MADISON, WI (WHBL) - State Representative Terry Katsma (R–Oostburg) is helping Governor Walker and the state work on improving financial literacy across Wisconsin.
Katsma is now serving on the Governor’s Council on Financial Literacy and says that financial literacy can't start in the classroom, it has to start at home. "If they get an allowance, get some money to mow lawns, do something where they earn some money, and they get to make decisions on how to spend it, I think that's the educational process that needs to be put forth." He says kids need to learn how best to save their money, and when it's alright to buy the things they want.
He adds that one of the biggest pitfalls young adults can have is misunderstanding how credit works the first time they get heir credit card. "They think that if you're paying cash, then you're paying for it, and if you put it on the card, you're not. And it's just that whole concept of getting kids to understand." Katsma says he'll be bringing 34 years of experience in the banking industry to the table and says that he's eager to help children and families reach their financial goals. "The financial marketplace today is a complex world. Whatever we can do to give people confidence and help them learn to develop financial stability is going to help them succeed."
The Council distributes grants to support financial education in Wisconsin schools, recognizes individuals and organizations who promote financial literacy in their communities and encourages financial literacy in the workplace.