J. Michael Collins is a family and consumer economics specialist with the University of Wisconsin-Extension, director of UW-Madison's Center for Financial Security and an associate professor of consumer science and public affairs at UW-Madison.
Young children often have trouble understanding why they cannot have every toy or piece of candy they see at the store. However, around age 10, kids begin to comprehend that money is a limited resource.
As a whole, Wisconsin residents have higher levels of financial literacy, improving levels of financial capability and, at least in some areas, better financial behaviors, compared to the rest of the U.S. However, it also appears people in the state may not be aware of their own knowledge.