SPRINGFIELD, Ill. – In an effort to help teenagers prepare for the challenges of managing their money, state Rep. Maura Hirschauer, D-Batavia, passed a proposal out of a House committee Wednesday that would allow a financial literacy course to be part of a high school’s social studies prerequisites.
“Once our kids leave high school, we expect them to continue their education or get a job and start to become adults, yet many teenagers are unfamiliar with how to handle basic financial matters,” said Hirschauer. “By providing financial literacy classes in high school and teaching kids about bank accounts, savings plans, mortgages and more, we are giving them a better chance to avoid money mistakes that could haunt them for years.”
The Hirschauer-sponsored Senate Bill 1830 would allow financial literacy classes to be counted toward the two years of social studies required by the state to receive a high school diploma in Illinois. If signed into law, the measure would take effect beginning with students entering the 9th grade in the 2021-2022 school year.
Senate Bill 1830 passed a House education committee with no opposition Wednesday, and now heads to the full floor for consideration. The proposal previously passed in the Senate without opposition.
“It’s important that our education system emphasizes real-world situations our youth will have to deal with,” said Hirschauer. “Instilling a base level of familiarity with financial decisions can have a positive impact throughout their lives.”