Financial literacy

Scharfenberger bill will increase financial literacy in New Jersey classrooms

Scharfenberger bill will increase financial literacy in New Jersey classrooms

Middletown, New Jersey MP Gerry Scharfenberger (R-Monmouth) introduced legislation (A4355) that will increase financial literacy in all New Jersey high schools with the inclusion of courses focused on the impact of loan underwriting as well as how to ensure personal economic responsibility and security. The bill comes as runaway inflation has put an unbearable burden on the backs of a majority of Americans and renewed attention has been given to the student loan crisis:

“With student debt, personal bankruptcies, record inflation on the rise – it’s more imperative than ever that students graduating from high school have a solid understanding of personal finance as they transition into adulthood,” says Scharfenberger. “There’s no reason young adults shouldn’t understand what it means to take out a loan for college, buy a house, buy a car or for any other purpose and what it means to pay it back with interest. They should be given all the necessary means so that they have a clear understanding of these ramifications so that they can be better prepared financially.

These new lesson plans will go a long way in helping students better prepare for economic downturns like the one the country is currently experiencing. Additionally, the bill is forward-looking as it will include introductory courses on cryptocurrencies so that young adults have a general knowledge of how these fiats work to avoid digital bad actors and getting caught up in the “get-rich-quick” schemes that have flooded these markets. :

“Teaching personal responsibility, avoiding credit card debt, and what it takes to live within one’s means will benefit the individual, businesses, and society as a whole,” Scharfenberger commented. “Whether investing on the New York Stock Exchange or in blockchain, young adults need to have a knowledge base to weather any tax storms that loom on the horizon, which will help ensure solid financial health.”

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