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News Release

New Jersey Department of
Banking and Insurance


Acting Commissioner Ken Kobylowski

For Immediate Release:
April 18, 2012

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064



Acting Commissioner Kobylowski Stresses the Importance of
Financial Literacy to Perth Amboy High School Students


Perth Amboy High School Financial Literacy

Speaking at Perth Amboy High School, Acting Commissioner Ken Kobylowski (above) emphasized the importance of financial literacy and money management.

Below right, Acting Commissioner Kobylowski is interviewed by PAHS senior Nicole Aracena and junior Robert Rijo for the school's morning news show.

 

PERTH AMBOY – New Jersey Department of Banking and Insurance (DOBI) Acting Commissioner Ken Kobylowski today told a group of Perth Amboy High School students that learning about such things as saving money, understanding how credit cards work, and obtaining and maintaining credit is every bit as important as the lessons they are learning in their classrooms.

“Learning about Financial Literacy is just as important as learning about English, Mathematics or Science,” Kobylowski said. “Being smart about your money can be just as important as being book smart. Knowledge is power, and financial knowledge is financial power. Financial knowledge is vital to financial success.”

Acting Commissioner Kobylowski, who was introduced by Perth Amboy Mayor Wilda Diaz, addressed the students as part of the Department’s ongoing Financial Literacy Program. The program, which is done in conjunction with the banking community and the Department of Education, aims to educate high school students about such financial basics as creating a household budget or balancing a checkbook; how credit cards and bank accounts work; and how to avoid identity theft.

The Acting Commissioner also offered students a number of tips in making smart financial decisions.

  • Regarding the use of credit cards: “Never use a credit card to purchase an item that you want but you can’t afford to pay for that day.  You should use credit cards as a convenience.”
  • Regarding saving money: “Pay yourself first. You should make an automatic payment to your savings account and forget about it. You will see your savings grow as a result.”
  • Regarding personal budgeting: “Track your expenses closely. Many people do not have a clear understanding of how they spend their money.”

 

Perth Amboy High School Financial Literacy

After the presentation, Acting Commissioner Kobylowski was interviewed by student reporters from “Panthers’ Roar,” the Perth Amboy High School Morning News Show which is produced by students in the school’s Advanced Television Production class and broadcast on Perth Amboy Television, the local access channel.

Since 2006, DOBI and its partners have reached thousands of students in public high schools in all 21 counties with Financial Literacy programs.

Program participants include Junior Achievement of New Jersey, New Jersey Department of Education, New Jersey Coalition for Financial Education, Federal Deposit and Insurance Corporation, New Jersey Bankers Association, Mortgage Bankers Association of New Jersey, New Jersey League of Community Bankers, New Jersey Credit Union League and the New Jersey Society of Certified Public Accountants.

Also, a new financial literacy high school graduation requirement began in New Jersey last year with the 2010-2011 ninth grade class. All students will take at least 2.5-credits in financial, economic, business and entrepreneurial literacy. By graduation, students will demonstrate an understanding about how the economy works and their own role in the economy and develop the necessary skills to effectively manage personal finances.

DOBI will expand the Financial Literacy program next month and begin making presentations to senior citizens covering such topics as life insurance, annuities, long term care and reverse mortgages.

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