ASSEMBLY, No. 1237

STATE OF NEW JERSEY

213th LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2008 SESSION

 


 

Sponsored by:

Assemblyman DAVID W. WOLFE

District 10 (Monmouth and Ocean)

Assemblyman JOSEPH R. MALONE, III

District 30 (Burlington, Mercer, Monmouth and Ocean)

 

 

 

 

SYNOPSIS

     Requires that high school students receive instruction in credit and personal money management as part of Core Curriculum Content Standards.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel

  


An Act concerning instruction in credit and personal money management for high school students and supplementing chapter 35 of Title 18A of the New Jersey Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.  The Legislature finds and declares that the easy availability of credit cards, high interest rates on debts accrued on those cards, and the enactment in 2005 of modifications to the United States Bankruptcy Code have made it increasingly easy for a new high school graduate to amass debt that he will be struggling to pay off for decades.  Moreover, the concern about the long-range viability of Social Security underscores the importance of strong personal money management skills.  It is therefore critical to ensure that every student who graduates from a public high school in this State is financially literate and able to spend wisely, avoid credit card debt, manage personal accounts, and understand the basics of investment. 

 

     2.  Each board of education that operates an educational program for students in grades 9 through 12 shall provide instruction in credit and personal money management.  The goal of the instruction shall be to instill skills and values that will enable young adults to manage personal bank accounts, credit cards, and credit card debt, save and invest money, and spend wisely.  The instruction shall take place as part of the district's implementation of the Core Curriculum Content Standards in Career Education and Consumer, Family and Life Skills, and the career education and consumer, family and life skills curriculum framework shall provide school districts with sample activities that may be used to support implementation of the instructional requirement. 

 

     3.  This act shall take effect immediately.

 

 

STATEMENT

 

     This bill requires school districts to provide instruction in credit and personal money management as part of the implementation of the Core Curriculum Content Standards in Career Education and Consumer, Family and Life Skills.  The goal of the instruction would be to instill skills and values that will enable young adults to manage personal bank accounts, credit cards, and credit card debt, save and invest money, and spend wisely.