- Advertisement -

- Advertisement -

High school students in Ohio must pass at least a half-credit course in financial literacy to graduate, according to a new law.

- Advertisement -

legislation, called Senate Bill 1 and signed into law on October 28 by Governor Mike Devin, which mandates that high schools can offer financial literacy courses as an elective or math curriculum starting in the 2022-2023 school year.

Students attending non-public schools or any other chartered school are exempt from the requirement unless they attend a school “under a state scholarship program,” the law says.

Starting in the 2024-2025 school year, each school district will require a teacher license verification in financial literacy to offer this instruction by law. Teachers who hold a valid teacher license or endorsement to provide instruction in social studies, family and consumer science, or vocational education are exempt from the financial literacy license verification requirement.

File – A file image shows a close-up of several credit cards. (Photo via Getty Images by Fairfax Media via Getty Images)

The cost of obtaining license verification in Financial Literacy for Teachers will be borne by the district. By law, there are also opportunities for reimbursement of “qualified entities” from the Ohio Department of Education, as part of a high school financial literacy fund.

“The goal of Ohio’s elementary and secondary education system is to prepare and seamlessly connect all students to success in life beyond high school graduation, regardless of whether the next step is entering the workforce, a Starting an apprenticeship, post-secondary training, serving in the military, or earning a college degree,” says SB1.

The bill was sponsored by State Sen. Steve Wilson, R-Menville, and Sen. Rob McCauley, R-Napoleon.

“Financial literacy is essential to succeed in life. Thank you to everyone who worked on this essential legislation for giving our students the tools they need to succeed,” Wilson wrote on twitter.

“It is our duty as a state to ensure that our education system prepares Ohio students for success,” McCauley added in a Statement to WLWT-TV. “There are few things that can better prepare someone for success than an understanding of basic financial literacy.”

Ohio school districts already offer some form of financial literacy education as a graduate requirement. Ohio Department of Education Model Curriculum. However, each district determines how best to meet the needs of its students to meet that need.

“Some districts add a separate curriculum as a local undergraduate requirement, while others integrate financial literacy material into an already existing curriculum,” says Department Online.

Montgomery County Educational Services Center Superintendent Shannon Cox told dayton daily news That the new law “rules for who can read it and for what credit can be counted for it … so there are some discrepancies to work with.”

“A social studies teacher can teach it, but it doesn’t count towards social studies credit, which is a bit strange,” Cox said.

Financial literacy has become a growing priority in schools, According to NerdWalletWebsite providing personal finance information. According to the outlet, the number of states requiring personal finance instruction in schools has more than doubled in the past decade.

The COVID-19 pandemic has also sparked interest in the subject. In 2021, lawmakers in more than 20 states introduced bills to add personal finance classes to high schools, NerdWallet reports.

SB 1 also addresses a shortage of available substitute teachers, which allows districts to hire a person who “does not hold a postsecondary degree” but meets other requirements during the 2021-2022 school year.

related: What is Critical Race Theory? Many struggle to define the subject

This story was reported from Cincinnati.