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Treasurer Magaziner, Senator Cano, Representative McNamara Announce Statewide Study of School-Based Financial Literacy Education

Treasurer Magaziner, State Senator Sandra Cano and State Representative Joseph McNamara, today announced a collaboration with the Treasurer's Financial Literacy Roundtable to conduct a state-wide study on how financial literacy education is taught in Rhode Island classrooms.

"We have dedicated teachers in districts all across Rhode Island who are doing incredible work teaching financial literacy to students," said Treasurer Magaziner. "As we prepare our young people to enter college or the workforce, financial literacy is essential. With no state-wide standards for teaching financial literacy, we are hoping that educators will share information on both their successes and challenges."

There is a pressing need for high-quality financial education for students. In a recent ranking of the most financially literate states, Rhode Island ranked number 42. Rhode Island is one of less than a dozen states that have no state-wide standards for financial literacy education.

Senator Sandra Cano (D-Pawtucket), who took office in April 2018 after winning a special election, has made the increased investment in K-12 education a key element in her vision for making Rhode Island a better place to live and work.

Representative McNamara (D-Warwick, Cranston), a retired educator, is Chairman of the House Health, Education, and Welfare Committee. Since taking office in 1994, he has regularly sponsored education-related legislation. Representative McNamara has proposed that Rhode Island adopt standards for distance learning educational programs and has proposed the implementation of a state-wide Student Loan Bill of Rights.

"It is imperative that we prepare our students for future success," said Representative McNamara. "Too many young people are not fully aware of the long-term implications of their financial decisions. We must ensure that they have the knowledge, skills, and resources to meet their financial goals."

"Rhode Island is one of only ten states in the nation that has no requirements for personal financial education in high school. We know that financial literacy is the first step toward financial empowerment," said Senator Cano. "Our students deserve to be taught the knowledge and skills they need to achieve economic security."

Treasurer Magaziner launched the Rhode Island Financial Empowerment Roundtable in August 2017. The Roundtable bringing together stakeholders from government, non-profits, education, businesses, and banking to network and share ideas on how to expand financial empowerment in the Ocean State.

Acting on a suggestion from members of the Roundtable, Treasurer Magaziner, along with Pawtucket Credit Union and Ascensus College Savings, hosted his first-ever "Job Shadow" day earlier this year. Forty-one high school students from cities and towns in Rhode Island, had the opportunity to interact with professionals in the finance industry and to learn about careers and observe daily work activities.

The next meeting of the Roundtable is scheduled for Monday, July 23, 2018 at noon at the State House in the Senate lounge.

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Contact: Evan England, Director of Communications (401) 222-2240 | (401) 439-2199 (mobile)

Related links

  • Department or agency: Office of General Treasurer Seth Magaziner
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  • Release date: 07-09-2018

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