New Jersey

State-by-State Assessment with Regard to Financial Literacy and Personal Finance Education Actions

State Department of Education Link http://www.state.nj.us  
Legislation and Authorization

Signed by governor 8/18/11, Chapter 108
Authorizes credit unions to serve as public depositories of public funds; requires credit unions to provide certain funds for financial literacy education. "may include a requirement that the nonprofit corporation provide funding for the high school pilot program in personal financial literacy established pursuant to section 1 of P.L.2009, c.153 (C.18A:6-115) or any expansion of that program."

Signed by governor 11/20/09, Chapter 153 Establishes a three-year pilot program to provide high school seniors in selected districts with a personal financial literacy course. The commissioner of Education will select six districts for participation, two in each of the southern, central, and northern regions of the state. The goal of the pilot program will be to ensure that high school graduates in the pilot districts receive instruction on budgeting, savings and investment, credit card debt, and other issues associated with personal financial responsibility.

Signed by Governor, Feb 2, 2008, Allows financial literacy to be an elective course that can count toward graduation requirements.

Links to State Bills  
Additional Links 9.2 Personal Financial Literacy
Stand-Alone Personal Finance Standards YES : 2009 New Jersey Core Curriculum Content Standards, Horizontal Matrix – 21st-Century Life and Careers - Standard 9.2 Personal Financial Literacy: All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy. Strands with benchmarks for grades, 4, 8, and 12 include income and careers; money management; credit and debt management; planning, saving and investing; becoming a critical consumer; civic financial responsibility; risk management and insurance.
Personal Finance Standards in Career and Techical Education (CTE), Family and Consumer Sciences NO
Personal Finance Embedded in Social Studies or Economics Standards NO
Personal Finance Embedded in Mathematics Common Core Standard Minor amount
State Has Adopted Mathematics and English Language Arts Common Core YES On June 16, 2010, the New Jersey State Board of Education adopted the Common Core State Standards in Mathematics and English Language Arts.
Personal Finance or Financial Literacy Course Required or Offered YES Offered by districts as an elective. Elective can be used for graduation requirement.
Personal Finance Course Required for Graduation  NO
Personal Finance Content required in Economics or Other Course Required for Graduation   NO New Jersey requires Economics -- 2.5 credits in financial, economic, business and entrepreneurial literacy (effective with the 2010-2011 9th grade class).
Prescribed or Recommended Personal Finance Curriculum  NO
State Requires Economic Reasoning /Thinking Skills  YES Common Core.
State Standard Correlated with Jump$tart Financial Literacy Standard YES Standard 9.2 is aligned to the Jump$tart Coalition for Personal Financial Literacy’s National Standards in K-12 Personal Finance Education.
State Assessment of Personal Finance Required  NO State test is not required, but districts are "responsible for assessing and publicly reporting on the progress of all students in developing the knowledge and skills specified by the Core Curriculum Content Standards, including civics, financial literacy, and all content areas not currently included in the Statewide assessment program," as specified by N.J.A.C. 6A:8‑3.1(a)3.
Financial Literacy Bills Currently Being Considered by the State Legislature A.B. 739 establishes a pilot program in the Department of Education to provide instruction in personal finance to elementary school students.
Financial Literacy Education Bills Signed by Governor and/or Passed by the House and Senate 

A.B. 1597 substituted 6/29/11 for S.B. 1807 signed by the governor 8/18/11, in Chapter 108 authorizes credit unions to serve as public depositories of public funds; requires credit unions to provide certain funds for financial literacy education, and "may include a requirement that the nonprofit corporation provide funding for the high school pilot program in personal financial literacy established pursuant to section 1 of P.L.2009, c.153 (C.18A:6-115) or any expansion of that program."

A 2009 law signed by governor establishes a three-year pilot program to provide high school seniors in selected districts with a personal financial literacy course. The Commissioner of Education will select six districts for participation, two in each of the southern, central, and northern regions of the state. The goal of the pilot program will be to ensure that high school graduates in the pilot districts receive instruction on budgeting, savings and investment, credit card debt, and other issues associated with personal financial responsibility.

YES Signed by Governor, Feb 2, 2008, Allows financial literacy to be an elective course that can count toward graduation requirements. 

State Appropriations and State Dept Education Funding for K-12 YES Chapter 108 authorizes credit unions to serve as public depositories of public funds; requires credit unions to provide certain funds for financial literacy education. 2011
Established Financial Literacy Month N/A 
MoneySKILL® & State Standard Correlation