Bill Text: NJ AJR118 | 2018-2019 | Regular Session | Introduced


Bill Title: Designates April of each year as "Financial Literacy Month" in New Jersey.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Engrossed) 2019-05-13 - Received in the Senate, Referred to Senate Commerce Committee [AJR118 Detail]

Download: New_Jersey-2018-AJR118-Introduced.html

ASSEMBLY JOINT RESOLUTION

No. 118

STATE OF NEW JERSEY

218th LEGISLATURE

 

INTRODUCED APRIL 12, 2018

 


 

Sponsored by:

Assemblywoman  ANGELA V. MCKNIGHT

District 31 (Hudson)

 

 

 

 

SYNOPSIS

     Designates April of each year as "Financial Literacy Month" in New Jersey.

 

CURRENT VERSION OF TEXT

     As introduced.

  


A Joint Resolution designating April of each year as "Financial Literacy Month" in New Jersey.

 

Whereas, Financial literacy instruction serves an integral role in the development of young people. In addition to providing them with information to help them create savings plans and manage debt, financial literacy instruction can help individuals develop efficient household budgets and formulate strategic investment decisions for themselves and their families; and

Whereas, A greater understanding and familiarity with financial markets and institutions correlates to increased economic activity and growth; and

Whereas, Financial literacy has been linked to lower delinquency rates for mortgage borrowers, higher participation and contribution rates for retirement plans, improved spending and saving habits, and higher net worth; and

Whereas, Recognizing the significance that financial literacy often plays in determining the fiscal success of an individual, in 2000, the National Endowment for Financial Education (NEFE) introduced "Youth Financial Literacy Day" as a component of its High School Financial Planning Program; and

Whereas, The NEFE soon turned the administration of the program over to the Jump$tart Coalition for Personal Financial Literacy, a coalition of diverse financial education stakeholders which educates and prepares the nation's youth for life-long financial success; and

Whereas, With a network of 150 state and national partners committed to advancing financial literacy among pre-school through college-age youth, Jump$tart expanded the day to a month and began promoting April as Financial Literacy for Youth Month; and

Whereas, In 2003, the United States Senate designated April as Financial Literacy for Youth Month, and then in March of 2004, the United States Senate passed Resolution No. 316 officially designating April as National Financial Literacy Month; and

Whereas, The federal designation was designed to raise public awareness about the importance of financial education in the United States and the serious consequences that may be associated with a lack of understanding about personal finances; and

Whereas, National Financial Literacy Month is recognized each April in the United States in an effort to highlight the importance of financial literacy and teach citizens how to establish and maintain responsible financial practices; and

Whereas, Many of the nation's financial institutions and nonprofit financial educational organizations support the month by holding promotional events and developing educational materials that center around effectively handling money and managing debt; and

Whereas, The permanent establishment of a Financial Literacy Month in this State will serve to improve the citizenry's understanding of critical financial issues such as credit management, savings, debt management, and homeownership, and will significantly increase an individual's likelihood of financial success; now, therefore,

 

     Be It Resolved by the Senate and General Assembly of the State of New Jersey:

 

     1.    April of each year is designated as "Financial Literacy Month" in New Jersey in order to improve the citizenry's understanding of critical financial issues such as credit management, savings, debt management, and homeownership, and to significantly increase an individual's likelihood of financial success.

 

     2.    The Governor is respectfully requested to annually issue a proclamation recognizing April as "Financial Literacy Month" in New Jersey and calling upon schools, financial institutions, nonprofit financial educational organizations, the citizens of the State, and other interested groups to observe the month with appropriate activities and programs.

 

     3.    This joint resolution shall take effect immediately.

 

 

STATEMENT

 

     This joint resolution designates April of each year as "Financial Literacy Month" in New Jersey in order to improve the citizenry's understanding of critical financial issues such as credit management, savings, debt management, and homeownership, and to significantly increase an individual's likelihood of financial success. Under the joint resolution, the Governor is respectfully requested to annually issue a proclamation recognizing April as "Financial Literacy Month" in New Jersey and calling upon schools, financial institutions, nonprofit financial educational organizations, the citizens of the State, and other interested groups to observe the month with appropriate activities and programs.

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