By Cole Lauterbach/Illinois Radio Network
SPRINGFIELD – Students in Illinois public schools will become more financially savvy with the implementation of new financial literacy standards starting this year.
The Illinois Treasurer’s Office, Illinois Department of Financial Professional Regulation and Econ Illinois, a non-profit advocating financial literacy, spearheaded the effort to bring about revisions to social science standards to include economics as well as the newly created financial literacy standards for all students in elementary through high school.
The standards were approved in February 2016 to be implemented beginning in the 2017-18 school year.
Nancy Harrison, president and executive director of Econ Illinois, said financial education at a young age is vital.
“Research shows that students as young as the age of 6 are able to cognitively grasp that it’s a good idea to save,” Harrison said.
The new standards help introduce topics like income, spending and saving to young learners. As students progress, they will learn subjects that prepare them for adulthood, like earning potential, cost and benefit analysis and real-world situations like credit card payments.
Jeff Vose, former president of the Illinois Association of Regional School Superintendents, helped roll out the new financial curriculum with educators.
“A lot of districts are already implementing financial literacy in their districts, but I think with the mandate, this will just provide more support and resources to implement that,” Vose said.
Harrison said the new standards come at a critical time for young people living in a state experiencing a budget crisis.
“Financial decisions made over a year, over a decade, over a lifetime … have the potential to seriously impact the future; we’re seeing it,” Harrison said. “It’s real-world application.”
Harrison is passionate about preparing Illinois students to be educated and equipped to make sound fiscal decisions and be the next leaders of the state.
“We’re educating the next generation, and they’re the next consumers, they’re the next voters, they’re the next investors … so it is an investment that promises to pay dividends for a lifetime for all of us,” Harrison said.
