Ohio Financial Literacy Standards and Mandates

Ohio has mandated that starting with students entering ninth grade on or after July 1, 2022 (the class of 2026), they must earn a half-credit in financial literacy to meet graduation requirements. Although the current mandate represents progress toward ensuring students pick up financial knowledge, it fails to meet the minimum education standards for other core subjects taught in high school; and students who complete the coursework proposed will not be prepared for near-term financial challenges.

While our review is critical, we want to express our gratitude to everyone dedicated to advancing legislation aimed at teaching financial literacy. Thank you for your time and effort in developing this bill to its current stage. Our critique stems from a place of constructive feedback to improve existing mandates and enhance bills to ensure they make a significant and lasting impact on our youth. We are committed to fostering a future where financial literacy is not just taught but is impactful and meaningful for the generations to come.

OH Financial Literacy Standards Review – NFEC Ranking

Ohio has mandated that starting with students entering ninth grade on or after July 1, 2022 (the class of 2026), they must earn a half-credit in financial literacy to meet graduation requirements.

Although the current mandate represents progress toward ensuring students pick up financial knowledge, it fails to meet the minimum education standards for other core subjects taught in high school; and students who complete the coursework proposed will not be prepared for near-term financial challenges. Read more about the Ohio Financial Literacy Mandate.

Ohio Financial Literacy Mandates

Recommended Policy for OH Financial Literacy Programs

To address the gap in standards for personal finance education, the National Financial Educators Council has developed a set of benchmarks for all grade levels, K-12. This policy guide offers legislatures a framework that standardizes educational quality and learner outcomes to provide the best possible financial education for American youth.

The Standards Guide is based on the notion that financial education should be treated the same as any other topic taught in schools and that all students should at minimum be capable of making near-term financial decisions.

National Standards for Financial Education

Financial Literacy Standards for Older Youth & Adults (High School through Adults)

Although there is no direct mandate by the Ohio State Board of Education, it is recommended that national standards be implemented. Financial education is a unique subject; all participants have developed financial habits and relationships with money before instruction begins.

National standards are those that have been proven in empirical and theoretical research to produce the highest improvements in participant test scores.

Financial Literacy Standards for Kids (Kids PK through 8th Grade)

In collaboration with education leader Heidi Jacobs, the NFEC created these financial literacy standards to define learning goals and educational targets for optimal child financial education. Guided by strong pedagogical theory, the standards ensure that instructional targets are age- and developmentally-appropriate and that lessons can be effectively scaffolded. Standards represent five sections based on topic areas in the NFEC curriculum.

Standards for Financial Education Instructors

The NFEC teamed with the well-known Danielson Group to develop the first and only national standards for financial educators – The Framework for Teaching Personal Finance – to define optimal educator skill sets and performance levels. The framework also identifies the financial educator responsibilities empirically proven to produce highest gains in participant test scores. This framework is used in all 50 states, including Ohio.

American Public Education Foundation (2020). The Nation’s Report Card on Financial Literacy, https://www.thenationsreportcard.org/ohio.

Ohio’s Learning Standards for Financial Literacy (2018) https://education.ohio.gov/getattachment/Topics/Learning-in-Ohio/Financial-Literacy/Financial-Literacy-Standards/FLFinalStandards060518.pdf.aspx?lang=en-US.

Ohio Financial Literacy Standards

According to The Nation’s Report Card on Financial literacy issued by the American Public Education Foundation (APEF), the Buckeye State is one of only 6 U.S. states to receive an “A” grade for its financial literacy standards. Ohio financial literacy merits this high mark because the state has a financial literacy course requirement for high school graduation; standards for K-12 financial education; and a Financial Literacy webpage.

The Ohio financial literacy standards are scaffolded into bands for grades K-3, 4-6, middle grades, and high school. These recently-adopted benchmarks are designed to “help schools understand the essential financial literacy concepts and skills they must teach their students for success in life after high school.” The Ohio Financial Literacy webpage was developed to provide information and resources to support educators tasked with teaching financial literacy at all grade levels.

Ohio’s Senate Bill 1, passed in 2021, mandates a one-half-credit personal finance course for graduation for all students who enter high school on or after July 1, 2022. Beginning with the 2024-2025 school year, this legislation will also require educator training – stating that all educators must earn a license validation in financial literacy prior to providing personal finance education in high school. Teachers licensed in social studies, family and consumer sciences, or business education may teach financial literacy without the additional licensing requirement.

OH Financial Education Standards by Grade Level

Ohio’s high school financial literacy standards require one-half credit of personal finance and money management instruction as a requirement for graduation. The financial literacy requirements in grades K-8 are divided into three bands: K-3, 4-6, and middle grades. These guidelines help ensure that students are receiving personal finance instruction at every grade level.

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Financial Education Requirements K – 3rd Grade
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Financial Education Requirements 4th – 6th Grade
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Financial Education Requirements 7th – 8th Grade
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Financial Education Requirements High School