SCH CD-FINANCIAL LITERACY

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5533

Introduced 2/13/2026, by Rep. Jeff Keicher

SYNOPSIS AS INTRODUCED:

105 ILCS 5/27-305

was 105 ILCS 5/27-12.1
105 ILCS 5/27-605

was 105 ILCS 5/27-22

Amends the School Code. Requires, beginning with the 2029-2030 school
year, for a pupil entering grade 9 to complete one semester of a
stand-alone financial literacy course as a prerequisite to receiving a
high school diploma, to be taken in grade 11 or 12. Requires the State
Board of Education to establish a Financial Literacy Implementation
Committee no later than June 30, 2027 to make recommendations to the State
Superintendent of Education concerning the implementation of a stand-alone
financial literacy course. Makes conforming and other changes. Effective
immediately.
LRB104 19960 LNS 33410 b

A BILL FOR

HB5533
LRB104 19960 LNS 33410 b
1

AN ACT concerning education.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 1.
Purpose.
The General Assembly has determined
5
that it is in the best interests of the State and the State's
6
citizens that all high school students be required to take a
7
one semester course in financial literacy prior to graduation.
8
Financial literacy is essential for students to make informed
9
decisions about budgeting, saving, investing, credit
10
management, and long-term financial planning. Many young
11
adults enter the workforce without adequate knowledge of
12
personal finance, leading to poor financial decisions that can
13
impact their economic well-being throughout their lives.
14
Requiring financial literacy education in high schools will
15
better prepare students for financial independence and
16
economic success.
17

Research has shown that a financial literacy course is
18
significantly more effective if taught as a separate course in
19
grade 11 or 12 rather than embedded in another course or taught
20
at an earlier time. Similarly, research has shown that before
21
the course can be implemented, there must be time to develop
22
curriculum and provide incentives for professional development
23
for teachers of the course.

HB5533
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LRB104 19960 LNS 33410 b
1

Section 5.
The School Code is amended by changing Sections
2
27-305 and 27-605 as follows:

3

(105 ILCS 5/27-305)

(was 105 ILCS 5/27-12.1)
4

Sec. 27-305.
Financial literacy

Consumer
education.
5

(a)
For pupils entering grade 9 before the 2029-2030
6
school year, pupils

Pupils
in the public schools in grades 9
7
through 12 shall be taught and be required to study courses
8
which include instruction in the area of
financial literacy

9
consumer
education, including but not necessarily limited to
10
(i) understanding the basic concepts of financial literacy,
11
including consumer debt and installment purchasing (including
12
credit scoring, managing credit debt, and completing a loan
13
application), budgeting, savings and investing, banking
14
(including balancing a checkbook, opening a deposit account,
15
and the use of interest rates), understanding simple
16
contracts, State and federal income taxes, personal insurance
17
policies, the comparison of prices, higher education student
18
loans, identity-theft security, and homeownership (including
19
the basic process of obtaining a mortgage and the concepts of
20
fixed and adjustable rate mortgages, subprime loans, and
21
predatory lending), and (ii) understanding the roles of
22
consumers interacting with agriculture, business, labor unions
23
and government in formulating and achieving the goals of the
24
mixed free enterprise system. The State Board of Education
25
shall devise or approve the consumer education curriculum for

HB5533
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LRB104 19960 LNS 33410 b
1
grades 9 through 12 and specify the minimum amount of
2
instruction to be devoted thereto.
3

(a-5) Beginning the 2029-2030 school year, pupils entering
4
grade 9 in the public schools shall be taught and required to
5
complete a stand-alone, one-semester or equivalent course
6
covering financial literacy to be completed in grade 11 or 12.
7
The course may be offered as a stand-alone course or
8
integrated into existing required coursework in mathematics,
9
social studies, or career and technical education, as long as
10
all required competencies are met. The financial literacy
11
course shall include, but not be limited to: instruction
12
covering earning income, including understanding pay
13
statements and the difference between gross and net pay;
14
budgeting and financial planning, including tracking income
15
and expenses; saving and investing, including the power of
16
compound interest, retirement accounts, and basic investment
17
vehicles; credit management, including understanding credit
18
scores, interest rates, credit cards, and consequences of
19
debt; consumer protection, including identity theft
20
prevention, understanding contracts, and recognizing financial
21
fraud; insurance and risk management, including health,
22
automobile, life, disability, and property insurance; taxes,
23
including federal and State income taxes and basic tax filing;
24
banking services, including checking and saving accounts,
25
electronic payments, and online banking; major purchases,
26
including understanding automobile loans, mortgages, and lease

