PROVIDENCE – Rhode Island high schools are poised to offer financial literacy classes starting in the 2022-23 school year under legislation that has been approved by both chambers of the General Assembly.
The bill, drafted by Treasurer Seth Magaziner in conjunction with state lawmakers, won passage in the R.I. House of Representatives on May 11. A companion piece of legislation has already cleared the R.I. Senate.
The legislation aims to take Rhode Island off the list of 14 states that do not provide personal finance education to its students. As proposed, high schools will have to offer classes in financial education topics such as budgeting, price comparison, investing, protecting and insuring assets, and marketplace rights and responsibilities beginning in 2022. Students who graduate in 2024 or later either have to take a class, or prove financial literacy through an alternative project or some other metric set by the state Council on Elementary and Secondary Education. The R.I. Department of Education will also provide resources to teachers for the finance classes.
Magaziner in a statement said he applauded the passage of the legislation, which must be co-signed by each chamber before heading to Gov. Daniel J. McKee for final approval.
“As a former public school teacher who taught financial literacy courses, I’ve seen firsthand how much financial literacy education during school years can affect outcomes later on in life,” Magaziner said. “Every student should have access to the personal finance instruction they need to responsibly manage their finances after graduation and into adulthood.”
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.