(TRENTON) – Legislation sponsored by Assemblywoman Valerie Vainieri Huttle to help college students prepare for the financial challenges of the real world was advanced by an Assembly panel on Monday.
The legislation is part of a broader package of bills designed to make higher education more affordable in order to combat poverty under a new Assembly Democrats’ initiative unveiled by Speaker Vincent Prieto last month.
“Unless you’re majoring in an area such as business or finance, most students graduate with little to no instruction on basic financial literacy, which can hinder their economic growth for years,” said Vainieri Huttle (D-Bergen). “This bill is designed to increase their awareness of issues such as budgeting, debt management, taxes, savings plans, strategic investments, and so on, so that when they get out into the real world they can start making smart financial decisions right off the bat.”
Specifically, the bill (A-2276) would require students enrolled in public institutions of higher education to complete a course on financial literacy.
Under the bill, beginning with the 2017-2018 academic year, the governing board of a public institution of higher education will require a full-time undergraduate student to complete the course prior to graduating from the institution.
The measure was approved by the Assembly Higher Education Committee.
