(TRENTON) – Assemblywoman Angela McKnight (D-Hudson) has introduced a bill that would require school districts in New Jersey to teach financial literacy to elementary and middle school students to instill the importance of smart financial decision making from a young age.
“One of the most important lessons a person can learn is how to manage their money. Many young people go into adulthood knowing little about finances, and end up making decisions that cost them in the long run,” said McKnight, who sits on the Assembly Education Committee. “Teaching our kids early about the importance of managing their money and making sound financial decisions can prevent them from making costly mistakes and set them on the right financial path.”
The bill (A-3396) would direct the State Board of Education to require school districts to provide financial literacy instruction to students enrolled in kindergarten through eighth grade.
The instruction must meet the requirements established by the State board and must: be appropriate to, and reflect the age and comprehension of, the students enrolled in the particular grade level; and include content on budgeting, savings, credit, debt, insurance, investment, and other issues associated with personal financial responsibility as determined by the State board.
The State board must provide curriculum and sample instructional materials that may be used by school districts to support the implementation of the financial literacy instruction requirement.
The bill would take effect immediately and first be applicable to the first full school year following enactment. The bill has been referred to the Assembly Education Committee.