Assembly calls for Department of Education Task Force on Financial Education in state's schools

Only five percent of young people in RI’s high schools participate in a course dedicated to financial literacy each academic year

STATE HOUSE – The General Assembly has adopted a Joint Resolution requesting the Department of Education (DoE) to create a Task Force on Youth Financial Literacy.

Sen. Daniel J. Issa (D-Dist. 16, Central Falls, Cumberland, Pawtucket) and Rep. Raymond Church (D-Dist. 48, Burrillville, North Smithfield) sponsored the resolution urging creation of a task force to develop a statewide strategy, action plan, and marketing plan for increasing middle and high school students’ knowledge of personal financial literacy.

The Task Force on Youth Financial Literacy, as proposed in the resolution, will be comprised of educators and members of the financial community. It will be expected to complete its work and provide recommendations to the Speaker of the House and the President of the Senate by January 31, 2009.

The resolution stems from recommendations included in the final report of the Special Legislative Commission to Study Youth Financial Education that the two legislators chaired. The commission presented the findings and recommendations of its year-long research in May.

The Special Legislative Commission to Study Youth Financial Education was created by legislation approved in the 2007 session and sponsored in their respective chambers by Senator Issa and Representative Church. Its creation was proposed on the heels of a report that on a national financial literacy test, Rhode Island high school seniors scored below the national average.

The legislation, (2008 - S3056) and (2008 - H8332), has several co-sponsors including Sen. David Bates (R-Dist. 32, Barrington, Bristol), Sen. Paul V. Jabour, (D-Dist. 5, Providence), Rep. Victor G. Moffitt (R-Dist. 28, Coventry), and Rep. Gregory J. Schadone (D-Dist. 54, North Providence), all of whom served on the study commission.