Listen Now: Financial Literacy: Why It’s Now Required In New Jersey Schools
Think your children are learning the basics when it comes to money? Think again.
Recently the acting governor of New Jersey signed a law that mandates the state board of education include financial literacy. According to the new law, which goes into effect in September, it would be required for all sixth and eighth grade public school students.
This is not the first step New Jersey has taken to make sure children are ahead of the financial literacy curve. In 2014, the state adopted a program that included guidelines for what students need to know and be able to do in order to achieve financial independence; things such as balancing a checkbook and understanding a budget.
However the rest of the country might not be so business savvy. In 2017, only five states received an “A” from The Champlain College Center for Financial Literacy on how prepared students were. That’s because only a handful of states even require students to take a basic personal finance class.
And it might just be an important lesson before they get their hands on their first credit card.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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