Letter to the Editor From GDP to Writing a Check Closing the Financial Literacy Gap in Parsippany Schools

New Jersey high school students graduate lacking vital personal finance skills, such as budgeting and managing debt. The Budget Bridge Foundation, a nonprofit initiated by local students, aims to fill this educational gap by advocating for personal finance courses. In 2017, Parsippany's Board of Education permitted AP Economics to satisfy the financial literacy requirement, which critics argue dilutes essential financial education. A survey revealed that 62. 1% of students intended to replace Personal Finance with AP Economics, yet over half rated the latter as inadequate for teaching personal finance concepts.

The Foundation asserts that Personal Finance courses are necessary for real-world financial management, while AP Economics focuses on theoretical economic principles. They emphasize that the shift in policy contradicts the original goals of New Jersey's financial literacy legislation. The Foundation plans to present their concerns at the upcoming Board of Education meeting to advocate for the restoration of Personal Finance as the only course fulfilling the state’s requirement. Effective financial education is crucial for preparing students for financial responsibilities in adulthood.