
CENTRAL FALLS – R.I. General Treasurer James A. Diossa, Navigant Credit Union and Fidelity Investments Inc. on Monday launched a pilot financial education program at the Calcutt Middle School in Central Falls.
The program, called the Financial Capabilities Consortium Pilot Program, will provide 50 eighth graders and their families with a combination of in-classroom coursework from the financial literacy nonprofit FLY Initiative and real-world exposure to local banking and financial services businesses.
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Participating students will receive a $50 savings account from Navigant and access to investing simulation tools from Fidelity. Students will also visit local Navigant branches and Fidelity’s Smithfield campus to experience firsthand what it’s like to work in the financial sector.
Additionally, CFA Society Providence and Millennial RI will offer coaching on networking and skill building, helping students develop confidence for their future careers.
“The earlier students learn about personal finances and the financial world in general, the better prepared they will be to navigate important life decisions and build wealth,” Diossa said. “As a teenager, I didn’t have access to these important lessons. I’m excited to be launching the Financial Capabilities Consortium Pilot Program here in Central Falls today, empowering eighth grade students and their families with financial literacy skills and real-world experience.”
Diossa created the Financial Capability Consortium in 2023 to identify opportunities to strengthen financial education in Rhode Island’s urban communities. With funding from the Rhode Island Foundation, the consortium surveyed and spoke to school districts, individuals and organizations to identify needs in the urban core. The pilot program in Central Falls is a result of this research and is a first step in implementing community-based financial literacy education for urban core students starting in eighth grade, Diossa said.
The Financial Literacy Youth Initiative will provide in-classroom instruction, and CFA Society Providence will help track outcomes. Ultimately, the consortium hopes to replicate the pilot program throughout the state.
“As someone who went to school here in Central Falls, I understand the challenges that many of our students face,” said Central Falls Mayor Maria Rivera. “Juggling school, working multiple jobs, helping family make ends meet. So many of our kids are learning the value of very hard work early on, but now, they will be empowered to take control of their financial futures. By equipping our eighth grade students with real-world financial skills, we’re giving them the tools to build a foundation for lifelong success.”
While Navigant is now based in Smithfield, the credit union was established in Central Falls in 1915.
“We have served the Central Falls community for more than 100 years and look forward to supporting these efforts that will empower the future leaders of the community to achieve financial success,” said Kathleen C. Orovitz, Navigant CEO and president.