REALTORS back bill to create a financial literary program in Ohio schools
By Beth Wanless, Ohio REALTORS Director of Government Affairs
Ohio REALTORS testified in support of Senate Bill 1, a measure designed to create a statewide financial literacy program for Ohio schools.
The bill, sponsored by Senators Rob McColley (R-District 1) and Steve Wilson (R-District 7), is currently being considered by the Senate Primary and Secondary Education Committee.
"Ohio's REALTORS are proud to help guide a buyer, seller or investor through the real property acquisition process. Our industry professionals understand that a financially savvy consumer is best prepared to make what is often the largest financial transaction they will make in their lifetime," said Ohio REALTORS Chief Executive Officer Scott Williams. "The ideal buyer is one who is keenly aware of their personal finances, but also understands how the financial decisions they make at all stages of life impact their ability to save for and purchase a home.
"We believe SB 1 is a commonsense solution to helping future homebuyers and investors understand what it takes to build good credit, save for a down payment and realize what type of property fits within their budget," Williams added.
Forbes recently wrote, “there are many ways to build wealth in America, but real estate might be the safest, steadiest and simplest way to do so.” When a young Ohioan receives financial literacy education early in life, they can build a strong personal financial foundation for homeownership when the time is right. Homeownership will then continue to build generational wealth, further advancing personal financial stability. In the Survey of Consumer Finances conducted by the Federal Reserve, the study found that the median net worth of a homeowner is 44 times greater than the median net worth of a renter.
We thank Sen. McColley and Sen. Wilson for bringing this legislation forward to help all young Ohioans gain the tools and knowledge to be financially literate.
Formed in 1910, Ohio REALTORS is Ohio’s largest professional trade organization with more than 35,000 members. Ohio REALTORS is the major champion of private property rights and homeownership in Ohio. Our members serve the residential, commercial and industrial markets through sales, property management, investment and development.