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Treasurer Magaziner, Rhode Island Department of Education, & Community Partners Announce $50,000 Financial Literacy Grant

Grant provided by Next Gen Personal Finance Co-Founder Tim Ranzetta to advance financial literacy education for Rhode Island students

PROVIDENCE, R.I. – Rhode Island General Treasurer Seth Magaziner today joined Rhode Island Department of Education (RIDE) Commissioner Angélica Infante-Green, Next Gen Personal Finance Director of Partnerships and Educational Outreach Yanely Espinal, Rhode Island Foundation President and CEO Neil D. Steinberg, RI Jump$tart President Dr. Margaret Brooks, and community partners to announce the award of a $50,000 grant to advance financial literacy education for Rhode Island students.

"One of my top priorities as General Treasurer is to provide financial security to Rhode Islanders," said Treasurer Magaziner. "That starts with instilling in our youth the knowledge they need to build stable and successful lives and that begins with providing financial literacy education in our schools. I'm proud that the grant secured by my Office will have a tremendous impact on the long-term financial security of our youth by preparing them with the skills they need to succeed in the economy of the 21st century."

The $50,000 grant was secured by the Office of the General Treasurer and will be provided to the Rhode Island Foundation by Next Gen Personal Finance (NGPF), a nonprofit co-founded by Tim Ranzetta and Jessica Endlich Winkler that provides free, up-to-date financial literacy curriculum, engaging professional development and advocacy resources to 50,000 middle and high school teachers reaching more than 2 million students nationwide.

"Financial literacy education will provide our kids with important knowledge and skills to ensure their financial well-being from the classroom to the real world," said Commissioner Infante-Green. "This generous funding brings us one step closer to offering the financial literacy programs our students deserve. I thank Treasurer Magaziner, Next Gen Personal Finance, the Rhode Island Foundation, and our many partners for their support in ensuring that Rhode Island students have a greater understanding of their personal finances and have long-term financial success."

The $50,000 grant from Next Gen Personal Finance will support the implementation of the Rhode Island Financial Literacy education legislation that passed in June 2021 by providing up to three (3) PrepareRI Ambassadors with $5,000 each ($15,000), $10,000 to support consumer education efforts in the state, and $25,000 in matching stipends for high school teachers who complete professional development through Next Gen Personal Finance. The matching stipend will promote participation in Next Gen Personal Finance's current Academy program which incentivizes teachers to participate in free professional development by awarding $100 per 10 hours of professional development completed.

"The NGPF team is excited to support Rhode Island's commitment to increasing the financial capability of students across the state," said Yanely Espinal, Next Gen Personal Finance Director of Partnerships and Educational Outreach. "The past few years have underscored how critical teachers are and this grant will increase their expertise and confidence."

Treasurer Magaziner led the successful effort to pass legislation instituting a financial literacy requirement for all Rhode Island high school students in collaboration with educators, students, community leaders, and bill sponsors Senator Sandra Cano and Representative Mia Ackerman. The law requires all high schools to offer a standards-aligned financial literacy course by 2023 to help students better understand and manage their personal finances.

"Giving teachers access to professional development to help them develop and provide important financial education to students throughout the state. This is very well aligned with our work supporting educational success and economic security for all," said Neil D. Steinberg, president, and CEO of the Rhode Island Foundation. "We are honored to work with Treasury, RIDE, Next Gen Personal Finance, and local school districts like Central Falls to ensure students have this important foundation for their future."

In December 2018, Treasurer Magaziner released Fallen Behind, a report that shows the impacts of financial literacy education. As the report outlines, individuals who have completed a personal finance course are more likely to have higher credit scores and lower loan default rates; meet credit card payment obligations; demonstrate more effective management of personal debt; and achieve higher levels of personal savings as a proportion of income. These are skills that will ultimately help to ensure the Rhode Island workforce is equipped to succeed in a competitive economy.

"Financial literacy is an essential life skill," according to Dr. Margaret Brooks, president of the RI Jump$tart Coalition. "Our organization has frequently partnered with NGPF to offer free professional development programs for RI teachers following the adoption of Council for Economic Education standards in 2014. We are thrilled to see NGPF's generous $50,000 grant that will further support and expand access to financial education for all RI students."

PrepareRI is currently accepting applications for the 2021 - 2022 cohort of Financial Literacy Ambassadors. Applicants can be district leaders, principals, school administrators, teachers, college professors, community leaders, parents, and others. Applicants are asked to please read these application instructions before applying online.

About Next Gen Personal Finance In 2014, Tim Ranzetta and Jessica Endlich founded Next Gen Personal Finance (NGPF) is a non-profit organization to partner with personal finance teachers. NGPF provides FREE up-to-date curriculum, engaging professional development, and advocacy resources to increase access to financial education. In addition to providing free curriculum and PD, NGPF issues various grants and sponsorships to schools, teachers, students, and like-minded organizations. NGPF Fellows are some of the many teachers that helped build the grassroots momentum of Mission 2030. As of 2021, NGPF's curriculum and professional development have extended to 50,000 middle and high school teachers reaching more than 2 million students.

Related links

  • Department or agency: Office of General Treasurer Seth Magaziner
  • Online: http://treasury.ri.gov
  • Release date: 09-13-2021

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