Guide to Illinois Resources
Tomorrow’s Money is a step-by-step guide Illinois residents can follow to improve their financial knowledge and save for the future. There are many other agencies in Illinois, and nationwide, which provide assistance in financial matters ranging from saving for college to planning for retirement. This page provides some fast facts on the economic status of Illinois residents and links to sites you may find useful while you work toward financial empowerment.
Did you know?
Many women earn less than men. The national average for white females is about 80 cents to every dollar a white male earns. On average, women earn 78 percent of what men earn.
- Have you taken time out of the work force to care for children or older relatives or parents? Many women do – the average woman spends 15 percent of her career out of the paid workforce to care for children or parents. That can result in less retirement income.
- Many women worry about struggling in retirement. Two thirds of Americans older than 55 and living in poverty are women. Of the elderly poor, 75 percent are women, and of those, 80 percent were not living in poverty before they were widowed.
- There are almost 350,000, privately-held, women-owned businesses in Illinois. Chicago consistently ranks as a national leader in women-run operations. But statewide, just 42,000 – about 12 percent – have paid employees.
If you’re like most women who have never had formal training or education on handling your personal finances, making day-to-day decisions about bill paying, budgeting, and saving for future goals can seem overwhelming. Our Tomorrow’s Money site provides information and resources on major financial topics of interest to women such as budgeting, financial planning, developing credit, finding the right job, and handling care giving issues and expenses.
In addition, the Illinois State Treasurer’s Office conducts annual Smart Women Smart Money symposiums across the state to help women sharpen their financial skills and network with women-run organizations and businesses. Learn more here about our Smart Women Smart Money symposiums.
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Did you know?
- Nearly 118,000 Illinois residents 65 or older live below the poverty line and almost 515,000 residents over 60 live alone.
- More than 200,000 children under the age of 18 are living in a grandparent-headed home. More than 100,000 grandparents are caring for their grandchildren.
- The average age of widowhood in the U.S. is 54, and women typically live seven years longer than men. The average life expectancy for women is 80 compared to 73 for men.
If you are 60 years old, you have unique financial needs and concerns related to your stage of life. You may be worried about having enough money to live on during your retirement, the rising cost of health care and how to plan for your estate. Our Tomorrow’s Money site provides information and resources on major financial topics of interest to seniors such as budgeting, managing your finances and financial planning.
In addition, the Illinois State Treasurer’s Office frequently gives presentations on hot financial topics like identity theft and credit management at senior fairs and community centers statewide. Click here to learn more.
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Did you know?
- One in three high school students carry credit cards, and even more have an ATM card. Seventy-two percent of college undergraduates have credit cards; 43 percent obtain them during the first year of college.
- College students have on average $2,200 in outstanding credit card debt, while graduate students have nearly double that amount. Graduating students have an average of $20,402 in combined education loan and credit card balances.
- Accumulated student loan debt delays life events. The report found that 38 percent of graduates held off buying their first house because of student loans, 14 percent put off marriage, and 21 percent delayed having children.
If you are in high school, college, or just entering the workforce, a world of possibility lies ahead. Some of the choices you make now can dramatically affect your financial future. That is why Tomorrow’s Money designed a website for young people -- to help you gain confidence and build skills to manage your money.
In addition, the Illinois State Treasurer’s Office can come to your school to give presentations on important topics like money management, auto ownership and saving for college. We also run a Bank At School program that pairs schools with local lenders who then help students open savings accounts and learn smart money skills.
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Did you know?
- More than 14 percent of Illinois residents are of Hispanic or Latino origin, and Spanish-speaking Americans make up the fastest growing minority group in Illinois and the nation.
- Almost 22 percent of Hispanic Americans live in poverty, and nearly 40 percent of female-headed Hispanic households live below the poverty line.
Newly-immigrated residents can often feel intimidated by the idea of opening a bank account or working with a financial advisor. Our Tomorrow’s Money Ahorrando.org website can help you get an accurate look at your current finances and provides resources to help you feel comfortable budgeting and banking.
