State Initiative Teaches Children the Basics of Smart Money Management
As April marks Financial Literacy Month, the Ohio Department of Commerce is stepping up to support programs that teach children how to make smart money decisions. Through its annual Financial Literacy Grant Program, the department is awarding up to $50,000 in grants to organizations across the state that are helping young people build a solid financial foundation.
According to Kenyetta Bagby, Consumer Affairs Manager at the Department of Commerce, many teens lack the confidence they need to manage their finances. “If you don’t have the foundation of financial literacy, you don’t have that foundation to make good decisions,” she said.
The grant helps organizations create interactive, real-world learning experiences that make financial education engaging and practical. Connexion West, based in Lancaster, is one such organization benefiting from the funding. Their youth education program uses a mock “cash job” system to simulate real-world money management. Students earn money by participating in activities and can choose to spend or save their earnings, even earning interest on savings.
“We really want to set them up for success when they get out in the real world,” said Jena Cook, Youth Education Coordinator at Connexion West.
While Ohio requires high school students to take a financial literacy course before graduation, experts say it’s only a starting point. Bagby believes ongoing education and hands-on experience are key. “When you have an example to follow and the foundation of financial literacy, decision making becomes easier,” she said.
Beyond budgeting and saving, financial literacy also teaches young people how to make informed choices about income, spending, credit, and debt, life skills that can impact generations.
Organizations interested in applying for the grant can do so until the end of the month. This initiative is part of a broader effort to ensure that all Ohioans, especially the next generation, have the knowledge and confidence to build lasting financial security.
