Personal finance, life skills added to graduation requirements

By PETER WONG
Oregon Capital Bureau

Oregon high school students, starting in 2027, will have to complete semester-long courses in personal finance and college and career skills as requirements for graduation.

Lawmakers cleared Senate Bill 3 for Gov. Tina Kotek after votes of 24-1 in the Senate and 42-7 in the House on back-to-back days as the 2023 session wound down. The bill takes effect with the graduating class of 2027.

Two years ago, lawmakers added civics education to requirements set by the Oregon Board of Education for English, math and other skills. Some districts already had a civics requirement in place.

Oregon once had a graduation requirement for personal finance, but it was dropped in the 1990s.

In addition to personal finance, a second semester will cover topics such as resumé writing, college and job applications, and personal advocacy for physical, financial and other needs.

The Oregon State Treasury has had a financial education program for years, and a financial empowerment advisory team was set up in 2020 to draw together several related programs.

Treasurer Tobias Read praised legislative approval of the bill, which counted among its sponsors Senate President Rob Wagner, D-Lake Oswego, and Senate Republican Leader Tim Knopp of Bend — who have agreed on little else this session. A similar bill was introduced by Rep. Janelle Bynum, D-Clackamas, who lads the House Economic Development and Small Business Committee, and some parts were incorporated into SB 3.

Read’s statement said in part:

“We hope that this requirement will help generations of Oregonians be on a stronger footing as they navigate the financial landscape. I will continue to make financial empowerment and financial wellbeing a centerpiece of my administration and look forward to the law’s implementation.”

Read will complete his second and final term as treasurer at the end of 2024.

The bill allows schools to offer personal finance instruction to count toward the graduation requirement for math.

According to the NextGen organization, Oregon will join eight other states to add this requirement.

“We are pleased the Legislature recognized the importance of a robust financial education curriculum as part of the graduation requirements,” said Richard Hein, Oregon State Credit Union president and chief executive. “Our credit union and many others in the state have long dedicated resources to bring financial education to our students to help fill the gap left by not having this critical course included in the graduation standards.”