Oregon high schoolers in the class of 2027 can expect a new financial literacy course on their schedules.
The class on personal finance, along with a class on career preparation, will be required for graduation after the Oregon School Board sided with legislators this summer. Opponents of the requirement included teachers unions and school boards, who wanted the lessons to be integrated into other classes.
Pam Leavitt, senior vice president of political programs and legislative affairs for the GoWest Credit Union Association, said the skills are important enough to focus on in separate courses.
“It’s not an area of focus within the schools that should be done in an elective,” Leavitt argued. “Every single student should graduate and understand their personal finances.”
Leavitt cited a 2023 survey from the National Financial Educators Council, which found more than 60% of adults in the U.S. had lost at least $500 during the year due to lack of knowledge about personal finance, with the average loss over $1,500 dollars. She believes the required courses should help students avoid mistakes she often sees working with financial institutions.
Leavitt works with credit unions across the West and noted she has seen recent graduates struggle with credit cards, home loans and student debt. Not every person has the resources to learn about budgeting on their own, so she is convinced the course requirements will help students of all backgrounds to achieve financial security.
“This is what was lacking when students were graduating,” Leavitt contended. “They need these basic life skills and every student in our state needs them.”
While school requirements have varied over the years, Leavitt pointed out Oregon credit unions have worked to fill in the gaps by providing financial assistance when possible. Oregon joins more than two dozen other states in requiring a financial literacy course to graduate.
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