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4/15/2011

Treasurer Mandel Presents the Real Money, "Real World Simulation" to Promote Financial Literacy at Shaw High School

EAST CLEVELAND – State Treasurer of Ohio Josh Mandel’s office provided a “Real Money, Real World” workshop today at Shaw High School in East Cleveland as part of a statewide effort to increase student financial literacy.  The Real Money, Real World interactive budget simulation is part of the Treasurer’s presentation at the Smart Money Matters event, and is intended to increase students’ awareness of the impacts of financial choices on home budgeting.  This event is part of the Treasurer’s continued efforts to bring awareness to financial education during National Financial Literacy Month.

 

“It’s very important to teach students skills like balancing their checkbook and living on a tight budget while they’re in high school to help keep them out of financial trouble when they become young adults,” said Treasurer Mandel.  “Less than half of teens report that they discuss money management with their family, and a similar amount say they don’t know how to manage a credit card.  The Real Money, Real World simulation forces students to make realistic decisions and set priorities in order to live within their means.  This exercise is part of a broader effort to give young Ohioans a more solid financial foundation to build on as they graduate and go on to college or start their working careers.”

 

As part of the Real Money, Real World budget simulation, students are given a fixed income, and are dealt financial obligations.  They are then asked to budget for such expenses as: child care, clothing, communications, entertainment, food, housing, insurance, student loans, transportation, utilities, etc.  Their spending and expenses must meet their income, often requiring tough decisions and encouraging thoughtful discussion on priorities.

 

Ohio Senate Bill 311, passed in 2007, requires financial literacy to be taught as part of the Ohio Core Education Standards.  The law requires schools to integrate the study of economics and financial literacy into one or more existing social studies credits or into the content of another class so that every high school student receives instruction in these concepts. The law requires that financial education be integrated into the curriculum for all students beginning with the class of 2014.

 

“This simulation is just one example of the ways that my office is seeking to expand access to financial literacy for students and all Ohioans,” said Treasurer Mandel.  “We are also working to add more online resources and content for students and teachers to help them fulfill their  educational requirements and be better prepared for future success after high school.”

 

Smart Money Matters is a collaboration between the Ohio Treasury, PNC Bank, Third Federal Savings and Loan, the U.S. Department of Housing and Urban Development and the Ohio Realtist Association.

 

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Office Of Debt Mgmt

The Office of Debt Management plays an important role in the operation of state government: it oversees the borrowing of funds to assure it is completed in an efficient manner.
    

SaveNOW

SaveNOW, a program offered by the State Treasurer through our linked deposit authority, offers a 3% bonus interest on savings accounts for Ohio citizens.
    

Smart Money Choices

A free personal financial-planning conference series for all Ohioans presented by State Treasurer Josh Mandel, and supported by a variety of statewide and regional partners.
    

Top-Bottom Review 2011

Review Outlines Steps to Improve Operations, Safeguard Investments, Leverage Technology, Increase Transparency and Modernize Banking Practices
    

e-Funds Transfer

Electronic Funds Transfers makes tax payments easy. Entities that have received a notice from the Ohio Department of Taxation can register for electronic payment via the website.
    

Veteran's Preference

Veteran’s Preference provides veterans with priority to be accepted into the GrowNOW and Ag-LINK linked-deposit programs.
    

GrowNOW

A partnership between eligible banks and the Ohio Treasury, enables small business owners to receive a 3% interest rate reduction on small business loans for two years with the opportunity for renewal
    

Renew & Rebuild Ohio

Small business owners, farmers and homeowners are eligible to receive financial assistance to rebuild and recover following an emergency.
    

Ag-LINK

A program for farms to receive an interest rate reduction on new or existing loans or lines of credit up to $150,000. Applications are accepted on an annual basis from January through March.
    

CPIM

The Center for Public Investment Management (CPIM) provides continuing education to Ohio’s public funds managers and their oversight authorities.
    

CPIM Conference: Bowling

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Akron

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Dayton

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Columbus

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

ECO-Link

A partnership between the State Treasurer and participating banks that provides a 3% interest rate reduction for 5 or 7 years on bank loans when completing energy-efficient upgrades to your home.