Article Presented By Adena Health System…
(Columbus) – Time is running out for organizations to apply for funding to develop financial literacy programs that benefit Ohio children and young adults. The Ohio Department of Commerce Division of Financial Institutions reminds educators and financial entities to make sure they submit applications for this year’s Financial Literacy Education Grant before the April 30, 2024 deadline. The application is available at com.ohio.gov/FinancialLiteracy.
Ohio’s Financial Literacy Education Grant aims to provide financial support in areas of need that address gaps in financial education delivery to Ohio children and young adults. According to a 2022 Time Magazine report, over the previous decade, there was a 19% decline in financial understanding among Americans, with one-third of Americans lacking an understanding of interest rates, mortgage rates and financial risk. The growing debt crisis facing young adults, in addition to an increasing number of youth who lack understanding of basic financial concepts, underscores the importance of making comprehensive financial education more readily available and accessible.
Organizations are invited to apply for a portion of the $50,000 total grant to fund innovative programs during fiscal year 2025 that are dedicated to instilling financial literacy among young Ohioans aged 5-25 through virtual and in-person training. With an average grant request of approximately $15,000, the initiative helps to ensure a broad distribution of resources to maximize educational outreach and impact.
“In this rapidly evolving economy, mastering financial literacy is crucial,” said Viktoria Jurkovic, Program Administrator for the Office of Consumer Affairs. “Giving children and young adults the tools to manage their money isn’t something they can just memorize from a book. It’s about giving them the knowledge and tools they need to make smart choices and manage their money with confidence, every single day.”
With less than a month before the application deadline, prospective applicants are urged to consider the opportunity these educational grants could help provide.
Educators and financial institutions can learn more about – and apply for – the Financial Literacy Education Grant Program at com.ohio.gov/FinancialLiteracy. Information includes details about the grant, eligibility requirements and the application process.
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