FPANJ Applauds A-3396: Creating a Requirement for Financial Literacy Education
Financial Literacy Education has always been part of the pillars in the FPANJ mission; important legislation could help make it a reality in all New Jersey schools
December 7,2016
the staff of the Ridgewood blog
Ridgewood NJ, The Financial Planning Association of New Jersey (FPANJ) is eagerly watching the New Jersey State Legislature as it considers a bill that would make financial literacy a required subject in coursework taught to all children in grades K-8.
Assembly bill 3396 was first introduced in March, and amended in October. Among its provisions:
Basic financial literacy would be taught in elementary schools to teach students “sound financial decision-making”
Courses would be age appropriate
Course would cover budgeting, savings, credit, debt, insurance and investment, among other areas
John Crosby, CFP® and FPANJ Advocacy Director, said, “To say I’m excited about this is an understatement. This bill represents a clear commitment to our children by providing them with a foundation for success in life. Everything we do is impacted by sound decision-making with our finances, and this bill can help our students gain the tools necessary to understand how these decisions impact their lives.”
FPANJ has been a part of many community efforts to educate children on how money works and impacts their lives. Members volunteer their time with Junior Achievement of New Jersey to mentor students at their “Finance Park,” which served more than 11,000 students throughout the regions. They also participate in “Financial Planning Days,” offering information on various financial topics to consumers, including one-on-one sessions to address individual concerns.
“We know there are limited hours in the day for school children, and there is likely to be some debate on how we can add this curriculum, but we are convinced that financial literacy has far-reaching impact on students beyond money,” Crosby added. “We are committed to staying involved in this discussion as it moves through the statehouse.”
ABOUT FPA of New Jersey and FPA:
Financial Planning Association of New Jersey is part of The Financial Planning Association® (FPA®). FPA connects those who need, support and deliver professional financial planning. FPA believes that everyone is entitled to objective advice from a competent, ethical financial planner to make smart financial decisions. FPA members demonstrate and support a professional commitment to education and a client-centered financial planning process. Working in alliance with academic leaders, legislative and regulatory bodies, financial services firms and consumer interest organizations, FPA is the community that fosters the value of financial planning, and advances the practice and profession of financial planning.