COLUMBUS, Ohio — Editor's Note: The above video is from a previously published, unrelated story.
A new Ohio law will soon require students to receive financial literacy instruction as part of their high school graduation requirements. Senate Bill 1 was signed into law by Governor Mike DeWine last week.
The bill was introduced by Senators Steve Wilson and Rob McColley, and gained the bipartisan support in a unanimous 32 to 0 vote.
As part of the program, students are expected to learn about taxes, loans, interest rates, credit, and many other necessary things that will help them enjoy a healthy financial life.
Students who enter ninth grade for the first time on or after July 1, 2022, will be required to complete the financial literacy course. The successful completion of the program requires a minimum instruction of of 60 hours, described as a 'one-half credit' by Ohio's Department of Education.
This new requirement is for students attending public schools. A student attending a nonpublic school accredited through the independent schools association of the central states or any other chartered nonpublic school will not be required to complete the course, unless that student is attending the school under a state scholarship program.
It will be up to local districts to determine how to best meet the needs of their students since financial literacy content may be incorporated into other courses. The bill will go into law beginning with the 2024-2025 school year and teachers will be required to have an educator license validation in financial literacy.
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