Oregon’s New Personal Finance Graduation Requirement Under Threat: Board Considers Weakening Legislation

Oregon’s New Personal Finance Graduation Requirement Under Threat

In a groundbreaking move, Oregon recently passed a landmark bill requiring high school students to take a personal finance course in order to graduate. However, as the Oregon Board of Education finalizes rules for implementing this requirement, there are concerns that the intent of the law may be undermined.

Senate Bill 3 mandates that students must receive lessons in personal finance and career preparation by 2027. Yet, the Department of Education is recommending that schools be allowed to forgo offering a dedicated personal finance class, instead incorporating financial education standards into existing courses.

This recommendation goes against the clear intention of the Legislature, as well as the language of the legislation itself. Public testimony during the bill’s passage emphasized the need for comprehensive financial literacy courses to equip students with the necessary skills for adulthood.

Advocates argue that simply sprinkling financial education principles throughout various subjects is insufficient to close the financial equity gap. The Department of Education even testified that personal finance is best taught as a stand-alone course, a sentiment echoed by the Legislature.

While concerns about adding additional graduation requirements were addressed by allowing the personal finance course to count towards existing credits, the foundation of the requirement remains the stand-alone course. Failure to adhere to this principle could perpetuate existing inequities in the education system.

Fortunately, resources are available to support schools in meeting the new requirement, such as educational services districts and nonprofits dedicated to providing instructional materials and teacher education.

By staying true to the legislative intent and providing students with concentrated and thorough instruction in personal finance, the Oregon Board of Education can ensure that all students have the tools they need to succeed in the future.