Pub. 11 2021-2022 Issue 3

September • October 2021 5 come to be recognized as one of our jobs. And many of us have come to view this as an obligation. What forms has this taken across the banking spectrum? For starters, many banks — big and small — have created their own “classes” for customers and non-customers alike. Common topics range from business financial management to walking first- time homebuyers through the basics of applying for a mortgage loan. And for many years, banks have worked with their local schools to provide education to students ranging from middle schools to community colleges. To do this, banks have partnered with national and local nonprofits such as Junior Achievement. And as technology advances, our industry has more recently worked with online providers such as EverFi.com, which provides financial education that can be accessed by students in both classrooms and homes. In Colorado, the need for financial literacy has been clearly recognized by our industry and our elected leaders. Earlier this year, the Colorado legislature — with vocal support from the Colorado Bankers Association and its members — passed a bill requiring our public high schools to provide financial education to students ranging from freshmen to seniors. Required topics include: • The costs associated with obtaining a college degree, including how to manage student debt • Credit cards and credit card debt • The home buying process, including mortgage debt • Saving and investing for retirement. This is a long-overdue means of formally educating our Colorado students as they embark on financial decisions that will impact the rest of their lives. And the CBA and its many members are proud to have influenced and supported this critical legislation. But our job is not done. Our industry has a continuing role to play in financial literacy. If you’re a banker looking to provide financial education, the CBA can help point your bank to tried-and-true resources that already exist. Don’t look at it as one more job … it’s an investment in the success of our customers and our communities. CBA is a long-term supporter of financial literacy. In 2005, we ran a bill to include financial literacy in education standards. In the most recent legislative session, we worked with a broad coalition to expand financial literacy standards to include the topics of saving for retirement, managing credit cards, student loans, and first-time home buying information.