New Jersey State Assemblyman Gerry Scharfenberger (R-Monmouth) has introduced legislation (A4355) which will increase financial literacy throughout New Jersey’s high schools with the inclusion of coursework focusing on the impact of taking out loans as well as how to ensure personal economic responsibility and security is maintained. The bill comes as out-of-control inflation has put an unbearable weight on the backs of a majority of Americans and renewed attention placed on the student loan crisis:
“With student debt, personal bankruptcies, record inflation all on the rise - it is imperative more than ever that graduating high school students have a sound understanding of personal finances as they move to adulthood,” said Scharfenberger. “There is no reason that young adults shouldn’t comprehend what it means to take out a loan either for college, to purchase a home, buy a car or for any other purpose and what it means to pay that back with interest. They should be given every means necessary so that they have a clear understanding of these ramifications so that they can be better financially prepared.”
These new lesson plans will go a long way in aiding students to become more prepared during periods of economic downturn such as the one currently facing the country. Additionally, the bill looks toward the future as it will include introductory coursework on cryptocurrencies so that young adults have a general knowledge of how these fiats operate to avoid digital bad actors and being caught in the “get rich quick” schemes that have flooded these marketplaces:
“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 it is investing on the New York Stock Exchange or a blockchain – young adults should have a basis of knowledge so that they can weather any fiscal storms that come on the horizon which will help to ensure strong financial health.”
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