FOR IMMEDIATE RELEASE
July 18, 2023
Contact: Emma Bittner
(972) 510-3395 | Emma.Bittner@younginvincibles.org

Illinois Task Force Releases Financial Empowerment Report

(Chicago, IL) – The Task Force for Financial Empowerment has released its Financial Empowerment Report. The task force examined the current state of Illinoisians’ financial struggles, concluding that financial empowerment of young people is critical.

In 2021, the Illinois 102nd General Assembly adopted HR 270, urging improved financial literacy practices by higher education institutions. The initiative was introduced by Representative Maura Hirschauer. This effort was initiated by Young Invincibles, an advocacy organization committed to elevating the concerns of young adults.

The legislation established a task force within the Illinois Office of Comptroller to develop recommendations designed to improve financial capability and increase the availability of resources for students enrolled in Illinois public colleges and universities. The task force met and conducted research throughout 2022 which culminated into the Financial Empowerment Task Force report, released in early 2023.

The report identified inadequacies in the current processes of financial education and emphasized that due to the lack of a formalized and transparent coordination for financial empowerment in Illinois, there is a need to implement and coordinate efforts between stakeholders to allow access to high quality, culturally relevant financial education resources.

The research shows that Illinois is not lacking in programs to promote financial empowerment, but the State needs to improve the coordination of existing programs provided by government agencies, higher education institutions, community-based providers and financial institutions to ensure young people can access them.

The task force made numerous recommendations, which included the creation of a Financial Empowerment Commission to assess the diverse needs of communities and students across the state, and to organize innovative initiatives to address those needs. The role of the commission could include:

Developing a centralized website to be a clearing house of relevant information and resources.
Overseeing efforts designed to strengthen mandated courses on financial education for both elementary and secondary education.
Ensuring all State colleges and universities adopt and offer similar credit-bearing courses to address the specific concerns and needs of young adults.
Creating additional programs and measures designed to bolster the resources available to young adults, particularly in the area of consumer protection.

The task force concluded that financial empowerment and education is a cradle-to-grave issue and identified the need to provide a roadmap for every Illinois resident to have access to high quality, culturally relevant financial education resources designed to prepare each person to live a financially empowered and independent life.

In response, Jorge Arteaga, Midwest Program Manager at Young Invincibles said:

“Ensuring that young people have a clear understanding of financial literacy sets them up for success.

This report identifies necessary spots for realignment for Illinois to make sure that initiatives and resources available are easily accessible and cohesive. Having access to programs for financial literacy and empowerment is essential to the financial health of young Illinoisians. The current system is not conducive for young adults to thrive and the recommended revisions are critical.

This is a problem that is cradle-to-grave, but it is especially acute for young people. Young adults are placed into pivotal points with major life decisions with higher education loans, future investment planning, and reaching economic independence.

The Financial Empowerment report is built from direct feedback and outlines several policy recommendations to help streamline initiatives and resources already available.”

In response, State Senator Cristina Castro (D-Elgin) said:

“Financial readiness begins well before the college years, though higher education plays a pivotal role in preparing young people for independence and success. In line with the Task Force’s recommendations, I led a measure this session that begins the process of equalizing major course credit for transfer across Illinois public colleges and universities. Removing barriers so that students can excel supports Illinois’ financial literacy goals and increases the availability of resources for our students. We must continue our work to strengthen existing programs for young adults to better equip the next generation with the financial tools for success.

In response, Rep Debbie Meyers-Martin 30th district said:

“Financial Literacy classes teach the basics of money management including budgeting, saving, debt management, investing, giving and much more. That knowledge lays the foundation for students to build strong money habits early on and avoid many of the mistakes that lead to lifelong money struggles. While it is important to provide these lessons in college, we must realize how crucial financial readiness is early in a student’s educational journey. I am proud of the work that Senator Cristina Castro and I have done to further the goals of financial literacy, including the collaboration with the Illinois Comptroller’s Office on the Illinois Bank On Initiative. Financial Literacy affects every area of your life and helps individuals make better financial decisions. It is clear that we must continue to enhance financial literacy programs that will ultimately benefit generations to come. That is what inspires me to continue the journey.”

In response, Illinois Comptroller Susana A. Mendoza said:

“I am heartened to see young people involved with promoting financial literacy. These efforts will lead to the empowerment of so many and will arm them with the tools and building blocks needed to grow financial independence and success. I look forward to seeing the impact of this ongoing work, and I thank the Task Force for Financial Empowerment for its contributions.”

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Young Invincibles (YI) is a national advocacy and policy nonprofit organization focused on amplifying the voice of young people in the political process at the local, state, and federal levels. YI focuses on issues impacting young adults ages 18 to 34 in higher education, health care, economic security, and civic engagement. Our offices include Washington, D.C., California, Colorado, Illinois, New York, and Texas. For more information, please contact Emma Bittner at (972) 510-3395 or emma.bittner@younginvincibles