N. Alabama Educators Credit Union backs financial literacy bill

As we round out the month of April, which marks National Financial Literacy Month, we were proud to see the Alabama Legislature pass legislation requiring public school students to complete a course on personal financial literacy and money management. 

House Bill 164 ensures that consumers receive this necessary education in school, putting them on a path to financial success before they even graduate high school. We commend Rep. Andy Whitt (R-Harvest) for championing this legislation and appreciate the House of Representatives who passed this bill unanimously on Tuesday, April 18.

Over the last two years, we have been proud to work with Rep. Whitt, alongside our association, the League of Southeastern Credit Unions, to ensure financial literacy remains a priority for the state legislature and we appreciate his tenacity and work on the issue. We encourage the Alabama Senate to expeditiously consider this proposal to ensure that Alabamians are equipped with the knowledge necessary to succeed in today’s world. 

This bill could make a tremendous impact on students preparing to enter college or the workplace as, unfortunately, these skills are not always taught at home. The more resources we can provide students before they begin making serious financial decisions on their own, the better off we are as a society. We know that offering this financial education in public schools will further advance the state of Alabama.

Understanding basic financial literacy skills like how to build credit, manage debt, evaluate loans, estimate taxes, and more are key to success. Since our inception, credit unions have invested substantial time and resources in financial wellness tools that enable consumers to live a life of financial success and independence. 

At North Alabama Educators Credit Union, we pride ourselves on partnering with local high schools to ensure students remain educated and prepared for life after high school, regardless of where they may be on their financial journey. Just two weeks ago, I presented financial education tips and advice to all 9th grade students of Mae Jemison High School in Huntsville. This same presentation has taken place throughout the years at other schools and questions and feedback from the students always reinforces the need for financial education.

Our credit union is proud to offer extensive financial counseling to members to ensure their financial goals are obtainable, whether that means organizing a debt management plan to help lower interest rates and pay off debt faster, improving members’ credit scores, offering affordable student loans, educating members on housing decisions, and much more. 

The core of the credit union philosophy is “people helping people.” It is our goal to see that members everywhere have the financial tools needed to achieve their own American dream. We are proud to work with the Alabama Legislature in improving the financial well-being of consumers across our state.

Greg Olmsted is the president and CEO of North Alabama Educators Credit Union.