SPRINGFIELD, Ill. – State Rep. Maura Hirschauer, D-Batavia, passed legislation out of a key House committee last week aimed at increasing financial education in schools, with a special focus on closing gaps in financial literacy that exist across income groups.
“The amount that students learn about personal finance, saving and investing varies quite a bit depending on the programs their school offers,” said Hirschauer. “Learning the basics of money management early on is important to help young people avoid predatory financial practices and achieve their money goals, which is why I’m working to address these disparities in financial literacy.”
Hirschauer’s House Bill 3131 creates a task force to study and make recommendations to lawmakers regarding access to financial education. By the end of next year, the task force would be required to submit a report on potential policies to increase young adults’ financial literacy through personal finance courses in high school. The measure passed the House Economic Opportunity & Equity Committee with bipartisan support and now moves to the full House for consideration.
“Particularly for students from low-income or underbanked families who may not have savings and investment accounts, exposure to financial literacy programs in school will help address economic disadvantages,” said Hirschauer. “I look forward to passing my bill into law to make financial education more accessible in Illinois.”