The Christie Administration Talks Financial Literacy at Essex County College

NEWARK, N.J., April 19 -- The New Jersey Department of Banking and Insurance issued the following news release:

Department of Banking and Insurance Commissioner Richard J. Badolato earlier this month gave the keynote speech on financial literacy to college students at Essex County College in Newark during the school's Third Annual Financial Literacy Fair. Commissioner Badolato explained the benefits of budgeting, saving and smart credit card use to more than one hundred students.

"I cannot stress enough that you should take the lessons you have learned in your financial literacy education so far and hold onto them," said Commissioner Badolato. "Remember that knowledge is power. The more you know about finances, the better off you will be."

Commissioner Badolato provided advice to students that included spending less each month than earned, developing a savings habit and remembering that using a credit card is a form of borrowing. His advice also covered student loans, auto and renters insurance as well as free apps from the National Association of Insurance Commissioners that can assist them should they need to file an auto or renters insurance claim.

One app assists users in conducting inventories for their renters insurance. Called myHOMEScr.APP.book, this free app helps catalogue and record property to make filing a claim easier in the event of a loss. The other, Wreck Check, helps auto accident victims document a collision or comprehensive claim at the accident scene.

The Commissioner's appearance was part of the Department's ongoing financial literacy program, which was expanded in 2006 with programs for high school students and expanded in 2012 to include presentations for senior citizens and college students.