On Thursday, Governor DeWine signed Senate Bill 1 into law. SB 1 would require students to take a one-half unit course in financial literacy, which schools can choose where best to incorporate this. This bill has been a major priority for the Ohio Chamber for many general assemblies.
SB 1 would also require teachers to obtain a license validation for them to be able to teach financial literacy. These two requirements will provide a strong uniformity to Ohio’s educational standards as it relates to the application of teaching financial literacy.
The bill would also create the “High School Financial Literacy Fund,” which would be housed under the state treasury. The fund can consist of money appropriated to it, any interest or earnings from the fund, and any donations, grants, gifts, or money received. Additionally, districts or schools are required to cover the costs of teachers’ additional licensure requirements. The district or school may then seek reimbursement from the department of education for these costs; these reimbursements are paid out of the newly created high school literacy fund.
With the signing into law of SB 1, we will ensure that each student graduating in the state of Ohio will be equipped with an adequate and sound level of financial literacy that will prepare them to enter the next stage of their life. Whether that is pursuing college or other post-secondary options, or going directly into the workforce, the foundation of having an adequate understanding of finance will benefit them greatly.