Student Financial Ed Being Pushed by Ohio’s New State Treasurer (plus Shameless BizzyBlog Plug)

Here’s the essence of the AP report (HT to Eric at Progress Ohio; different link used because original post with original link disappeared into the ether - ugh):

Instruction in personal finance is set to begin in 2010 but could start earlier if new state Treasurer Rich Cordray has his way.

When he was Franklin County treasurer, Cordray tallied the trail of home foreclosures, delinquent property taxes and other forms of financial ruin that affect thousands of Ohio families.

He decided one way to help was to get children savvy in the ways of money before life had a chance to do it for them.

….. Cordray worked the last four years with Columbus Public Schools to educate high-schoolers about credit, savings and budgeting. He wants those lessons to go statewide sooner than required.

Here’s my reax: First, there’s no doubt that it’s needed. Second, this is an area that all too often has received lip service and very little consistent tangible effort in the 15 years I have been trying to follow these efforts (with occasional direct involvement). Third, I hope and have reason to believe that Mr. Cordray will follow through and prove to be the exception. But fourth, in terms of impact, I’m concerned how effective any such efforts can be with students who have little to nothing in the way of basic math skills.

If people knew what they were doing with their finances, payday lending outfits would be rare to non-existent. Instead, there are more such outlets than there are McDonald’s stores. In fact, in Utah, “there are more payday loan stores in the Beehive State than there are 7-Eleven convenience stores, McDonald’s, Burger Kings and Subway restaurants combined.”

So positive results in improving (or in a lot of cases, even bringing into existence) primary and secondary basic financial education would be very welcome.

Mr. Cordray also has plans to reach adult Ohioans, concentrating on those who may be nearing financial distress. All others can learn how to get their house in order for a very nominal fee by purchasing access to the easy-to-use, easy-to-follow CYMnow.com: