Children and youth receive financial education both in school and outside of school. In school settings, financial concepts may be taught through mathematics courses or, in some cases, through standalone personal finance classes. Outside of school, children often learn about money through parents and family members, as well as through their own lived experiences.
Because financial habits form early, learning about personal finance at a young age can have significant long-term benefits. Early financial education can help youth avoid costly financial mistakes, build confidence in financial decision-making, understand the value of patience and planning, and develop resilience when facing unexpected expenses. Gaining an understanding of financial outcomes before adulthood helps better prepare youth for real-world financial responsibilities.
Recognizing the importance of these skills, a recent Illinois House bill proposes requiring a standalone financial literacy course in grade 11 or 12 as part of the high school graduation requirements. According to Bill HB5533, financial literacy is essential for students to make informed financial planning decisions, and research has shown that a financial literacy course is significantly more effective if taught as a separate course rather than embedded in another course. If passed, the proposed requirement would take effect for students entering ninth grade in the 2029–2030 academic year.
Personal finance is a critical life skill, and what individuals learn about money at a young age can have lasting impacts. When young adults enter the workforce with limited knowledge of personal finance, they may be more likely to make poor financial decisions. Providing youth with a strong foundation in how money works in everyday life before adulthood can help foster responsible financial behaviors and informed decision-making later in life.
References
Illinois General Assembly. (2026). House Bill 5533, 104th General Assembly. https://www.ilga.gov
Meet the Author
Jamie Mahlandt is a Financial Educator for Bond, Clinton, Jefferson, Marion, and Washington counties in Southern Illinois. She provides financial education to the local community with an emphasis on financial literacy and financial well-being.
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