State Representative Lou Terhar (R-Cincinnati) yesterday announced the passage of House Bill 391 by the Ohio House, legislation that creates a pilot program to encourage and increase financial literacy for students in kindergarten through the fifth grade. Rep. Terhar is the primary sponsor of the bill.
House Bill 391 will fund a pilot project for the SmartOhio model through the University of Cincinnati, which will be used for curriculum, assessment, teacher stipends, delivery, administration, and marketing of the financial literacy program. The legislation will directly impact 7,500 students a year, and once a teacher is trained, the program can be implemented year after year.
“Research tells us that waiting to teach children about financial literacy until they are in high school is not effective. Young children can be taught age-appropriate financial education concepts and decision-making skills in the lowest grade levels,” said Representative Terhar. “It is our priority to provide our children with financial literacy education to ensure that the next generation is individually responsible and positively contributing to our country’s economic health.”
The bill provides an appropriation of $318,000 to the Department of Higher Education for fiscal year 2017 to support the pilot program. Ohio houses seven centers for economic education, located throughout all regions of the state, guaranteeing statewide implementation. Delivery of teacher training and materials will be accomplished with these economic centers.
House Bill 391 heads to the Ohio Senate to be further reviewed.