Legislation was signed to bolster financial literacy in students

The bill would require schools to provide financial literacy instruction to students enrolled in sixth through eighth grade.

Legislation sponsored by Senator Dawn Addiego and Senator Ronald Rice, which would bolster the financial literacy of New Jersey’s students, was signed by Governor Phil Murphy on Jan. 3.

“I am delighted the financial literacy bill was signed into law so students can receive education on key topics that they will need for the rest of their lives. We must reach people early on in life so they can plan ahead and build a foundation of financial knowledge that will help them live an independent lifestyle,” said Senator Addiego.

The bill, S-1592, would direct the State Board of Education to require school districts to provide financial literacy instruction to students enrolled in sixth through eighth grade. The purpose of the instruction would be to provide middle school students with the basic financial literacy necessary for sound financial decision-making.

“We have an American generation growing up with less economic mobility and more economic inequality than their parents. Couple that with a global financial system and the need for financial literacy has never been more important,” said Senator Rice. “It’s our duty to teach our children to navigate the complexities of the financial system and in doing so, give them the best possible chance to at attain economic success.”

The instruction would have to meet the requirements set by the state board, and must reflect the age and comprehension of the students enrolled in each grade level. It would include content on budgeting, savings, credit, debt, insurance, investment and other issues associated with personal financial responsibility.