HB5533
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LRB104 19960 LNS 33410 b
1
agreements; and higher education financing, including students
2
loans, financial aid, and higher education cost
3
considerations. The financial literacy education standards for
4
the course shall consider any recommendations from the
5
Financial Literacy Implementation Committee under subsection
6
(f). The State Board of Education may review and update 3
7
curriculum standards every 5 years. The State Board of
8
Education may adopt rules or national standards for financial
9
literacy education in implementing the curriculum standards.

10

A school board shall oversee implementation of the
11
financial literacy course for each high school student prior
12
to graduation.

13

The State Board of Education shall develop implementation
14
guidelines and timelines to assist schools in implementing the
15
financial literacy course under this subsection, considering
16
any recommendations from the Financial Literacy Implementation
17
Committee under subsection (f).

18

(b) (Blank).
19

(c) (Blank).
20

(d) A school board may establish a special fund in which to
21
receive public funds and private contributions for the
22
promotion of financial literacy. Money in the fund shall be
23
used for the following:
24

(1) Defraying the costs of financial literacy training
25

for teachers.
26

(2) Rewarding a school or teacher who wins or achieves

HB5533
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LRB104 19960 LNS 33410 b
1

results at a certain level of success in a financial
2

literacy competition.
3

(3) Rewarding a student who wins or achieves results
4

at a certain level of success in a financial literacy
5

competition.
6

(4) Funding activities, including books, games, field
7

trips, computers, and other activities, related to
8

financial literacy education.
9

(e) The State Board of Education, upon the next
10
comprehensive review of the Illinois Learning Standards, is
11
urged to include the
instruction in subsection (a-5),
basic
12
principles of personal insurance policies
,
and understanding
13
simple contracts.
14

(f) The State Board of Education shall establish a
15
Financial Literacy Implementation Committee no later than June
16
30, 2027 to make recommendations to the State Superintendent
17
of Education concerning the implementation of subsection
18
(a-5).
19

The Committee shall include the following members:
20

(1) the State Superintendent of Education, or the
21

State Superintendent's designee, who shall serve as ex
22

officio and as chairperson of the Committee;
23

(2) the Director of K-12 Curriculum and Instruction at
24

the State Board of Education, or the Director's designee;
25

(3) one member appointed by the State Treasurer;
26

(4) two members representing organized labor,

HB5533
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LRB104 19960 LNS 33410 b
1

appointed by the Governor with the advice and consent of
2

the Senate;
3

(5) two members representing school districts,
4

appointed by the Governor with the advice and consent of
5

the Senate; and
6

(6) two members representing State insurance
7

professional trade associations and selected to ensure
8

that the diversity of this State is represented, appointed
9

by the Governor with the advice and consent of the Senate.
10

Members of the Committee shall serve without compensation.
11
The State Board of Education shall provide administrative
12
support to the Committee.
13

The Committee shall hold its first meeting no later than
14
90 days following the establishment of the Committee and shall
15
meet quarterly thereafter. At each quarterly meeting, the
16
State Superintendent of Education shall make a report to the
17
Committee. All meetings of the Committee shall be open to the
18
public.
19

The State Board of Education shall present regular and
20
timely reports to the Committee regarding the implementation
21
of subsection (a-5), including, but not limited to,
22
engagement, system operations, and resources allocated. The
23
State Board of Education shall gather stakeholder input in
24
preparing the reports for the Committee.
25

Members of the Committee shall serve until July 1, 2029,
26
at which time the State Board of Education shall dissolve the

HB5533
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LRB104 19960 LNS 33410 b
1
Committee.
2

This subsection is inoperative after July 1, 2029.

