summary
Introduced
02/04/2025
02/04/2025
In Committee
03/21/2025
03/21/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Courses of Study Article of the School Code. Instead of requiring consumer education to be taught and studied, provides that, beginning with pupils entering the 9th grade in the 2028-2029 school year, pupils in the public schools in grade 11 or 12 shall be taught and be required to complete a stand-alone, one-semester or equivalent course covering personal finance. Sets forth what topics must be included. Provides that the State Board of Education shall devise or approve the personal finance education standards for the course. Provides that the school board shall oversee implementation of the course for each high school student prior to graduation. Provides that the State Board of Education shall establish a Financial Literacy Implementation Committee no later than June 30, 2025 to make recommendations to the State Superintendent of Education concerning the implementation of the course for each high school student prior to graduation. Sets forth provisions concerning Committee members, meetings, and support. Provides that the State Board of Education shall present regular and timely reports to the Committee regarding the implementation of the course. Requires a pupil to successfully complete a course on personal finance education as a prerequisite to receiving a high school diploma (rather than allowing a financial literacy course to be included as part of the social studies requirement). Makes other changes. Effective immediately.
AI Summary
This bill establishes a mandatory personal finance education requirement for high school students in Illinois, beginning with the 2028-2029 school year. Specifically, students in 11th or 12th grade will be required to complete a stand-alone, one-semester course covering comprehensive personal finance topics, including behavioral economics, banking, investing, credit management, college financing, insurance, taxes, budgeting, consumer skills, retirement planning, home ownership, and personal transportation. The State Board of Education will develop and approve the curriculum standards, with the option to review and update them every five years and potentially adopt national personal finance education standards. To support implementation, the bill requires the establishment of a Financial Literacy Implementation Committee by June 30, 2025, which will include representatives from education, labor, government, and other stakeholders. The committee will provide recommendations to the State Superintendent of Education and will meet quarterly to review the course's development and implementation. School boards will be responsible for overseeing the course's implementation, and successfully completing the personal finance course will become a prerequisite for receiving a high school diploma. The bill aims to improve students' financial literacy and preparedness for future economic decision-making by providing dedicated, comprehensive personal finance education.
Committee Categories
Education
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/21/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2594&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB2594.htm |
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