Buckeye State Students 'Get It' after Financial Literacy Program

August 5, 2009 (PLANSPONSOR.com) - Two-thirds of Ohio middle and high school students whose financial habits were tracked after going through a financial literacy program reported saving more than before going through the classes.

A summary of the “Real Money, Real World” program from the Ohio State University Extension indicated that more than a third of the students changed their savings habits across a broad spectrum of their financial life.

Three-fourths of the students reported they better understand why it is important to save money, the report said. Some 61% said they now “save regularly.”

More than 80% of students reported changes in the extent to which they now repay money owed on time and compare prices before making a purchase. Over three-fourths of students indicated they now think more carefully about spending money in general.

The study was fielded about three months after 332 students from grades six through 12 from five Ohio counties finished the program.

The financial education program focuses on making students aware of the correlation between educational attainments and earning power, factors that determine income, understanding needs versus wants, typical monthly expenses for a family, factors that affect spending, and the importance of budgeting and saving, the report said.

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