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"Why Financial Literacy is so Important for Youth"
This issue's FEATURED ARTICLE...
Financial Literacy and Why Has It Become So Important
I f you follow curriculum guidelines at the state and even local levels, you know much attention has recently being given to the topic of Financial Literacy.    We too here in the Borough have been focused on its inclusion and integration to our curriculum especially on the Middle School level.  So what is it really about?  

By definition, financial literacy is the education of various financial areas including topics relating to managing personal finance, money and investing.  Its simple aim is to help individuals become self-sufficient so they are ultimately able to achieve and maintain financial stability, no matter what their age or situation is. Understanding the “ins and outs” of financial literacy allows individuals to make good decisions about purchases, such as whether the item is required or necessary, whether it is affordable and whether it is an asset or liability.   For young adults just beginning to think about their working lives, it can provide basic tools for budgeting and saving so that expenses and debt can be controlled and dealt with accordingly.  As individuals grow and mature, it includes the knowledge of making appropriate decisions about personal finance such as investing, insurance, real estate, paying for college, budgeting, retirement and even tax planning.
In the state of New Jersey, legislation ( N.J.S.A.  18A:35-4.34) was enacted on January 3, 2019, that requires school districts to incorporate financial literacy instruction in each of the grades six through eight to pupils enrolled in those grades starting in the grades, beginning in the 2019-20 school year.  The law states that the instruction must:

  1. Be appropriate to, and reflect the age and comprehension of, the students enrolled in the particular grade level; and 
  2. Include content on budgeting, savings, credit, debt, insurance, investment, and other issues associated with personal financial responsibility as determined by the State Board. 

New Jersey Student Learning Standard 9.1  outlines clear and specific benchmarks for student achievement in Personal Financial Literacy. 

In Rockaway Borough, our curriculum has been accordingly updated to align with the state mandates and the accompanying standards.   Currently, students in the targeted grades receive financial literacy instruction through their designated CID (Creativity Innovation Design) classes as well as integrated into other content areas where it is relevant and meaningful.

For more information on the topic, I have included an article from the National Financial Educator's Council entitled, "Why is Financial Literacy so Important for Youth?" as well as two recent online pieces that highlight Rockaway Borough's initiatives and showcase both staff and student efforts regarding financial literacy.