CHATTANOOGA, TN (June 5, 2026) |
Tennessee ranks third in the nation for bankruptcies per capita, and Tennessee credit unions are working to change that. Credit unions across the Volunteer State have pledged $1.8 million over the next three years to help public school students build strong financial habits through a collaboration with the Tennessee Financial Literacy Commission.
Nationwide, bankruptcies are on the rise. In 2025, the national bankruptcy rate increased by 11 percent. Educating young Tennesseans about financial wellness is a critical component for the Tennessee and Mississippi Credit Union Association.
“If we teach children early in life the importance of not living above their means and saving, it will stick with them through life,” said Laura Parham, board chair of the Association and CEO of Heritage South Community Credit Union in Shelbyville, Tenn. “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.”
The collaboration reflects the credit union movement’s long-standing commitment to financial well-being and community impact. Funding will help provide educational resources, classroom programming, teacher support and student engagement opportunities focused on topics such as budgeting, saving, credit, investing and responsible money management.
The Tennessee General Assembly recognized the commitment of credit unions to build financially stronger Tennesseans on the floor of the House of Representatives at the Tennessee state capitol through Joint Resolution HJR 995.
Chairman Gary Hicks, when presenting the resolution, stated, “We pride ourselves on hard work and our commitment to one another. 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.”
With the upcoming school year, the program will help to provide financial literacy training to teachers throughout the state’s 95 counties.
“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,” said Tennessee State Treasurer Lillard. “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.”
For more information about what Tennessee credit unions are doing to promote financial literacy and about the collaboration with the Tennessee Financial Literacy Commission, please the Advancing Tennessee Communities website.
