Beiser Legislation to increase financial literacy passes General Assembly

SPRINGFIELD – Legislation introduced by State Rep. Dan Beiser, D-Alton, to help young adults be prepared to enter the workforce by improving consumer education courses was passed by the General Assembly recently.

“When consumer education was created for classrooms, the subjects mirrored the most pressing challenges they would face as they became adults, but there are many topics that have emerged or changed,” Beiser said. “Currently, student loans, consumer debt and identity theft are some of the biggest issues they will face when they strike out on their own, and we want to put up-to-date information in their hands.”

Currently, topics taught in consumer education courses include financial literacy, budgeting, banking, simple contracts, taxes and homeownership. Senate Bill 672, which Beiser sponsored, gives students enrolled in consumer education courses instruction on student loans, consumer debt and identity theft. The Federal Reserve Bank of New York estimates that total student indebtedness now exceeds $1 trillion.  

“Young adults need to be prepared to withstand financial pressures, and these changes to consumer education courses will help them make financial decisions,” Beiser said. “Because so many Illinois families are facing debt, it makes sense to offer students realistic information”

Senate Bill 672 awaits the approval of the governor to become law. For more information, please contact Beiser’s constituent service office at 618-465-5900 or dvbeiser@sbcglobal.net.

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