The first-excited state $g$~factor of $^{26}$Mg has been measured relative to the $g$ factor of the $^{24}$Mg($2^+_1$) state using the high-velocity transient-field technique, giving $g=+0.86pm0.10$. This new measurement is in strong disagreement with the currently adopted value, but in agreement with the $sd$-shell model using the USDB interaction. The newly measured $g$ factor, along with $E(2^+_1)$ and $B(E2)$ systematics, signal the closure of the $ u d_{5/2}$ subshell at $N=14$. The possibility that precise $g$-factor measurements may indicate the onset of neutron $pf$ admixtures in first-excited state even-even magnesium isotopes below $^{32}$Mg is discussed and the importance of precise excited-state $g$-factor measurements on $sd$~shell nuclei with $N eq Z$ to test shell-model wavefunctions is noted.