

        Determine the opportunity cost in relation to a saving plan (e.g., inflation or taxes).SI1.a.h.2

      3. 3

        Compare and contrast the benefits of pay yourself first and living paycheck to paycheck strategies on financial outcomes.SI1.a.h.3

    2. b

      Savings Types and FeaturesSI1.b

      1. 1

        Compare and contrast characteristics of basic savings options (e.g., savings accounts, money market accounts, or certificates of deposit).SI1.b.h.1

      2. 2

        Explain the impact of electronic funds transfer (EFT) services on savings accounts.SI1.b.h.2

    3. c

      Saving Goal PlanningSI1.c

      1. 1

        Determine the best options to achieve specific short- and long-term personal saving goals.SI1.c.h.1

      2. 2

        Compare and contrast financial services and products to achieve personal saving goals.SI1.c.h.2

    4. d

      aving Risk and Reward SI1.d

      1. 1

        Compare and contrast the opportunity cost and reward of basic saving options (e.g., savings accounts, money market accounts, or certificates of deposit).SI1.d.h.1

      2. 2

        Evaluate the effect of compound interest on savings options.SI1.d.h.2

    5. e

      Role of Government in SavingSI1.e

      1. 1

        Explain the role that government agencies play in protecting deposits (e.g., Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA)).SI1.e.h.1

  • 2

    Students will explore investing concepts and apply this knowledge to attain financial security.SI2

    1. a

      Investing Principles SI2.a

      1. 1

        Explain the role of revenue generating assets in building net worth (e.g., real estate or entrepreneurship).SI2.a.h.1

      2. 2

        Evaluate the effect of compounding earned interest on investments.SI2.a.h.2

      3. 3

        Compute time value of money (TVM) principles (e.g., compound interest or Rule of 72).SI2.a.h.3

      4. 4

        Evaluate the reliability and trustworthiness of digital investment banking.SI2.a.h.4

    2. b

      Investing Types and Features SI2.b

      1. 1

        Describe a range of investment vehicles (short- term and long-term) for buying and selling investments.SI2.b.h.1

      2. 2

        Explain the concept of asset allocation, associated fees, and their effect on the rate of return.SI2.b.h.2

      3. 3

        Differentiate between different types of long-term retirement investments [e.g., IRA, Roth IRA, 401(k), or 403(b)].SI2.b.h.3

    3. c

      Investing Goal Planning SI2.c

      1. 1

        Create personal criteria for investment planning.SI2.c.h.1

      2. 2

        Analyze financial investment services according to personal criteria for investment planning.SI2.c.h.2

      3. 3

        Assess various means of building net worth.SI2.c.h.3

      4. 4

        Justify how paying yourself first early and often influences positive progress toward long-term financial planning goals.SI2.c.h.4

      5. 5

        Evaluate factors that influence financial investment planning (e.g., age, income, liabilities, assets, goals, family size, or risk tolerance).SI2.c.h.5

      6. 6

        Develop an investment plan to meet individual short- and long-term financial investment goals.SI2.c.h.6

    4. d

      Investing Risks and RewardsSI2.d

      1. 1

        Compare the risk, return, and liquidity of various investment alternatives contrasting a range of short- term and long-term investment strategies.SI2.d.h.1

      2. 2

        Identify financial risks, including inflation, deflation, and recession.SI2.d.h.2

      3. 3

        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.d.h.3

    5. e

      Role of Government in InvestingSI2.e

      1. 1

        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).SI2.e.h.1

      2. 2

        Compare and contrast the advantages of taxable, tax deferred and tax-advantaged investments for new savers, including Roth IRAs and employer-sponsored retirement vehicles.SI2.e.h.2

      3. 3

        Assess fiduciary responsibilities and due diligence of financial professionals.SI2.e.h.3

Credit and DebtCD

  • 1

    Students will examine the benefits and costs of using credit.CD1

    1. a

      Benefits of Using CreditCD1.a

      1. 1

        Analyze uses of credit that provide financial and personal benefits.CD1.a.h.1

      2. 2

        Predict why someone would make a purchase using credit instead of cash.CD1.a.h.2

    2. b

      Costs of Using CreditCD1.b

      1. 1

        Assess the total cost of incurring a loan (e.g., various rates of interest, loan origination fee, early payback, or length of term).CD1.b.h.1

    3. c

      Interest and FeesCD1.c

      1. 1

        Evaluate options for payment on credit cards and the consequences of each option.CD1.c.h.1

      2. 2

        Compare different debt payment methods.CD1.c.h.2

      3. 3

        Calculate the total cost of repaying a loan under various rates of interest and over different time periods.CD1.c.h.3