3
(Source: P.A. 103-616, eff. 7-1-24; 104-391, eff. 8-15-25.)

4

(105 ILCS 5/27-605)

(was 105 ILCS 5/27-22)
5

Sec. 27-605.
Required high school courses.
6

(a) (Blank).
7

(b) (Blank).
8

(c) (Blank).
9

(d) (Blank).
10

(e) Through the 2023-2024 school year, as a prerequisite
11
to receiving a high school diploma, each pupil entering the
12
9th grade must, in addition to other course requirements,
13
successfully complete all of the following courses:
14

(1) Four years of language arts.
15

(2) Two years of writing intensive courses, one of
16

which must be English and the other of which may be English
17

or any other subject. When applicable, writing-intensive
18

courses may be counted towards the fulfillment of other
19

graduation requirements.
20

(3) Three years of mathematics, one of which must be
21

Algebra I, one of which must include geometry content, and
22

one of which may be an Advanced Placement computer science
23

course. A mathematics course that includes geometry
24

content may be offered as an integrated, applied,
25

interdisciplinary, or career and technical education

HB5533
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LRB104 19960 LNS 33410 b
1

course that prepares a student for a career readiness
2

path.
3

(3.5) For pupils entering the 9th grade in the
4

2022-2023 school year and 2023-2024 school year, one year
5

of a course that includes intensive instruction in
6

computer literacy, which may be English, social studies,
7

or any other subject and which may be counted toward the
8

fulfillment of other graduation requirements.
9

(4) Two years of science.
10

(5) Two years of social studies, of which at least one
11

year must be history of the United States or a combination
12

of history of the United States and American government
13

and, beginning with pupils entering the 9th grade in the
14

2016-2017 school year and each school year thereafter, at
15

least one semester must be civics, which shall help young
16

people acquire and learn to use the skills, knowledge, and
17

attitudes that will prepare them to be competent and
18

responsible citizens throughout their lives. Civics course
19

content shall focus on government institutions, the
20

discussion of current and controversial issues, service
21

learning, and simulations of the democratic process.
22

School districts may utilize private funding available for
23

the purposes of offering civics education. Beginning with
24

pupils entering the 9th grade in the 2021-2022 school
25

year, one semester, or part of one semester, may include a
26

financial literacy course.

HB5533
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LRB104 19960 LNS 33410 b
1

(6) One year chosen from (A) music, (B) art, (C)
2

foreign language, which shall be deemed to include
3

American Sign Language, (D) vocational education, or (E)
4

forensic speech (speech and debate). A forensic speech
5

course used to satisfy the course requirement under
6

subdivision (1) may not be used to satisfy the course
7

requirement under this subdivision (6).
8

(e-5) Beginning with the 2024-2025 school year, as a
9
prerequisite to receiving a high school diploma, each pupil
10
entering the 9th grade must, in addition to other course
11
requirements, successfully complete all of the following
12
courses:
13

(1) Four years of language arts.
14

(2) Two years of writing intensive courses, one of
15

which must be English and the other of which may be English
16

or any other subject. If applicable, writing-intensive
17

courses may be counted toward the fulfillment of other
18

graduation requirements.
19

(3) Three years of mathematics, one of which must be
20

Algebra I, one of which must include geometry content, and
21

one of which may be an Advanced Placement computer science
22

course. A mathematics course that includes geometry
23

content may be offered as an integrated, applied,
24

interdisciplinary, or career and technical education
25

course that prepares a student for a career readiness
26

path.

