RI Jump$tart Coalition Applauds Legislators for Establishing  Youth Personal Financial Education Study Commission

Providence, RI – The Rhode Island Jump$tart Coalition applauds the Rhode Island legislature for passing bills to establish a 15-member study commission to report back to the legislature early next year on the status of youth financial education in the Ocean State middle and high schools.  Senator Daniel J. Issa and Representative Raymond C. Church sponsored senate bill 804 and house bill 6235 respectively.

Rhode Island Executive Director, Jim Hedemark congratulates the prime sponsors on their bills’ passage; “Even considering an issue like youth personal financial education that enjoys universal support, you need legislators who can bring the item to the forefront, manage the process and ensure that the measure is not lost in the shuffle.Senator Issa and Representative Church, demonstrated legislative prowess and financial literacy leadership this past session.”

In a statement, Senate Education Committee Chairman Senator Issa provided, “Financial literacy – which means more than just knowing how to balance a checkbook – is a vital step toward ensuring the well-being of our youth as they move into adulthood.  The consequences of inadequate financial literacy can be serious.”

Similarly, Representative Church stated, “The ability to handle one’s own money is a vital skill for all adults, but it seems many young adults, and even not-so-young adults, don’t even know the basics.If there’s any skill that every adult needs, it’s how to handle personal finance, so it’s worth exploring whether this is something being taught or that we need to make room for in the curriculum.”

The next step in the process is filling the 15-member commission.  Six legislators will be joined by others including representatives from the General Treasurer’s office, Rhode Island Department of Education, the Society of Certified Public Accountants, a middle and high school teacher and others.  Once the commission is filled, a first meeting will likely take place this summer.

On the need for increased personal financial education in our schools, Hedemark asserts, “The 2006 national Jump$tart Survey of over 8,000 high school seniors reports that Rhode Island students can only answer just under half of personal financial questions.The need for more personal financial education is great.”He continued, “While other states are moving to require personal financial courses in schools, we in Rhode Island need to fully understand what is currently occurring in our schools so that we can make informed recommendations.The work of the commission is an important first step.”

On June 13th of this year, the National Council of Economic Education (NCEE) issued their biennial “report card” on economic and financial education in the states.The survey reports that nine states currently require financial education to be taught in schools.Rhode Island currently has no requirement.  More on the NCEE survey can be found by clicking here.

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