New Mobile Financial Literacy Center in Newark will Help Thousands of New Jersey Students Learn the Basics of Money Management
By Mel Fabrikant Saturday, February 09, 2013, 04:20 PM EST
Mayor Cory Booker, Kenneth Kobylowski, Commissioner, NJ Department of Banking & Insurance and representatives from Capital One Bank and Junior Achievement of New Jersey were there to talk to the importance of introducing students to financial education at an early age and the value of financial literacy in today’s global economy.
This opportunity gives students the experience of what it’s like to be an adult for a day. The program begins with four weeks of intensive in-classroom financial education lessons, based on Junior Achievement’s nationally recognized curriculum. Then, students put their newly learned money management skills to the test in the interactive learning environment of Capital One/Junior Achievement Finance Park™, where students are assigned fictional jobs, incomes, families and expenses and must make real life financial management decisions concerning housing, transportation, savings, food, and entertainment. Volunteers from local NJ businesses mentor the students during their journey, helping them develop and stick to budgets based on their assigned fictional life situation. The new mobile financial literacy center is expected to provide more than 5,000 students in grades 7-12 in Newark and surrounding counties including Bergen, Hudson, Morris, Union and Warren with a hands-on experience in budgeting, saving and smart spending in the 2012-2013 school year. In the coming years, Capital One/Junior Achievement Finance Park™ will tour throughout New Jersey to expand its reach and impact.
Around the country, more than 100,000 students have participated in Capital One/Junior Achievement Finance Park™. Capital One has invested more than $19 million and more than 10,000 Capital One associates have volunteered at JA Finance Park® centers across the country to help students become more financially literate.
Financial literacy is a critical issue impacting our nation’s financial security, yet studies show that many Americans lack basic financial knowledge. Capital One Bank and Junior Achievement have a long-standing relationship and shared mission to address this issue by educating students to make wise financial decisions throughout their lives and helping them prepare for their future economic success. Capital One/Junior Achievement Finance Park™ has a proven track record in engaging students in financial education opportunities and ensures that students who participate have the necessary skills to save, invest and budget. A recent survey of JA Finance Park participants found that students experience a 21 percent increase in knowledge on key financial topics at the end of the program. In addition, 88 percent of students said the experience taught them how to manage their money.
The expansion of JA Finance Park® is of particular importance in New Jersey, one of 17 states that has passed a financial literacy standard for high school students. Capital One/Junior Achievement Finance Park™ helps students develop skills and strategies that promote personal and financial responsibility, and provide schools with the proven resources they need to meet the state’s financial literacy standard. New Jersey students who have participated in JA Finance Park® take pre and post program evaluations. Student evaluation scores have increased their average score by 21 percentage points, with overall increase of 99 percent in the area of budgeting and a 384 percent increase in savings. By partnering to create JA Finance Park®, Capital One Bank and Junior Achievement of New Jersey are helping to ensure the next generation is prepared to handle their finances and ultimately build economic stability in New Jersey and throughout the country.
About Junior Achievement of New Jersey
Junior Achievement is the world's largest organization dedicated to educating youth about financial literacy, work readiness, and entrepreneurship through relevant, hands-on programs that provide a fresh perspective to classroom learning that generates excitement, facilitates learning, and engages all types of students. Junior Achievement of New Jersey reinforces JA USA’s nationwide curriculums while correlating its programs with New Jersey state standards. JANJ is committed to giving young people the knowledge and skills they need to own their economic success, plan for their futures, and make smart academic and economic choices. It is JANJ’s vision to inspire and prepare NJ youth to be the next generation of leaders through real world relationships with business, government and education partners who can help them develop the entrepreneurial and financial literacy skills to succeed in the global economy. This school year, JANJ will reach more than 46,000 students. Visit www.janj.org .
About Capital One
Capital One Financial Corporation, headquartered in McLean, Virginia, is a Fortune 500 company with approximately 1,000 branch locations primarily in Maryland, Virginia, the District of Columbia, New York, New Jersey, Texas and Louisiana. Its subsidiaries, Capital One, N.A. and Capital One Bank (USA), N. A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. We apply the same principles of innovation, collaboration and empowerment in our commitment to our communities across the country that we do in our business. We recognize that helping to build strong and healthy communities – good places to work, good places to do business and good places to raise families – benefits us all and we are proud to support this and other community initiatives.