Bill could require personal finance courses in high schools

DECATUR, Ill. (WAND) — The Illinois Senate is considering a bill that would require high school students to take a stand-alone personal finance course.

Sen. Kimberly Lightford (D-Maywood) is sponsoring the bill. If passed and signed by the governor, it would require high school students to take a semester-long course during their junior or senior year. The bill would affect the freshman class entering high school in the fall of 2024.

Many financial institutions, including Land of Lincoln Credit Union, are throwing their support behind the bill.

"We have lots of teens, young adults, that come in here that don't know the basics even about managing a checking account, let alone applying for a loan or budgeting," said Bev Davis, COO of the credit union. "If it were to be made a requirement, it would sort of level the playing field."

The bill would require teens to be taught topics like banking, taxes and paying for college. It still awaits a hearing in the Senate Education Committee.