TRENTON, NJ – Legislation written to teach students about the importance of money management at a young age, and championed by Bayonne’s members of the New Jersey General Assembly Angela McKnight and Nicholas Chiaravalloti was signed into law by Acting Governor Sheila Oliver on Thursday.
The new law (A-1414) would direct the State Board of Education to require school districts to incorporate financial literacy instruction into the curriculum for students enrolled in kindergarten through eighth grade.
“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 (D-Hudson). “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.”
“Many young people don’t understand the importance of being financially responsible until they’ve already taken a few missteps. These poor decisions can hurt their credit when they are branching out on their own and need it the most,” said Chiaravalloti (D-Hudson). “We don’t expect them to be experts, but they should have a basic understanding of how money works and how it affects their lives.”
Instruction required under the new law must be approved by the state board and include content on budgeting, savings, credit, debt, insurance, investment, and other issues associated with personal financial responsibility.
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