ILLINOIS (IRN) — As other states look at upping financial literacy requirements, should Illinois schools require students to be money smart before they get their diploma?
Just this month, lawmakers in Florida introduced a bill that would require all students to take a class on basic skills like how to save money and apply for loans. A new bill in South Carolina would make passing a financial literacy test required to graduate.
Illinois started requiring public schools to offer financial education classes in 2017, but it’s not a graduation requirement.
Dr. Linda Simpson teaches financial literacy curriculum at Eastern Illinois University. She says many students in her class don’t have a solid grasp on their finances.
She says adults without these financial skills end up costing taxpayers more than a mandatory class.
Simpson echoed studies that say the best teacher for financial literacy is a parent.