Illinois Treasurer Michael Frerichs today announced a partnership with Econ Illinois to help improve financial literacy among Illinois students. The announcement was made during Money Smart Week at the Federal Reserve Bank in Chicago.
“We are excited to partner with Econ Illinois to promote Illinois’ new financial education standards and help ensure students learn how to make smart financial choices at a young age,” Frerichs said. “As Illinois faces unprecedented fiscal challenges, it’s even more important than ever that our children are exposed to successful ways to manage and invest their finances.”
Under the partnership, the Treasurer’s Office and Econ Illinois will work with K-12 schools throughout Illinois on the introduction and implementation of the new Illinois Social Science Standards. The purpose of the new, more rigorous standards is to better prepare students to be college and career ready. Econ Illinois will provide the necessary curriculum support and professional development tools and resources to teachers to ensure successful implementation.
“The financial literacy standards that Illinois has adopted provide a practical and academically sound framework that promotes critical thinking as it applies to decisions about spending, saving, budgeting, and investing,” explained Nancy Harrison, President and Executive Director, Econ Illinois. “We are honored to partner with Treasurer Frerichs and his team as we work with schools across Illinois, integrating the new standards into the K-12 curriculum.”
In 2015, the Illinois State Board of Education adopted revised Social Science Standards that include Financial Literacy Content Standards throughout elementary, middle, and high school. Illinois’ new Social Science Standards, inclusive of the new Economics and Financial Literacy Standards, were approved by the Illinois Joint Committee on Administrative Rules in February, 2016. Beginning in the 2017-2018 academic year, the revised social science standards will be in effect.