July 24, 2024, Press Release from the Ohio Department of Commerce: COLUMBUS, Ohio – The Ohio Department of Commerce Division of Financial Institutions announces that four institutions across the state will receive a total of $50,000 in grant funding divided amongst them to provide financial literacy education to Ohio teenagers and young adults. The funds were awarded through the Financial Literacy Education Fund, which was established to create and support financial literacy education programs for Ohioans. These grant funds are awarded annually to provide financial support in areas of need and address gaps in financial education delivery.
In 2021, Ohio Gov. Mike DeWine signed a bill into law that requires students entering the 9th grade to earn one-half credit of financial literacy as a requirement to graduate.
“The Financial Literacy Grant Program encourages the development of innovative programs that teach the effective management of personal finances and an understanding of the broader financial landscape,” said Sherry Maxfield, Director of the Ohio Department of Commerce. “Young people, especially in underserved communities, are frequently not exposed to basic financial education. Our grant program helps to fill that gap and can aid young Ohioans on a path toward their success.”
The following organizations have been awarded Ohio Financial Literacy Education Grants for the 2024-25 Fiscal Year.
Connexion West (Lancaster, Ohio) – $12,500
A nonprofit community center, Connexion West provides a variety of resources and classes for youth, including educational programming and resources to help incarcerated youth prepare for reentry. Connexion West also received this grant last year, which was used to offer financial literacy courses to 109 individuals via several programs including their Lancaster High School 21st Century Community Learning Center and in working with juveniles reported through the Fairfield County Juvenile court system. Connexion West plans to use this year’s grant money to expand upon last year’s initiatives by recruiting additional instructors to teach financial literacy curriculum and marketing the program to recruit future participants.
DoverPhila Federal Credit Union (Tuscarawas County) – $12,500
A community-charted credit union that operates five branch locations throughout Tuscarawas County, DoverPhila Federal Credit Union has received grant funds from this program over the past four years. To date, DoverPhila has partnered with 32 area schools and other education organizations to implement a virtual financial literacy program called Banzai, which has given more than 10,000 students access to the program. They plan to use these funds to expand their existing program to continue to offer free educator-focused professional development opportunities, increase the number of participating educators implementing Banzai in their formal classrooms, and continuing classroom and community outreach and engagement programming activities in support of youth financial literacy.
Barker Center for Economics, University of Akron (Akron, Ohio) – $9,000
A nonprofit organization, the Baker Center for Economics’ mission is focused on preparing and supporting the teaching and learning of economic and financial education for students in kindergarten through college. The center plans to use these funds to sponsor a multi-day program for K-12 teachers to learn best practices and insights from industry insiders and experienced personal finance instructors. Educators responsible for planning and implementing financial literacy courses will also receive training specifically related to financial fundamentals.
Northwestern Ohio Community Action Commission (NOCAC) (Defiance, Ohio) – $16,000
A locally controlled, private, nonprofit corporation, NOCAC offers a variety of programs and services to support low- to moderate-income families in achieving self-sufficiency, including publicly funded childcare, head start/early childhood education, homelessness assistance programs, financial coaching, as well as a drop-in soup kitchen and homeless shelter. NOCAC plans to use these funds to build upon a program established in 2020 that includes one-on-one financial and employment coaching, in-person and virtual financial classes, income support, and digital literacy. The program’s objective is to help individuals reduce dependence on social services, increase financial stability, improve career or education readiness skills, increase credit ratings, and establish good financial habits.
The Financial Literacy Education Fund is financed through a quarterly transfer of 5% of all charges, penalties and forfeitures levied by the Division of Financial Institutions’ Consumer Finance section. Grant awards are given annually at the discretion of the director of the Department of Commerce.
Those interested in applying for grants in future funding cycles can contact the Division of Financial Institutions’ Office of Consumer Affairs by calling 866-278-0003, and they can learn more about the program by clicking here.
About the Ohio Division of Financial Institutions
The Ohio Division of Financial Institutions is responsible for regulating state-chartered financial institutions and consumer finance companies. It ensures the people of Ohio have access to safe and sound financial services while promoting fair and transparent practices that empower consumers and businesses alike.
