VOICES: Wanted: Trained Ohio personal finance teachers

John Pelletier is director of the Center for Financial Literacy at Champlain College in Burlington, Vt. His center has produced four national report cards—2013, 2015, 2017 and 2023 (CONTRIBUTED)

John Pelletier is director of the Center for Financial Literacy at Champlain College in Burlington, Vt. His center has produced four national report cards—2013, 2015, 2017 and 2023 (CONTRIBUTED)

Ohio public schools have in recent years done a good job teaching personal finance to its high school students. But effective with the Class of 2026, a half-credit course will be required of all students prior to graduation. The state earned a B grade in our national report card (pages 123-124) on the states in 2023, but will likely rise to an A grade in a future report card, since the first class with this substantive new requirement graduates in 2026.

Ohio is a leader in a national movement to add this critical subject. This summer, California became the 26th state to require it, which means that by 2031, when states fully implement their laws, 57 percent of all high school students in America will have to learn personal finance course to graduate.

This good news is tempered by the fact that Ohio and the other states will need educators who are competent and confident teachers.

With 535,556 students in its public schools (as of 2022), our Center estimates that Ohio will need 1,339 qualified personal finance teachers to educate 133,889 of these students each year.

Nationally, we estimate that more than 22,000 educators will be needed to teach the approximately 9 million high school students in the 26 states.

One challenge is that personal finance historically is an orphan curriculum. Ohio social studies and math teachers, for example, don’t learn this subject as part of their certification process. Often they are self-taught.

A 2015 study conducted by our Center that found that after training, educator confidence increased from 39 percent to 94 percent. We also showed that students taught by competent teachers improved knowledge and behavior, and were on par with literacy levels of adults ages 35 to 49.

Ohio’s legislators know that financial literacy is linked to positive outcomes, like wealth accumulation, stock market participation and effective retirement planning. For studies showing how effective this education is in high school, see pages 22-24 of our 2023 report.

Conversely, negative financial behaviors, such as using high-cost alternative financial services and running up debt, are linked to financial illiteracy.

Ohio is also addressing an equity issue (pages 9-17) as there are large disparities in financial capability among different racial, ethnic and economic groups in the state and across the U.S.

Finally, surveys show that Americans want this subject to be taught to their kids.

Our Center has offered a Teach Financial Literacy online graduate course since 2011, which can be taken by educators in every state in the nation. There are other non-profits like Next Gen Personal Finance, the JumpStart Coalition, Take Charge Today, and The Council for Economic Education that offer excellent educator professional development in this area.

Ohio philanthropists, foundations and corporations should support such training efforts.

High school students enjoy learning from competent teachers in math, science, language arts, social studies, world languages, health, sex and physical education. Ohio should expect no less of personal finance teachers.

John Pelletier is director of the Center for Financial Literacy at Champlain College in Burlington, Vt. His center has produced four national report cards—2013, 2015, 2017 and 2023.

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