A Note from our CEO, Scott Soderberg

It’s September, and another summer has flown by, to the dismay of kids everywhere.  Grown-ups will miss summer too, but some of them view the start of the school year as the beginning of better living through AI—yes, that’s right—Adult Independence.

While the new academic year is an annual ritual filled with routine activities such as back-to-school shopping and returning to the traditional academic subjects, this year is a little different—but in a big way.  This is because on December 6, 2023, Wisconsin Act 60 was signed into law, requiring that all Wisconsin students graduate with at least a half-credit in personal financial literacy (PFL).  This requirement is effective starting with the Class of 2028, meaning that this year’s incoming high school freshman are the first to benefit from this important standard.

I characterize this mandate as a benefit because I think most of us would agree that financial literacy is a sorely needed life skill today.  While technology has all but eliminated the task of balancing a checkbook by hand, the need to be able to understand and manage one’s own money has never been more important.  Statistics show that the inability to do so is a significant obstacle to future success.

This is a huge step forward, but learning about money management through hands-on experiences is priceless.  We at FNC Bank are committed to providing our young people with opportunities to practice those skills.  For several years, we have sponsored and mentored 200 + New Richmond middle schoolers at Junior Achievement “BizTown” day, a business exercise that takes place in a St. Paul warehouse containing simulated towns (assorted businesses, a bank, post office, etc.) in which students run businesses, receive and deposit paychecks, save, shop, and budget for/pay expenses.  We also annually put on the FNC Bank Reality Fair for approximately 150 high school juniors from Osceola and St. Croix Falls, which is an interactive simulation of an adult’s financial life making real world decisions and managing money.  We also seek to educate adults through the “Banks Never Ask That” program, which is a series of safety communications providing education on avoiding common scams and fraud attempts.

Financial literacy is a lifetime learning experience that cannot start too early and is as important as nearly any subject.  Prioritizing it helps us all.  Back to school, indeed.