Illinois Financial Literacy Standards
Every U.S. state is awarded a grade for its level of financial education in schools every two years from the American Public Education Foundation (APEF)’s Nation’s Report Card on Financial Literacy. As of the latest report card (2022), the Prairie State warrants a “B” grade for its financial literacy standards. Illinois earned this grade due to legislation requiring that the equivalent of one quarter of consumer education be taught in grades 9-12, although the course is not a high school graduation requirement. Consumer education instruction is incorporated into related class content, rather than taught as a standalone course.
According to the APEF, Illinois has made significant strides toward establishing strong financial education standards, but needs improvement in the form of a standalone class at the high school level. In 2023 a bill was introduced to require a standalone personal finance class, but that legislation remains pending.
IL Financial Education Standards by Grade Level
Illinois stipulates financial literacy benchmarks in the state’s Social Science Standards for all public school grades beginning at the first-grade level. This guideline ensures that all students receive financial education throughout their public-school careers. Along with requiring a standalone high school class, the APEF recommends that Illinois begin financial literacy instruction in Kindergarten, thus establishing standards that would earn the Prairie State an “A” grade.
National Standards for Financial Education
Financial Literacy Standards for Older Youth & Adults (High School through Adults)
Although there is no direct mandate by the Illinois State Board of Education, it is recommended that national standards be implemented. Financial education is a unique subject; all participants have developed financial habits and relationships with money before instruction begins.
National standards are those that have been proven in empirical and theoretical research to produce the highest improvements in participant test scores.
Financial Literacy Standards for Kids (Kids PK through 8th Grade)
In collaboration with education leader Heidi Jacobs, the NFEC created these financial literacy standards to define learning goals and educational targets for optimal child financial education. Guided by strong pedagogical theory, the standards ensure that instructional targets are age- and developmentally-appropriate and that lessons can be effectively scaffolded. Standards represent five sections based on topic areas in the NFEC curriculum.
Standards for Financial Education Instructors
The NFEC teamed with the well-known Danielson Group to develop the first and only national standards for financial educators – The Framework for Teaching Personal Finance – to define optimal educator skill sets and performance levels. The framework also identifies the financial educator responsibilities empirically proven to produce highest gains in participant test scores. This framework is used in all 50 states, including Illinois.
References
American Public Education Foundation (2020). The Nation’s Report Card on Financial Literacy, https://www.thenationsreportcard.org/illinois.
