In order to explain why financial literacy is needed to it should first be explained what exactly financial literacy is. Financial literacy is defined by Lois Vitt (2000) for the Institute for Socio-Financial Studies 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 uses without (or despite) discomfort, plan for the future, and respond competently to life events that affect everyday financial decisions. (p. 12)
The present requirements for financial literacy in Ohio will not enable students to have this understanding. Instead, they might have a vague notion of...
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...tunity to take this same class. Financial Management I taught me more than I could have ever learned in a class dedicated predominantly to Social Studies.
In conclusion, it is evident that there is a great need for financial education in our high schools. It is also apparent that Ohio’s existing standards to meet the financial literacy requirement, though an improvement, will not be enough to satisfy this need. If we can help high school students make the transition into college and adulthood any easier, we should. The ODE has come so close to meeting these financial literacy essentials; they simply need to go one step further in order to ensure that all the students of Ohio are prepared for each financial possibility. I appeal to the Ohio Department of Education, as well as Governor Kasich to see this necessity, and act upon it in the manner I have advocated for.
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