Illinois Financial Literacy Statistics
In terms of financial literacy statistics, the Prairie State is represented by the Illinois Financial Educators Council, which conducts research and gathers ongoing data regarding the financial health of Illinois residents. This webpage presents and maintains these data for policymakers, researchers, community groups, and interested individuals to use in their advocacy and policy efforts. The overall objective of offering these statistics is to propel the financial wellness movement forward.
Cost of Financial Illiteracy Survey
Illinois report that lack of financial knowledge carries a high cost, according to this 2021 survey. Participants across the state responded to the single question: “During the past year (2021), about how much money do you think you lost because you lacked knowledge about personal finances?” The results are shown below. Interestingly, almost 9% of survey respondents believed they had lost $10,000 or more in the past year due to financial illiteracy (percentages are rounded).
Cost of Financial Illiteracy
$0 – $499
$500 – $999
$1,000 – $2,499
$2,500 – $9,999
$10,000 +
More than 1.2 million Illinoisans – or 1 out of every 11 people in the state – currently face hunger, according to Feeding America’s most recent data. And over one-quarter (315,330) of those hungry individuals are children. People suffering from food insecurity can be found in every county and congressional district across the state.
Housing insecurity also represents a not insignificant problem in the Prairie State, with 43% of renters facing potential eviction and nearly 21% of homeowners facing foreclosure as of a 2021 report by the Center for Economic Policy and Research. The Center defines housing insecurity across a range of issues related to shelter, including lack of affordability, quality, and safety of living quarters on up to loss of housing or homelessness.
Financial Situation Data
Debt Load Rates
As of 2023, Illinois ranked 18th in the U.S. for consumer debt, with an average debt load of $74,110 per capita accounting for 86.30% of the state median household income.
In terms of credit card balances, Illinois ranks higher in 2023, at number 5 in the country. The average credit card balance per household in the state was $8,046, up 4.3% from 2022 figures. Further data showed that the average balance on auto loans in Illinois was $21,433 in 2022, the average 2022 home mortgage balance was $191,641 in the state, and 14.1% of Illinoisans had outstanding student loan balances in 2023.
Personal Credit Score
Illinois residents have a slightly higher average FICO® credit score than the nationwide figure according to Experian, at 719 versus the national average of 714 in 2022. And in 2021, Equifax used VantageScore® calculations to determine that Illinoisans had an average credit score of 704, as compared with a national average of 698.
The median credit scores of five mid- to large-sized Illinois cities according to WalletHub are shown at right.
Illinois Financial Literacy Legislation & Educational Stats
To characterize educational statistics for the state of Illinois, we turned to the National Center for Education Statistics at the U.S. Department of Education. This entity summarizes the status of education in each state in its Common Core of Data (CCD) report, which is updated annually. In the most recent report (2021-2022), CCD indicated a total of 4,386 operating schools within 1,033 districts in Illinois, with 1.87 million total students taught by 139,378 teachers – a favorable pupil-to-teacher ratio of 13.4.
The Illinois General Assembly passed legislation in 2021 indicating that “beginning with pupils entering the 9th grade in the 2021-2022 school year and each school year thereafter, one semester, or part of one semester, may include a financial literacy course.” As of its 103rd session in 2023-2024, the General Assembly is considering a bill stipulating that, beginning with pupils entering the 9th grade in the 2024-2025 school year, public school students in grade 11 or 12 shall be required to complete a standalone, one-semester or equivalent course covering personal finance topics.