(TRENTON) – Assemblywoman Angela McKnight has introduced legislation that would raise awareness of the importance of understanding financial, credit and debt management by designating April as Financial Literacy Month in New Jersey each year.
The Assembly Joint Resolution (AJR-118) states that financial literacy instruction serves an integral role in the development of young people. In addition to providing students with information to help them create savings plans and manage debt, financial literacy instruction can help individuals develop efficient household budgets and formulate strategic investment decisions for themselves and their families.
“Financial Literacy has become as critical to a student’s education as learning the fundamentals of math,” said McKnight (D-Hudson). “In a society where the average household carries over $15,000 in credit card debt and U.S. student debt exceeds $1 Trillion, we need to highlight the importance of having financial literacy and learning the tools of credit and debt management.
“This resolution will align us with the federal designation of April as Financial Literacy Month and help raise awareness of how important a financial education is for our youth.”
McKnight said the permanent establishment of Financial Literacy Month in this state will serve to improve the citizenry’s understanding of critical financial issues such as credit management, savings, debt management and homeownership, and will significantly increase an individual’s likelihood of financial success.
The bill has been referred to the Assembly Education Committee.