Governor Mike Dewine signed Senate Bill 1 into law on October 28, 2021 after a unanimous vote to support the mandate. This new law will require all Ohio students to complete 60 hours, or “one-half unit” — as described by Ohio’s Department of Education — of course instruction in financial literacy in order to meet high school graduation requirements.
Toledo Public Schools
The Toledo Public School(TPS) District has implemented financial literacy as a part of their required curriculum for the past 10 years.
“TPS has been requiring all students who graduated over the past 10 years to take a financial literacy class, so, in essence, we have been ahead of the curve,” said Jim Gault, the TPS Chief of Educational Development.
Considering a personal finance class was previously set in place within the TPS graduation requirements, the new law will not affect its current required curriculum, but Gault says that it will allow the district to develop a variety of new classes that can satisfy the financial literacy requirement, as well as possible electives surrounding the topic.
“We’re looking to develop additional courses around this topic that may be added as electives, along with all of the classes we currently have available,” he said.
Financial literacy courses such as Personal Finance and Economics have been available within Ohio schools as electives, but courses such as these will now be required in all schools throughout the state once the new law takes place.
“We (TPS) believe that having financial literacy is very important. That is why we required it for graduation for our students 10 years ago, even though in other schools it was optional,” Gault said, adding that TPS is committed to creating lifelong learners who are college and career ready, including understanding finances.
“Financial literacy is one of those lifelong skills that students should learn as they progress in life. It’s important to understand credit, mortgage rates, checks, and how to manage your dollars to prepare for a lifetime.” said Gault in a virtual interview.
When To Expect It
Although this bill was signed into law in 2021, it will not go into effect until the 2024-2025 school year. Each school will be required to have an educator with a license in financial literacy.
Considering this timeline, only students who enter ninth grade for the first time on or after July 1, 2022, will be required to complete the financial literacy course before graduation.
Nationwide, only five of fifty states have made personal finance education a required part of the high school curriculum. These states include Mississippi, North Carolina, Nebraska, Rhode Island, and Ohio, the latter being the largest state to officially make the course a requirement.
“I think that having good knowledge of financial literacy is crucial for high school students as they prepare for college, prepare to buy their first home and automobile, and just about everything else… I am glad to see that the state understands this and has made it a requirement for all Ohio graduates” said Gault.
