News Release

New Jersey Department of
Banking and Insurance

Commissioner Richard J. Badolato

For Immediate Release:
December 13, 2016

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

EDISON — Department of Banking and Insurance Commissioner Richard J. Badolato and DOBI staff last week visited the Junior Achievement Finance Park to discuss financial literacy with students as they learn about sound money management basics.

“It is very important to learn about the basic principles of money management now,” said Commissioner Badolato. “When you head off to college and beyond to start careers, you should already have the foundation necessary to make smart decisions.”

Finance Park is the culmination of a four week financial literacy program taught at high schools across the State. On the final day of the course, students visit the Junior Achievement Finance Park where volunteers assist them in making simulated financial decisions.

Students take on fictional jobs with income and debit cards and then set financial plans that allow them to budget based on their annual income. They visit various kiosks in the park that represent typical daily living expenses such as electric bills, housing costs, transportation costs, health care, and home improvement.

Junior Achievement of New Jersey, a non-profit organization dedicated to educating young people about business, economics and free enterprise, partners with the Department on many Financial Literacy programs. Through a dedicated volunteer network, JA offers in-school and after-school programs for students in grades K-12 including Financial Program which it conducts with DOBI and the business community. JA Finance Park, which made its debut in Newark in February 2009, reaches tens of thousands of students every school year.

Commissioner Badolato and DOBI staff visited the program on December 7 as part of the Department’s ongoing Financial Literacy program. For the last 10 years, the Department has conducted financial literacy programs for high school students and spoken to thousands of students in school across the State about topics including basic personal finance, the importance of credit and how to manage credit cards.  The Department expanded the program to include programs for senior citizens in 2012, and for college students in 2013.