Thanks to action by the Oregon Legislature, Oregon will become the ninth state in the country to require a full semester of robust personal finance education as a requirement for high school graduation. With the passage of Senate Bill 3, sponsored by both Democratic and Republican senators, Oregon is equipping our young people with the necessary skills to handle the economic realities of adulthood.
Studies show that financial literacy classes help students make better financial decisions later in life and can improve the health and wellbeing of individuals and families. In particular, the FINRA Foundation found that students with higher financial literacy were less likely to engage in such pitfalls as paying late fees, making only minimum payments on credit cards and taking out payday loans.
Without strong personal finance skills, young people are at higher risk of falling into a spiral of debt that can contribute to housing instability, homelessness, addiction and food insecurity.
States with financial literacy requirements have already demonstrated positive, measurable outcomes. Three years after implementing this change, Georgia, Idaho and Texas saw credit scores rise and delinquency rates fall.
SB 3 is the best educational boost we can offer our children. It is the product of extensive work led by the Oregon Department of Education, teachers and administrators. Oregon State Credit Union is proud to be a part of this effort along with our credit union colleagues as well as many other educational advocates. Thanks to their efforts, our children will be better prepared to navigate their financial future.
Laurie Roe
Roe is executive vice president of Oregon State Credit Union.
To read more letters to the editor, go to oregonlive.com/opinion.
