SALEM, Ore.–A delegation of credit union representatives was on hand at the state capitol here for the introduction of a new bill that would add one future planning credit to the state's high school curriculum and help students apply “crucial financial empowerment standards to their future,” according to the GoWest Credit Union Association.
Senate Bill 3, which is part of what is more broadly known as life skills, was introduced by Oregon Senate President Rob Wagner and Senate Republican leader Tim Knopp.
The GoWest CU Association reported that in 2022, credit unions in Oregon provided free financial education to 17,000 children and 25,285 adults. Financial education has long been a cornerstone of credit unions' services to help members build brighter financial futures, the association said.
"Our kids are our future, and it is our responsibility to ensure they have the financial literacy skills that lead them to economic security,” said Oregon Senate President Rob Wagner.
Added Sen. Knopp, "We have an obligation to empower our community to thrive. Ensuring our kids have the future planning skills and financial literacy to succeed once they become adults is a critical step in financial wellness and supports the economy's overall health."
What’s Included
The life skills that would be covered in the bill would include:
- Applying for jobs, preparing a resume, or filling out a job application and developing job interview skills
- Applying for admission to a post- secondary institution of education, including applying for financial aid and scholarship
- Applying financial literacy standards, including filing income tax returns, creating a budget, understanding bank and credit card statements, and planning for retirement
- Developing career-related skills, including improving employability skills, taking advantage of community-based experiential learning and gaining knowledge of career opportunities
- Seeking assistance, including accessing community resources and acting as a self-advocate for mental, physical, and financial well-being
‘Rose to the Top’
“When our credit union partners in Oregon came to us with their list of legislative priorities for the year, it was not surprising that financial education rose to the top,” said Pam Leavitt, VP-regional grassroots and political programs/legislative Affairs with the GoWest Credit Union Association. “The essence of the credit union movement is financial literacy. You can see their commitment through action. Collectively, Oregon Credit Unions provided free financial education to 17,000 children.”
The association noted there are currently 15 states that guarantee their high school schoolers will take at least one personal finances course. “We are confident that this bill will become law and Oregon will be the 16th state,” said Leavitt.
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