Financial Literacy Is Needed For Many Americans Says Expert

Jan 7, 2020

Finance and Investment Challenge Bowl (FICB) Tuesday at Nicolet College.
Credit WXPR

 The goal is to test financial literacy in a fun, yet competitive format.

The 7th annual Rhinelander-Northwoods Regional Tournament of the Finance and Investment Challenge Bowl (FICB) was held Tuesday at Nicolet College. FICB is a financial literacy study program for high schoolers culminating in a college bowl quiz competition.

Richard Enteman is Executive Director of Asset Builders, a non-profit based in Madison but doing programming around the state. Their mission is to increase financial literacy. Enteman says the challenge helps build upon what the students have learned, but he says America, in general, needs more financial literacy...

"...Studies have shown people don't know some basic concepts. The good thing is it's not all that hard. It's not pages upon pages of math calculations. If you know how to add, subtract, multiply and divide you're ok on the math part of things. Don't spend more than you earn is probably the foundational principal of financial literacy...."

Tuesday's program involved student teams from Rhinelander, Three Lakes, Crandon, Laona, Northland Pines, and Bowler. Rhinelander student Lisa White says she's learned much from the challenge...

"...I'm getting a lot of practical knowledge. We're all seniors(Rhinelander team) and we're all going to college so learning about savings and practical things we're going to need in college with out money, how to spend it and manage it wisely..."

Enteman thanked the financial institutions in the area for their financial support to be able to bring the program to the Northwoods.

First and second-place finishers here advance to the state championship May 19 in Milwaukee. Last year, Rhinelander High School took first place in the regional tournament for the 5th year in a row, and placed two teams in the state championship.