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Garcia to Introduce Legislation Encouraging Early Financial Literacy Education
Bill Expands the Scope of the Lessons for Certain Grades and Offers Personal Finance Lessons to More Grade Levels(TRENTON) - Assemblyman Carmelo Garcia recently announced that he plans to introduce legislation expanding the scope of financial literacy curriculum in schools and broaden the grade requirement to include sixth-, seventh- and eighth-graders.
"Many of our children are entering the real world without real life skills," said Garcia (D- Hudson). "In this day age, our students must learn more about personal finance. We can take this step further to better equip our children with the practical knowledge of living beyond high school and college."
Currently, financial literacy education is a part of the state's high school curriculum, but Garcia said the requirements must be updated to teach practical topics of money management, credit and debt management, planning, saving and investing, becoming a critical consumer, civic financial responsibility and risk management and insurance. Under his proposed legislation, education on these topics will begin in sixth-grade.
"Students should begin by learning the basics of investing, mortgages and home ownership," Garcia said. "Teaching our children early the keys to getting what they want in life will help our children set responsible goals and achieve their dreams."
The proposed legislation would require the Department of Education to develop and implement programs on personal finance literacy for grades sixth through eighth. The components of personal financial literacy covered in the program would include understanding loans, borrowing money, interest, credit card debt and online commerce. Garcia's proposed legislation would also require the teaching of the rights and responsibilities of home ownership and renting, saving, investing and planning for retirement and banking and financial services.
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