Middle-school Students to Learn about Managing Finances

ERMA – A new law that will soon require middle school students across the state to learn about budgeting, saving and investments will help them become better prepared for college, buy a home and manage their finances.
For many Cape May County students, however, the new law will standardize what they are already being taught since many are introduced to financial literacy concepts as early as kindergarten, with required courses and electives at the high-school level.
Joseph Castellucci, Lower Cape May Regional Schools (LCMR), director of curriculum and instruction, has been working with his colleagues throughout the county and with Richard M. Teitelman Middle School Principal Greg Lasher on framing the new curriculum for seventh- and eighth-grade students.
“I first was alerted to the prospect of the new requirement early in the school year,” Castellucci said, “but no one had specifics yet. I belong to a consortium of curriculum coordinators in the county and Greg belongs to a consortium of principals in the county. Once the law was signed, we started to review the standards and are preparing to implement for the next school year.”
The bill was signed early in January by acting Gov. Sheila Oliver and requires financial education in grades six through eight. Financial education is already in the state standards for high school education.
“The requirements are not a lot different from what is already required in high school,” Castellucci noted. “We actually start financial education in kindergarten. What’s different is the detail we go into at each level.”
At the high school level, there are five strands that cover income and careers; money management, credit, and debt management; planning, saving and investing; becoming a critical consumer, civic and financial responsibility; and insurance and protection. Castellucci said these themes are taught to all grades.
“Fortunately, there are a lot of resources available,” he said, noting banks, financial planners, organizations such as Junior Achievement, and the state Department of Education have prepared materials.
In addition, LCMR’s Business Department and math teachers are involved in developing the curriculum.
The consortiums will also share resources and support throughout the county.
“We’re still in the early stages, so we’re defining how we will deliver the information, what staff will be involved, when it will be delivered and for how long,” Castellucci said. “Standardizing it is one of the drivers behind the law.”
Castellucci expects the curriculum to be finalized in the spring, with staff development over the summer so they can begin lesson planning to start teaching next fall.
“If we do it right, the students will have fun with it,” he said.
To contact Karen Knight, email kknight@cmcherald.com.