Financial literacy courses are important to help people understand the basics of personal finance. They can use this knowledge to make better financial decisions and handle their money more responsibly. Nearly four out of five people in the U.S. live paycheck-to-paycheck, and over one-quarter never save any money. Therefore, leaders in education and business are working to promote financial literacy and the importance of saving money.
The Illinois School Code mandates that high schools include a financial literacy course as part of their social studies curriculum. This means that students in the ninth grade and beyond must take the course. Moreover, the course must be taught in two years of the high school curriculum. The new course must be taught beginning in the 2021-2022 school year.
There are several reasons why financial literacy education is essential for young people. It can help them buy a home, fund their children’s education, or prepare for retirement. It can also prevent a person from getting into debt due to unwise decisions. It is important to note that, in most cases, a financial literacy course will be required for high school graduation.
According to the Financial Industry Regulatory Authority, most Americans lack the financial literacy skills needed to budget, save for retirement, and take out a loan. This makes it difficult for most people to make sound financial decisions, and their future may seem bleak if they don’t take the necessary steps to learn more about financial literacy.