It may be the smallest state in the union, but it’s undertaking a big initiative—starting students on the road to financial wellness (or at least financial literacy) at younger ages.
Legislation was introduced in the Ocean State in January, supported by General Treasurer Seth Magaziner, that will expand the teaching of personal finance in Rhode Island’s public high schools.
Magaziner and the legislation’s sponsors were joined by teachers, students, legislators, and community organizations who support the effort.
“Thirty-six states guarantee students access to personal finance education in their public schools, but Rhode Island does not,” Magaziner said. “Financial education is vital in setting young people up for success in life, and Rhode Island has fallen behind in offering financial education in our schools.”
While seven Rhode Island school districts have made personal finance a graduation requirement, and most Rhode Island high schools offer classes that include personal finance, Rhode Island is an outlier in not guaranteeing that all students benefit from personal finance education.
The legislation would require all public high schools to offer a class that includes personal finance beginning in the 2019-2020 school year and would require students to demonstrate proficiency in personal finance by the 2021-2022 school year.
“We are letting our children down by not teaching them the most important and most needed skill in adulthood—financial literacy,” Sen. Sandra Cano, D-Dist. 8, Pawtucket, said in a statement. “Without adequate financial literacy, our graduating students are put at a distinct disadvantage in starting their adult lives. This must end for the sake of our students and I am looking forward to working with Treasurer Magaziner to ensure Rhode Island’s kids get the financial education that will benefit them so much later in life.”
A recent report published by the Treasurer’s office outlines the need for personal finance education in Rhode Island schools, the positive impact that financial education can have the long-term financial health of students, and a path toward ensuring that all Rhode Island students receive access to personal finance education.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
