Ohio high school students will be required to complete a financial literacy course under a new bill signed into law by Governor Mike DeWine.
State senators Steve Wilson and Rob McColley sponsored Senate Bill 1 which requires students who enter 9th grade on or after January 2022 to fulfill a course in financial literacy.
Students will need to take a minimum of 60 credit hours in lessons that will cover financial literacy topics including taxes, interest rates, loans and more. Students can either take the class in place of a one-half unit of math or as an elective, according to the bill.
The requirement will only apply to students attending public schools.
“The goal of Ohio’s system of elementary and secondary education is to prepare all students for and seamlessly connect all students to success in life beyond high school graduation, regardless of whether the next step is entering the workforce, beginning an apprenticeship, engaging in post-secondary training, serving in the military, or pursuing a college degree,” the bill reads in part.
“It is our duty as a state to ensure that our education system prepares Ohio students for success. There are few things that will better prepare someone for success than an understanding of basic financial literacy,” McColley said. “Thank you to Governor DeWine for signing Senate Bill 1 and ensuring students can leave high school better equipped to start the next chapter of their lives.”
Beginning in the 2024-25 school year, teachers will be required to have an educator license in financial literacy.
The financial literacy portion of the bill states, in part:
One-half unit of instruction under division (C)(8) of this section may be instruction in financial literacy to satisfy the requirement under division (C)(9) of this section. (9)(a) Except as provided in division (C)(9)(b) of this section, for students who enter ninth grade for the first time on or after July 1, 2022, financial literacy, one-half unit. Each student shall elect to complete the one-half unit of instruction in financial literacy either in lieu of one-half unit of
instruction in mathematics under division (C)(3) of this section or an elective under division (C)(8) of this section.