Yesterday, Senate Bill 342, sponsored by Senator Steve Wilson and Senator Rob McColley, had its first hearing in the Ohio Senate Education Committee. This bill would require financial literacy as part of the graduation requirements for high school students.
Ohio stands in the last group of states that does not have financial literacy as a graduation requirement. However, there are financial literacy standards formulated by the Department of Education. There are many different programs statewide, whether they are in-school or out-of-school, that teach financial literacy. SB 342 would streamline these programs into one requirement and ensure that every child who graduates in Ohio has adequate personal financial skills taught to them by someone who is certified to be doing so.
In the workplace, studies have shown employees who are in solid financial standing have greater morale and typically have a higher level of productivity. This, along with the streamlining of the graduation requirement, is why the Ohio Chamber has long supported this bill from its inception. The requirement for a high school student to take financial literacy before graduating remains a top priority of the Education and Workforce Development Committee within the Ohio Chamber. We are hopeful to see this measure move quickly through the Ohio Senate and ultimately become law.