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Ohio REALTORS voice support for financial literacy legislation

Oct 25, 2021

By Beth Wanless, Ohio REALTORS Director of Government Affairs

Ohio REALTORS recently testified in support of Senate Bill 1, a measure that will require Ohio high school student to complete one half unit of financial literacy instruction as an elective or a math course effective for students in grade 9 after the start of the 2022 school year.

The bill, which was approved by the Ohio General Assembly and signed by Gov. Mike DeWine, also includes a provision helping to alleviate the shortage in substitute teachers by allowing a public or chartered nonpublic school to employ a substitute teacher using the school’s own education requirements barring no issues with a criminal records check; this only applies to the 2021-2022 school year.

The follow is testimony provided by Ohio REALTORS Chief Executive Officer Scott Williams to the Ohio House Primary and Secondary Education Committee:

(Ohio) REALTOR members 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. 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. 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 Senator Rob McColley and Senator Steve Wilson for bringing this legislation forward, and appreciate Chair Gayle Manning for moving this important legislation that will help all young Ohioans gain the tools and knowledge to be financially literate. We urge the committee’s passage of SB 1.

Formed in 1910, Ohio REALTORS is Ohio’s largest professional trade organization with more than 36,000 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.

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