SENATE EDUCATION COMMITTEE

STATEMENT TO

SENATE, No. 3497

with committee amendments

STATE OF NEW JERSEY

DATED:  DECEMBER 5, 2024

     The Senate Education Committee favorably reports Senate Bill No. 3497 with committee amendments.

     As amended, this bill requires high school students to receive instruction in financial literacy. Currently, instruction in financial literacy is only required for students in middle school.

     The amended bill clarifies that instruction that principally addresses economic, business, and entrepreneurial literacy does not satisfy the financial literacy instruction requirement.

     The amended bill requires, for a State-endorsed diploma, district boards of education to develop, adopt, and implement local graduation requirements that require a high school student to complete the financial literacy course.   

     The amended bill also adds additional content to be included in the financial literacy curriculum, including behavioral economics, banking, consumer skills, taxes, college financial planning and accounting.  Finally, the amended bill requires that the financial literacy instruction be taught by teachers with appropriate instructional endorsements.

COMMITTEE AMENDMENTS:

      The committee amended the bill to:

· provide that the instruction is to be provided in one semester course, or one trimester course, as applicable;

· stipulate that the instruction is to include accounting content; and

· stipulate that the instruction is to be taught by a teacher holding an appropriate endorsement.