TRENTON – Legislation sponsored by Senator Dawn Addiego and Senator Ronald Rice which would require financial literacy instruction in grades six through eight cleared the Senate Education Committee today.
“The next generation of Americans are growing up in a world that has less economic mobility and more poverty. The need for financial literacy is more important than ever,” said Senator Rice (D-Essex). “It is our duty to our children to provide them this information and give them the best chance possible at economic success.”
The bill, S-1592, which 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.
“It’s a frightening truth to accept when you see studies and statistics on the average American lacking a savings cushion in case something happens in their lives. We need to reach people early on in life and help them plan ahead and build a foundation of financial knowledge that will serve them in their futures,” said Senator Addiego (R-Atlantic/Burlington/Camden).
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.
The bill cleared committee by a vote of 5-0, and next heads to the full Senate for further consideration.