SPRINGFIELD – A plan sponsored by State Senator Meg Loughran Cappel (D-Shorewood) that would improve financial preparedness among Illinois students passed the Senate Wednesday.

“The existing gap between students who feel prepared to do their own taxes or make investments and those who do not is glaring,” Loughran Cappel said. “Making sure students have the ability to learn real-life skills that are applicable in adulthood needs to be a priority.”

Senate Bill 1830 would allow either one year, or a semester, of a financial literacy course to count toward the social studies requirement to graduate high school.

In a study conducted by USA TODAY, of those who attended college, only 41% said they received enough information in college to build good financial habits and 30% said their high school education did so. When asked what they wish they had learned more about in school, financial topics were at the top of the list.

“It’s clear that we need to do more to provide our kids with incentives to take classes that can pay dividends for the rest of their adult lives,” Loughran Cappel said. “Passing legislation like this is simply one way to accomplish that and I look forward to seeking additional ways to help our kids grow.”

The legislation will now be considered before the House.