HB5533
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LRB104 19960 LNS 33410 b
1

(3.5) One year of a course that includes intensive
2

instruction in computer literacy, which may be English,
3

social studies, or any other subject and which may be
4

counted toward the fulfillment of other graduation
5

requirements.
6

(4) Two years of laboratory science.
7

(5) Two years of social studies, of which at least one
8

year must be history of the United States or a combination
9

of history of the United States and American government
10

and at least one semester must be civics, which shall help
11

young people acquire and learn to use the skills,
12

knowledge, and attitudes that will prepare them to be
13

competent and responsible citizens throughout their lives.
14

Civics course content shall focus on government
15

institutions, the discussion of current and controversial
16

issues, service learning, and simulations of the
17

democratic process. School districts may utilize private
18

funding available for the purposes of offering civics
19

education.
One semester, or part of one semester, may
20

include a financial literacy course.
21

(6) One year chosen from (A) music, (B) art, (C)
22

foreign language, which shall be deemed to include
23

American Sign Language, (D) career and technical
24

education, or (E) forensic speech (speech and debate). A
25

forensic speech course used to satisfy the course
26

requirement under subdivision (1) may not be used to

HB5533
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LRB104 19960 LNS 33410 b
1

satisfy the course requirement under this subdivision (6).
2

(e-10) Beginning with the 2028-2029 school year, as a
3
prerequisite to receiving a high school diploma, each pupil
4
entering the 9th grade must, in addition to other course
5
requirements, successfully complete 2 years of foreign
6
language courses, which may include American Sign Language. A
7
pupil may choose a third year of foreign language to satisfy
8
the requirement under subdivision (6) of subsection (e-5).
9

(e-15) Beginning with the 2029-2030 school year, as a
10
prerequisite to receiving a high school diploma, each pupil
11
entering the 9th grade must successfully complete one semester
12
or the equivalent of a stand-alone course on personal finance
13
education to be taken in grade 11 or 12, which may be counted
14
toward the fulfillment of other graduation requirements under
15
subsection (e-5) as determined by the State Board of
16
Education.

17

(f) The State Board of Education shall develop and inform
18
school districts of standards for writing-intensive
19
coursework.
20

(f-5) If a school district offers an Advanced Placement
21
computer science course to high school students, then the
22
school board must designate that course as equivalent to a
23
high school mathematics course and must denote on the
24
student's transcript that the Advanced Placement computer
25
science course qualifies as a mathematics-based, quantitative
26
course for students in accordance with subdivision (3) of

HB5533
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LRB104 19960 LNS 33410 b
1
subsection (e) of this Section.
2

(g) Public Act 83-1082 does not apply to pupils entering
3
the 9th grade in 1983-1984 school year and prior school years
4
or to students with disabilities whose course of study is
5
determined by an individualized education program.
6

Public Act 94-676 does not apply to pupils entering the
7
9th grade in the 2004-2005 school year or a prior school year
8
or to students with disabilities whose course of study is
9
determined by an individualized education program.
10

Subdivision (3.5) of subsection (e) does not apply to
11
pupils entering the 9th grade in the 2021-2022 school year or a
12
prior school year or to students with disabilities whose
13
course of study is determined by an individualized education
14
program.
15

Subsection (e-5) does not apply to pupils entering the 9th
16
grade in the 2023-2024 school year or a prior school year or to
17
students with disabilities whose course of study is determined
18
by an individualized education program. Subsection (e-10) does
19
not apply to pupils entering the 9th grade in the 2027-2028
20
school year or a prior school year or to students with
21
disabilities whose course of study is determined by an
22
individualized education program.
23

(h) The provisions of this Section are subject to the
24
provisions of Sections 14A-32 and 27-610 of this Code and the
25
Postsecondary and Workforce Readiness Act.
26

(i) The State Board of Education may adopt rules to modify

HB5533
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LRB104 19960 LNS 33410 b
1
the requirements of this Section for any students enrolled in
2
grades 9 through 12 if the Governor has declared a disaster due
3
to a public health emergency pursuant to Section 7 of the
4
Illinois Emergency Management Agency Act.
5
(Source: P.A. 103-154, eff. 6-30-23; 103-743, eff. 8-2-24;
6
104-387, eff. 8-15-25; 104-391, eff. 8-15-25; revised
7
9-24-25.)

8

Section 99.
Effective date.
This Act takes effect upon
9
becoming law.

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