Beginning this year, Illinois schools are required to teach financial literacy to students in first through 12th grade.
The state’s new personal finance standards are based on the Council for Economic Education’s National Standards for Financial Literacy. A task force made up of classroom teachers and groups like Econ Illinois, which provides training on how to teach money concepts, revised the social science standards to include financial literacy benchmarks for the first time. Illinois State Board of Education (ISBE) unanimously adopted the new standards in June 2015, and the state approved them in February 2016.
Illinois is one of 45 states to factor financial literacy into its standards. The thinking behind the effort: students need practice making decisions about spending, saving, budgeting, and investing.
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