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General Financial and Benefits
- Illinois State Treasurer’s Office
Learn more about the Bright Start College Savings program, mortgage assistance for at-risk homebuyers and low-interest loans for business, consumers and non-profit agencies offered by the Illinois State Treasurer’s Office.
- Official State of Illinois website
The official website of the State of Illinois is the gateway to services and information about living, visiting, business, working, health and wellness in Illinois.
- GovBenefits.gov
The official benefits website of the U.S. government, with information on over 1,000 benefit and assistance programs.
- Illinoisbenefits.org
The state's resource for benefits, information and enrollment assistance for people with Medicare, their caregivers and the volunteers and professionals that assist them.
- Illinois Department of Child and Family Services
The state’s resource for information about Child Protection, Foster Care, Adoption, Day Care licensing and other services provided by the Illinois Department of Children & Family Services (DCFS).
College
- Learning in Illinois
The official Illinois resource for those interested in attending college includes links to Illinois colleges and universities, online learning, internship information, and methods of college funding.
- Illinois Student Assistance Commission
The Illinois Student Assistance Commission is a one-stop financial aid center for those planning to attend college.
- Bright Start College Savings Program
The Illinois State Treasurer’s Office administers the Bright Start College Savings Program, a tax-free way to save for college. The site offers financial calculators to help begin or assist with financial planning of college costs.
Employment
- Illinois Department of Employment Security
The Illinois Department of Employment Security administers unemployment insurance and helps job seekers find jobs and employers find workers.
- Experience Works
Experience Works helps low-income seniors, many with multiple barriers to employment; get the training they need to find good jobs in their local communities.
- IllinoisClicks!
Illinois Clicks! links to job sites, including a senior jobs database.
Entrepreneurs/Small Business Owners
Extension Services
Health
- IllinoisBenefits.org
The Illinois resource for benefits, information and enrollment assistance for people with Medicare, their caregivers and the volunteers and professionals that assist them.
Hispanics
Homeownership
- Finally Home Program
The Illinois Treasurer's Our Own Home Program helps home buyers with less-than-perfect credit secure sustainable loans and provides an alternative to predatory loans that can lead to foreclosure.
Military Families
- Opportunity Illinois
The Illinois State Treasurer’s Opportunity Illinois program backs low-interest loans to members of the U.S. National Guard and U.S. Military Reserves to help support their families financially during deployment.
- Illinois Department of Veterans Affairs
The Illinois Department of Veterans Affairs assists veterans and their family members get the services they have rightfully earned.
Retirement Planning
- Women’s Institute for a Secure Retirement
The Women’s Institute for a Secure Retirement works to provide low and moderate income women (aged 18 to 65) with basic financial information aimed at helping them take financial control over their lives and to increase awareness of the structural barriers that prevent women’s adequate participation in the nation’s retirement systems.
- AARP Money
AARP Money is an online resource for persons 50 and older that offers Social Security and retirement calculators, among other resources.
- Wi$e Up - Women's Bureau, U.S. Department of Labor
The Women's Bureau has a flexible, self-paced financial education curriculum called Wi$e Up that aims to help Generation X and Y women save for the future.
Seniors
- Illinois Department on Aging
Working with Area Agencies on Aging, community-based service providers and older people themselves, the Illinois Department on Aging strives to improve quality of life for current and future generations of older Illinoisans.
- Illinois Agencies & Organizations Serving Seniors
The Illinois Department on Aging’s list of resources for seniors.
- USA.gov Senior Citizens Resources
Official information on services from the U.S. government.
- Generations United
Generations United is a national membership organization that focuses solely on improving the lives of children, youth, and older people through intergenerational strategies, programs, and public policies.
- Owl Illinois
Owl Illinois is an advocacy center for midlife and senior women.
- Go Direct
The U.S. Department of the Treasury and the Federal Reserve Banks sponsor Go Direct, a campaign to motivate people who receive Social Security and SSI checks to use direct deposit.
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