    4. d

      Debt ResolutionCD1.d

      1. 1

        Examine services that consumer credit counseling agencies offer.CD1.d.h.1

      2. 2

        Examine how consumers apply financial coaching to various situations.CD1.d.h.2

      3. 3

        Investigate the purpose and types of bankruptcy, including its possible negative effects on assets, employability, credit availability, cost of credit, and lenders.CD1.d.h.3

      4. 4

        Explore strategies that may be used to avoid bankruptcy and what debt may not be discharged through bankruptcy.CD1.d.h.4

      5. 5

        Investigate common life situations that lead to financial difficulty and bankruptcy.CD1.d.h.5

      6. 6

        Evaluate the methods that debt collectors take in recovering collateral from borrowers.CD1.d.h.6

  • 2

    Students will interpret lending options, consumer rights, and responsibilities.CD2

    1. a

      Credit Products and Services CD2.a

      1. 1

        Analyze the impact of using a credit card versus debit card as it relates to money management.CD2.a.h.1

      2. 2

        Compare various types of student loans, repayment options, and alternatives of paying for post-secondary education or training.CD2.a.h.2

      3. 3

        Differentiate between adjustable- and fixed-rate debt.CD2.a.h.3

      4. 4

        Analyze the effect of debt on a person’s net worth.CD2.a.h.4

      5. 5

        Calculate the most cost- effective option for paying for transportation.CD2.a.h.5

    2. b

      High-Cost Alternative LendingCD2.b

      1. 1

        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).CD2.b.h.1

      2. 2

        Differentiate between short- term and long-term characteristics of a rapid access loan, peer-to-peer loan, and financial institution loan.CD2.b.h.2

    3. c

      Consumer Credit Rights and Responsibilities CD2.c

      1. 1

        Explain the rights and responsibilities of buyers and sellers under the Fair Debt Collection Practice Act consumer protection laws.CD2.c.h.1

      2. 2

        Explain the rights that people have to review and resolve credit score discrepancies under the Fair Credit Reporting Act.CD2.c.h.2

      3. 3

        Compile examples of permissible uses of credit reports other than granting credit.CD2.c.h.3

      4. 4

        Compose information on the primary organizations that maintain and provide consumer credit records.CD2.c.h.4

      5. 5

        Analyze factors affecting a credit score and creditworthiness.CD2.c.h.5

Risk Management and InsuranceRMI

  • 1

    Students will contrast different types of risk and how it could affect their financial decisions. RMI1

    1. a

      Risk Management and InsuranceRMI1.a

      1. 1

        Determine different perceptions of risk based on age, culture, and social status.RMI1.a.h.1

      2. 2

        Analyze the financial cost of taking a risk versus outsourcing the risk (e.g., contract for services, insurance, or utilization of technology).RMI1.a.h.2

    2. b

      Consequences of Financial Risk RMI1.b

      1. 1

        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).RMI1.b.h.1

  • 2

    Students will assess possible choices to protect themselves from financial risk. RMI2

    1. a

      Purpose of Insurance RMI2.a

      1. 1

        Evaluate why some types of insurance are required by law.RMI2.a.h.1

    2. b

      Types of Insurance RMI2.b

      1. 1

        Compare the different types of insurance and the level of protection they provide including options provided by a person, an employer, and the government.RMI2.b.h.1

      2. 2

        Summarize insurance and the amount of coverage mandated by various government regulations.RMI2.b.h.2

    3. c

      Cost Factors of InsuranceRMI2.c

      1. 1

        Analyze insurance coverage needs that can increase or decrease insurance costs.RMI2.c.h.1

      2. 2

        Compare insurance policies, rates, premiums, and deductibles to minimize costs.RMI2.c.h.2

      3. 3

        Examine the conditions under which it is appropriate and necessary for young adults to have life, auto, health, and disability insurance.RMI2.c.h.3

    4. d

      Meaning of Insurance Contracts RMI2.d

      1. 1

        Determine when and why insurance contracts are used.RMI2.d.h.1

      2. 2

        Evaluate the components of insurance contracts and their common terms and conditions.RMI2.d.h.2

      3. 3

        Interpret the responsibilities and rights provided by common insurance contracts.RMI2.d.h.3

    5. e

      Loss Prevention PlanRMI2.e

      1. 1

        Predict what happens when someone underestimates, or overestimates a protection level, and justify an appropriate level of insurance coverage.RMI2.e.h.1

      2. 2

        Evaluate insurance professionals and companies to determine whether they meet different insurance needs.RMI2.e.h.2

Frequently asked questions

What grade levels do these standards cover?
Grade 9, Grade 10, Grade 11, and Grade 12
Where can I read the official document?
Wisconsin Standards for Personal Financial Literacy

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