Financial literacy is defined as the ability to read, analyze, manage and communicate about the personal financial conditions that affect material well-being. It includes the ability to discern financial choices, discuss money and financial issues without (or despite) discomfort, plan for the future and respond competently to life events that affect everyday financial decisions, including events in the general economy.
–Report of the NASBE Commission on Financial and Investor Literacy
The Ohio Core – Personal Finance Requirements
Amended Substitute Senate Bill 311, as codified in Ohio Revised Code §3313.603(C)(6), requires integration of economics and financial literacy within social studies classes or another class. Click here for a PDF document containing additional information.
Academic Content Standards
Financial Literacy Overview
Financial Literacy Academic Content Standards
Entrepreneurship Academic Content Standards
Business Education Academic Content Standards
DRAFT Financial Literacy Standards for Primary and Middle Grades
Draft financial literacy standards for primary and middle grades can be accessed here. Unlike other grade level standards, these have been created for primary grades and middle grades and are included under each of the 27 high school content statements. How and when that information is integrated into the classroom remains a local decision. Unlike the high school standards, teacher licensure in financial literacy is not a requirement at this time as, these are not intended to be stand-alone courses, but rather integrated content to be included within the scope of other content areas as appropriate in local courses of study.
Teacher academies are designed to train educators to deliver instruction that provides a comprehensive understanding of financial literacy. They include six different instructional modules:
- Financial Decision-Making;
- Working and Earning;
- Budgeting, Banking, Saving and Philanthropy;
- Effective Use of Credit;
- Wealth Creation and Investing; and
- Risk Management.
For the 2012 Personal Finance Courses Master Schedule, click here.
Teacher Training Instructional Units
Teacher Training Instruction Units are designed by teacher academies for use in training teachers. For a Teacher Academy Personal Finance Curriculum outline, click here. For aTeacher Academy Evaluative Report, click here.
Financial Literacy Implementation Committee Report
The Financial Literacy Implementation Committee (FLIC), a subcommittee of the Ohio Council of Personal Finance Education, developed a comprehensive set of high school financial education recommendations addressing the questions of who, what, where, when and how of implementing SB 311. The FLIC report was presented and received by the State Board of Education’s Achievement Committee in April 2008 as part of an update of the efforts to develop options and strategies for schools to use as they plan to integrate the instruction of personal finance into their courses of study in response to SB 311. This report was designed to help districts decide which teachers could best benefit from enrolling in a Teachers Academy Program.
The latest FLIC report, presented here, should be reviewed as a progress update only and not as a mandate for schools or as a fixed limit of the choices available to districts in how to best provide personal finance education for Ohio’s students.
Middle Grades Financial Literacy and College and Career Readiness
House Bill 1 requires each city, exempted village and local district to adopt a resolution describing how the district will address college and career readiness and financial literacy in the middle grades. Once adopted, the district shall submit that resolution to the department of education along with their implementation plans.
- By e-mail to: Middle.Grades.Financial.Literacy@ode.state.oh.us
- By fax to: Middle Grades Financial Literacy at (614) 387-0421, or
- By U.S. mail to: Middle Grades Financial Literacy, Ohio Department of Education, 25 S. Front Street, Mail Stop 509, Columbus, Ohio 43215
3313.6015 Resolution describing how district will address college and career readiness and financial literacy:
The board of education of each city, exempted village, and local school district shall adopt a resolution describing how the district will address college and career readiness and financial literacy in its curriculum for grade seven or eight and for any other grades in which the board determines that those subjects should be addressed. The board shall submit a copy of the resolution to the department of education.
- Added by 128th General Assembly File No. 9, HB 1, § 101.01, eff. 10/16/2009.
Twelve Personal Finance Principles for Young People
From the Jump$tart Coalition, this list provides sound money management advice for young people. Click here to open a PDF of the Jump$tart Coalition's 12 principles.
What is a FICO Score?
FICO scores are often used by lenders and creditors to determine the eligibility of individuals for home loans and other credit needs. Click here to open a PDF with more information.
Jump$tart Coalition for Personal Financial Literacy Student Survey Summary
The results of the biennial survey administered to high school seniors sounded an alarm for schools. Young people need formal instruction in money management. Click here to open a PDF of the Jump$tart Coalition's student survey overview.
Other Financial Literacy Sources
Below are additional PDFs about financial literacy. Click on the titles to open the PDFs.
A number of Web sites offer additional financial literacy resources. Click on the links below to open a new window to each Web site.
For Frequently Asked Questions about Financial Literacy, click here.