Level Up Your Budgeting Skills, Apply for Grant Funding During Financial Literacy Month

COLUMBUS, Ohio - April marks Financial Literacy Month, which is a perfect time for individuals of all ages to assess their financial knowledge, establish realistic budgets, and ensure they are staying on track toward achieving their financial goals. In recognition of this month, the Ohio Department of Commerce Division of Financial Institutions is sharing tips to help Ohioans better manage their budgets, while highlighting available funding to support youth financial education programs across the state.

"Financial Literacy Month is all about helping to equip people with the information, tools and resources they need to effectively manage their financial circumstances," Division Superintendent Kevin Allard said. "From setting realistic budgets to managing unexpected expenses, education is key to making informed decisions. Additionally, the Financial Literacy Grant Program is a great opportunity to connect organizations of all sizes who are dedicated to educating young Ohioans with key funding that can make a real and meaningful difference throughout these individuals' lives."

Each year, the Division's Financial Literacy Grant Program awards up to $50,000 in funds to educational organizations throughout Ohio in support of initiatives aimed at improving financial literacy. Eligible organizations, such as nonprofits, community colleges and state institutions, are encouraged to submit program proposals that aim to equip individuals with the knowledge and skills they need to become financially independent. Programs may be conducted virtually or in person and should be tailored to community needs.

The deadline to apply for the Financial Literacy Grant is Wednesday, April 30. For more information, visit com.ohio.gov/FinancialLiteracy.

Recent statistics highlight the growing importance of financial education. According to the Consumer Financial Protection Bureau, approximately 36% of consumers described being "just getting by" with their finances in 2024. In addition, 43% of families reported they had difficulty paying expenses, which marked an increase from 38% in 2023. Generation Z, in particular, struggles with financial literacy, answering only 37% of financial literacy index questions correctly in 2024.

To help individuals make financial progress, the Division offers the following simple, yet effective tips that can be tailored to individual needs and circumstances:

• Determine Your Income: Refer to your net income, not gross income, to create a realistic and achievable plan.
• Track Your Spending: Identify what you're currently spending your money on so you can find areas for improvement.
• Set Financial Goals: Focus on specific objectives such as building an emergency fund or paying off debt.
• Adjust as Needed: Be flexible and adapt your budgeting to life changes or unexpected challenges.
• Automate Savings: By making savings automatic, you can simplify the process and ensure consistency.

Building smart and easy financial habits is relevant at any age. The Financial Literacy Grant Program is an important part of that process through its funding of initiatives that enhance financial education for young Ohioans that provide the tools necessary to achieve financial independence.

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Kenyetta Bagby (BAG-bee), Consumer Affairs Manager, Office of Consumer Affairs, Division of Financial Institutions, Ohio Department of Commerce

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About the Ohio Division of Financial Institutions
The Division of Financial Institutions is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at www.com.ohio.gov.