McKee Signs Financial Literacy Education Bill In Pawtucket

PAWTUCKET, RI — Gov. Dan McKee appeared at William E. Tolman Senior High School Wednesday and signed legislation that guarantees basic financial literacy education to all Rhode Island public school students.

The legislation will require state education officials to develop instructional standards on personal finance and consumer education, including installment purchasing, budgeting, credit and the law, employment and income, saving, investing, and money management.

Teaching students basic financial concepts will help them succeed in their adult lives, remarked Senate Education Committee Chair Sandra Cano. "How can we expect our children to become financially successful adults if we do not teach them the core aspects of our financial system when they are in school?" she said.

Treasurer Seth Magaziner, who originally requested the legislation, said such financial education “will have a tremendous impact on the long-term financial security of every Rhode Islander, while increasing economic opportunity across the state.”

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Mayor Donald Grebien was on hand for the ceremony, as were Superintendent Dr. Cheryl McWilliams, Tolman Principal C. Christopher Savastano, and Hanatha Konte, a graduating senior. Tolman already offers a financial literacy curriculum to its students.

The classes at Tolman "help to guide and empower students to make educated financial decisions on their own, something now all of Rhode island's students will be able to experience," said Grebien. McWilliams said understanding how money works is an "important step to adulthood."

House Deputy Whip Mia Ackerman, Department of Education Commissioner Angélica Infante-Green, and other financial literacy advocates attended the event.

Ackerman said many young people don’t understand how high interest rates can bury them for the rest of their lives. "They don't understand that paying the minimum on their credit card bills will keep them paying forever,” she remarked.

Magaziner in 2018 issued a report called "Fallen Behind" that detailed gaps in personal finance literacy and education. Currently, thirty-seven states provide mandatory financial literacy education.

The standards must be developed no later than Dec. 31.