The absolute effect size is 0.345, which falls in the "Small" range by Cohen's (1988) conventional benchmarks.
Group 1 scored higher than Group 2 by 0.345 pooled standard deviations.
The equivalent point-biserial correlation is r = 0.170, explaining about 2.9% of variance.
Next stepA small effect is real but modest. It may require a larger sample to detect reliably; run a power analysis if you are still designing the study.