Ohio Department of Commerce promotes financial wellness midway through 2025

COLUMBUS, OH- With 2025 nearly halfway over, Ohio officials are urging residents to take a closer look at their finances before the year slips away.

The Ohio Department of Commerce, Division of Financial Institutions, says now is the perfect time for a mid-year financial checkup. New data from Experian shows that Americans collectively owe $17.57 trillion in debt, a 2.4% increase from last year. Ohioans alone carry nearly $75,000 in average debt per person.

“Well, you’re almost like Ryan Day at halftime, here you have gone through half the year, you’re up by three points, and you need to figure out what you’re going to do for the second half,” said Robert Rutkowski, Deputy Superintendent, Division of Financial Institutions, Ohio Department of Commerce.

Officials say consumers should use this time to reassess spending, boost retirement savings, pay off high-interest debt, and build an emergency fund.

“It’s summertime, we don’t have to be worried about it, but it’s an excellent time to identify what needs to be done, and there are plenty of things out there too, there’s apps that can help you, let’s say you want to cut back on certain things, let’s pick entertainment because that’s the most common area, you can do subscription mining, go through all of your subscriptions and find out which ones you’re not using and cut that out, you can save hundreds of dollars a year just by doing that,” said Rutkowski.

Superintendent Kevin Allard encourages Ohioans to take small, manageable steps and stay proactive to reduce stress and stay on track. For more help, officials recommend checking your credit reports and using tools like budgeting apps to help manage your money. More information can be found on the Ohio Department of Commerce website.