NJCUL-supported financial education mandate signed into law
CHARLOTTE, NC (January 10, 2019) — New Jersey Lieutenant Governor Sheila Oliver last week signed legislation (A-1414) requiring school districts to provide financial literacy education to middle school students in grades six through eight. The financial literacy instruction will emphasize budgeting, saving, credit, debt, insurance, investment, and other issues associated with personal financial responsibility to ensure New Jersey’s youth have access to the tools and foundation needed for sound financial decision-making. The New Jersey Credit Union League (NJCUL) actively supported the legislation during committee hearings as part of its commitment to promoting financial literacy.
“Financial responsibility is an important acquired and learned life skill and with the increasing financial challenges millennials face, it is a skill that must be a necessary part of our educational curriculum,” Lt. Gov. Sheila Oliver said. “Governor Murphy and I are happy to partner with the Legislature by signing this bill today to help New Jersey students learn how to effectively manage their personal finances and help set them up for success in life.”
Gov. Murphy was vacationing out of the country. Lt. Gov. Oliver was functioning as acting governor in his absence from the state.
“We supported this bill on behalf of New Jersey consumers, including those in middle school who are at the perfect age to learn personal finance skills and build good habits that will last them a lifetime,” NJCUL President/CEO David Frankil said. “Our credit unions will be right there to help schools meet this new mandate, whether it be through the New Jersey Credit Union Foundation’s Reality Fair program, which already reaches hundreds of middle school students a year, or other financial education.”
Primary sponsors of the bill include Senators Dawn Marie Addiego (R-8) and Ron Rice (D-28), and Assembly members Angela McKnight (D-31), Nicholas Chiaravalloti (D-31), Eliana Pintor Marin (D-29), Jamel Holley (D-20), Benjie Wimberly (D-35), and Annette Quijano (D-20).
“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,” Sen. Addiego said. “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.”
Assemblywoman McKnight said; “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.” “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,” she added.
“This bill would allow financial education to be infused into currents subjects, helping younger students in Jersey City and across the state get a head start on understanding the very things that will impact them every day,” Jersey City Mayor Steven M. Fulop said. “Learning about credit, investing, savings and other financial aspects are critical tools to building a foundation and setting our students up to succeed. Financial literacy is already being taught at the high school level, and we’re excited to expand this to younger students at the start of the new school year in September,” he continued.
Lt. Gov. Oliver signed the bill at President Barack Obama Elementary School – PS 34 in Jersey City.
About New Jersey Credit Union League
Formed in 1934, the New Jersey Credit Union League is the statewide trade association representing credit unions and is committed to the development of the credit union movement in New Jersey. Our mission includes a full range of services, programs, products and money-saving opportunities specifically designed to satisfy a credit union's operational, financial, training, compliance and overall growth and development needs. For more information visit www.njcul.org. New Jersey’s credit unions serve 1.1 million members throughout the state with financial products and services. They offer a popular alternative to traditional banks with better rates and lower fees than other institutions. For more information visit www.bankingyoucantrust.com.
