CHATTANOOGA, Tenn. — Tennessee credit unions have pledged $1.8 million over the next three years to support financial literacy education in public schools through a partnership with the Tennessee Financial Literacy Commission, an initiative supporters say is aimed at improving financial wellness in a state that ranks among the nation’s leaders in personal bankruptcies.
According to the Tennessee and Mississippi Credit Union Association, Tennessee ranks third in the nation in bankruptcies per capita. The announcement comes as bankruptcy filings continue to increase nationwide, with the national bankruptcy rate rising 11% in 2025.
Association officials said the funding will support educational resources, classroom programming, teacher training and student engagement opportunities focused on budgeting, saving, credit, investing and responsible money management.
Teaching Children Early
“If we teach children early in life the importance of not living above their means and saving, it will stick with them through life,” Laura Parham, board chair of the Tennessee and Mississippi Credit Union Association and CEO of Heritage South Community Credit Union in Shelbyville, Tenn., said in a statement.
“By working with the Tennessee Financial Literacy Commission, we have an opportunity to make a meaningful impact on the lives of Tennessee students. The financial skills they learn today will help empower future generations of Tennesseans for years to come,” Parham added.
Part of Longstanding Focus
The association said the initiative reflects the credit union movement’s longstanding focus on financial well-being and community impact. The funding is expected to help expand financial literacy efforts across Tennessee’s public schools and support educators throughout the state.
The Tennessee General Assembly recently recognized the commitment by Tennessee credit unions through House Joint Resolution 995, which was presented on the floor of the Tennessee House of Representatives.
During presentation of the resolution, House Chairman Gary Hicks praised the industry’s investment in financial education.
Taking Pride
“We pride ourselves on hard work and our commitment to one another,” Hicks said, according to the association. “Tennessee credit unions have honored that commitment not only through their service to our communities, but in their unprecedented financial support for the Tennessee Financial Literacy Commission, totaling $1.8 million over the next three years.”
“There is no better partner in this effort than our Tennessee credit unions, who are committed to making their members’ lives better through financial responsibility. That includes over 2.5 million Tennesseans,” Hicks added.
Association officials said the program will begin providing financial literacy training to teachers in all 95 Tennessee counties during the upcoming school year.
Tennessee State Treasurer David Lillard said the partnership aligns with the mission of both organizations to improve the financial well-being of residents.
‘Essential Institutions’
“Credit unions are essential institutions in their communities because they make a difference in the lives of individuals by serving them for their financial needs,” Lillard said in a statement released by the association. “From that standpoint, we have a unique opportunity for the Financial Literacy Commission to work closely with the credit unions to advance education in Tennessee.”
The Tennessee and Mississippi Credit Union Association said the initiative is intended to help equip students with financial skills that can contribute to stronger financial outcomes throughout their lives while helping address long-term economic challenges facing Tennessee families.
Additional information can be found here.
