|Director, at a ceremony at the Executive Residence on Tuesday, March 27.
Winners of the Governor's Financial Literacy Awards were selected based on four criteria: innovative implementation, demonstrated measurable results, collaboration with partners, and scope -- either statewide or having the potential to be statewide, or focused to need-based groups. Common Wealth Development was the only Madison-based organization selected this year.
Steven Goldberg, Executive Director of the CUNA Mutual Group Foundation, nominated Common Wealth Development for the award. In addition to the CUNA Mutual Group Foundation, the following groups provide major funding for Common Wealth's Youth Programs: American Family Insurance, the Attic Angel Association, the CBM Credit Education Foundation, the City of Madison, the Evjue Foundation, Great Lakes Higher Education Guaranty Corporation, the Madison Rotary Foundation, and Staples Foundation for Learning. "It is this broad-based and generous support that enables us to deliver high quality and much needed financial education to our community's youth," says Pasha.
There is a significant need quality financial literacy programming, especially for youth. In a nationwide study conducted in 2006 by the National Jump$tart Coalition, Wisconsin high school seniors scored lower on a test of their financial knowledge than they had in surveys conducted in 2002 and 2004. While their average score of 53.1 percent was above the national average of 52.4 percent, it was still clearly a failing grade on any scale. The survey also demonstrated that scores were distributed unevenly across races. Nationally, African-American and Hispanic students scored significantly lower on average, 44.7 percent and 46.8 percent respectively, compared to their Caucasian peers, who scored 55.0 percent. Teens from low-income homes also scored lower than teens from more affluent backgrounds.
The overall goal of Common Wealth Development's youth financial education programs is to help low-income and disadvantaged teens become better personal money managers. Common Wealth offers three distinct financial literacy programs to help them achieve this goal: the Youth-Business Mentoring Program, Earn$ave, and Your Money and You. Participants in these programs learn about goal-setting, saving, budgeting, using credit, being savvy consumers, using financial institutions, investing, and avoiding common pitfalls in money management. Earn$ave, a youth individual account program, also provides youth with the opportunity and incentive to save toward a personal goal in a matched savings account.
In 2006 Common Wealth helped 166 teens take steps toward brighter financial futures by providing them with high quality financial education and opportunities. For more information on any of Common Wealth Development's youth programs, contact their Youth Programs Director, Tariq Pasha, at (608) 256-3527, ext. 13 or e-mail him at firstname.lastname@example.org.
|Common Wealth Development receives the 2007 Governor's Financial Literacy Award|
|The Governor's Council on Financial Literacy selected Common Wealth Development to receive the 2007 Governor's Financial Literacy Award. The award recognizes Common Wealth's excellence in promoting financial literacy among Wisconsin citizens, specifically disadvantaged youth within the Madison area. First Lady Jessica Doyle, honorary chair of the Council, presented the award to Marianne Morton, Common Wealth's Executive Director, and Tariq Pasha, their Youth Programs|