McKee signs high school financial education bill

LEGISLATION SIGNED by Gov. Daniel J. McKee on June 9 sets standards for personal finance classes across Rhode Island high schools. / COURTESY R.I. OFFICE OF THE GOVERNOR

PROVIDENCE – Personal finance classes will soon be a part of the curriculum across Rhode Island high schools under legislation signed by Gov. Daniel J. McKee on June 9.

The legislation, drafted by Treasurer Seth Magaziner in conjunction with lawmakers, calls for the Council on Elementary and Secondary Education and the R.I. Department of Education to develop instruction standards for personal finance classes.

The standards must be developed and approved by Dec. 31, and offered to students starting in the 2022-2023 school year. 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.

The legislation takes Rhode Island off a list of what was previously 14 states that do not provide personal finance education to its students. It also standardizes the curriculum and topics to be taught, which include installment purchasing, budgeting, credit and the law, employment and income, saving, investing and money management.

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Bills were passed in the R.I. House and Senate on May 11 and May 12, respectively.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.

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