COLUMBUS (WDTN) — Benjamin Franklin said, “An investment in knowledge pays the best interest.”
When it comes to money and finances, Benjamin Franklin knew a thing or two.
The state of Ohio tends to agree with the Founding Father and requires some financial literacy to be taught in high school.
However, the curriculum is unaddressed and a study conducted by Chaplain College in Vermont claims their research shows that students from wealthy communities are much more likely to have access to personal finance education in high school than students in poor communities in Ohio.
The study ended up giving the State of Ohio a “B” for its efforts to improve financial literacy in high school, but State Representative Christina Hagan says that’s not good enough.
“Every student should be insured a sound financial literacy education in the state of Ohio,” said Hagan. “They should be fully informed on compounding interest, and the list goes on and on and on of financial matters that they should be well versed on when they leave the high school classroom.”
Hagan is also very concerned about the amount of debt young people are compiling by making decisions about higher education and using loans to pay for it.
A piece of legislation she has introduced addresses both of these issues.
“We have very loose language that requires that some form of financial literacy be taught in Ohio but it is not defined to what extent, or what subject area, or what length,” said Hagan.
By setting the curriculum, Hagan says the legislature can begin dragging the state back into a better position for Ohioans who will be able to make better choices for their lives, increase their credit scores, and have all around better financial health.
“The numbers that I’ve seen actually show [Ohio] statistically to be the fifth worst state in the nation for financial literacy equippedness (sic) so I think we have a long, long way to go,” said Hagan.