With the ‘23-24 school year coming to a close, new changes are on the horizon for next year’s curriculum. One such change will be an addition to the junior-level Financial Literacy class, in which students can opt for a dual credit from University of Wisconsin-Milwaukee (UWM)’s Econ 110 course alongside the existing content.
UWM’s Econ 110 is currently taught entirely online by professor Dr. Rebecca Neumann, and includes assignments like weekly quizzes and online discussions. Financial Literacy teacher, Evan Schmidt, says there will be some challenges with translating the course from online at the university to in-person at SHS.
“Some of the assessments still need to be discussed so that I am fulfilling what she expects for what is her class,” Schmidt said. “The topic is vital for future goal attainment [and] successful outcomes when it comes to making choices that connect to one’s finances, so figuring out how to meet the needs of all students is going to be a challenge.”
The addition has been in the works for over a year, as Schmidt, who has a masters degree in economics and has taught it at the post-secondary level, including Economics 101 at UW Fond du Lac, needed approval to teach it from both the Shorewood School District (SSD) and the UW Department of Economics. Econ 110 will be the second college credit addition to the curriculum after Econ 100 this past school year.
“I wanted to see how Econ 100 worked, because I really had no idea what it was going to be like for me as an instructor,” Schmidt said. “It’s also new to the Department of Economics, so I thought that we should start with one [class] and see how it goes. I also wanted [Econ 110] to be a one-semester option as opposed to AP Economics, which is a two-semester option. I like the fact that this course is one semester because it allows students more choice.”
The Financial Literacy course will still contain the same workload and information to help students prepare for their futures as it has in past years. Students signed up for the dual credit will, however, have a heftier workload and harder assessments, since they are receiving two credits in one semester.
“I don’t envision any sort of extra credit opportunities [or] test corrections,” Schmidt said. “What I envision is an experience that those students who choose what college would expect to see on campus.”
The credits offered through the SSD’s Econ 110 cost $100 in total, whereas they would cost $669 in total if taken through UWM. Given the amount of colleges in and outside of the UW system that recognize such credits, students can take advantage of both the saved costs and the head start on their college careers.
“[This course] is one of Shorewood’s many opportunities to gain some college credit while in high school, which will help set me up for success in college,” said Margot Mohsen, sophomore, who will be taking the course next year.
The Econ 110 course will include a larger emphasis on budgeting using the Money Path program from past years. This may pose some challenges since not all high school students have a budget and the majority of college students do since they are paying for most of their necessities. Students having access to financial knowledge earlier in life means they will have the tools to deal with the financial hardships of our economy in the future.
“I did not have this course when I was here at Shorewood,” Schmidt said, “I feel like most people above the age of 22 didn’t have a formal course like this in high school. If we look at personal financial data in our country, it’s clear that many Americans are experiencing challenges with respect to their personal financial situations, and part of those challenges come from the fact that many Americans did not receive formal education about personal finance.”
This dual credit option will help to further students’ understanding of their own finances. It will also likely serve as many students’ first college credit and help them learn what the workload for a college course is like if they choose that path after high school.
“It’s not too late to sign up,” Schmidt said. “Also, if students opt in there is a chance that once we get going, they can opt out. I think that the course is so empowering because it provides students with information that they need to make the best choices about their money in terms of reaching goals in the future. I hope that with this knowledge, we can start seeing an improvement [to] the financial challenges that people are experiencing.”