On July 31, Governor Tina Kotek signed into law Senate Bill 3, bipartisan legislation that makes Oregon the 23rd state to guarantee a standalone personal finance course for high school students. Advocates, including the NGPF Mission 2030 Fund, applaud the effort. 

Oregon joins West Virginia, Indiana, Minnesota, Connecticut, and Louisiana, in passing laws in 2023 that will guarantee personal finance courses for future high school graduates. Oregon Senate President Rob Wagner and Senate Republican leader Tim Knopp worked together to introduce the bill.

“I've spent my career working with educators and on education issues. I introduced Senate Bill 3 because students and families across the state are clear that financial literacy is an essential skill our schools must be teaching,” said Sen. Wagner. “With this legislation, our young people will have the tools they need to make informed financial decisions that can impact their entire lives. I am proud of the work we did to make sure our students, educators, staff members and school boards were all aligned on this legislation.”

“Oregon has come together to provide students with the much-needed workplace readiness and basic financial skills necessary for their current and future selves,” said Joey Running, a personal finance educator at West Albany High School. “Understanding financial goals, essential habits, and personal values with trained educators allows students and their families to invest in their future needs and to make decisions benefiting themselves, their communities, and all of Oregon.”

Research shows that high school personal finance courses positively impact student debt decisions and credit scores, help graduates avoid predatory lenders, increase savings rates among teachers, and generate positive spillover effects on parents.

“We are grateful to Senators Wagner and Knopp for their leadership and dedication to prioritizing this important legislation that will help set high school students up for success,” said Pamela Leavitt, senior vice president of legislative affairs for Oregon with GoWest Credit Union Association. “Financial education in our schools has been a priority for Oregon credit unions for almost two decades and now we are able to deliver a tangible solution for high school students.”

Oregon will require students graduating high school in the 2026-27 school year to take two half credits of personal finance and life skills. The half credit on finance education would include lessons on building credit, budgeting, banking, taxes, and more. The other half-credit would focus on paying for college and career skills, including lessons on how to build resumes and apply for jobs.

“It’s exciting that Oregon has made the commitment to all their high school students to become financially literate,” said Sue Suttich, a business teacher at Tigard High School in Portland. “This is a big step to having them take charge of their lives and be successful .”

The NGPF Mission 2030 Fund, a nonprofit that advocates for this policy in all states, was a supporter of the bill and provided technical support. 

"Every student in Oregon deserves to start their adult life with these critical skills for building stability,” said Tim Ranzetta, Co-Founder of Next Gen Personal Finance. “We applaud policymakers in Oregon who came together to make this happen for the benefit of all students in the state.”

Representative Ricki Ruiz, who carried the bill on the House floor, said when he toured schools across the state, students repeatedly said they wanted financial literacy to be taught in the classroom. “Learning about finances as you grow up is critical not only to accomplish your dreams but to also set up your future family for success,” Rep. Ruiz said.  “Generational wealth leads to great generational health.”

State Senator Michael Dembrow, Chair of the Senate Education Committee, also reported that during a year-long legislative task force on student success in higher education, students made it clear they felt unprepared for life after high school and many had made unfortunate financial decisions.

“This confirmed my own experience teaching community college students. There I saw first-hand how uneven and inequitable students' knowledge of financial tools was,” said Sen. Dembrow. “ I'm glad we're finally taking steps to level that playing field and ensure that all Oregon students have the tools they need to be successful in their lives. 

State Treasurer Tobias Read applauded the legislature for approving Senate Bill 3. “Everyone deserves the chance to get ahead financially and I’m excited that the legislature took this step to help our students,” said Treasurer Read. “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.”

About the Author

Hannah Rael

As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.