RIJ$C Directors, Justin Bownds (left) and Prof. Paul Maloney (right) with Jay Hein, White House Faith Based & Community Initiatives Director.

RIJ$C representatives, Bownds, Hedemark and Maloney with U.S. Senator Jack Reed (third from left).
During the June '08 D.C. visit, RIJ$C representatives met with Senator Reed and senior staff from Congressman Kennedy's office.
Maloney also attended the President's Advisory Council on Financial Literacy.

Contact: Jim Hedemark
401.385.9411 | email

RI Jump$tart Coalition Leaders
to Participate in White House
Financial Literacy Roundtable

06.18.08 (Washington, DC) – Next Wednesday, the Rhode Island Jump$tart Coalition (RIJ$C) President, Secretary, and Executive Director will participate in a White House Compassion in Action Roundtable on Financial Literacy organized by the White House Office of Faith-Based and Community Initiatives (OFBCI) and the President’s Council on Financial Literacy, to be held at the Eisenhower Executive Office Building.

By invitation of the U.S. Treasury Office of Financial Education, RIJ$C President Professor Paul Maloney, Secretary Justin Bownds, and Executive Director, Jim Hedemark are very pleased to represent the Ocean State along with “government officials, policymakers, business leaders, foundation representatives, philanthropists and faith-based and community leaders” from throughout our nation who have been invited by the hosting entities.

The White House indicates “The Roundtable will focus on innovative and effective programs and partnerships that promote financial literacy among Americans of all ages.”

Professor Maloney expresses his gratefulness for Rhode Island inclusion in the roundtable, offering, “We are very pleased for this opportunity to share our strong track record of promoting youth financial education at the White House event and look forward to bringing back new ideas from peers across the country.”  He continues, “Financial literacy, especially that of our youth, has risen to the highest office in our nation and we are proud to be a part of this discussion that is essential to ensure that our next generation of adults will have the knowledge and resources to achieve financial stability.”

The White House further describes the need for increased financial literacy among Americans:

“For many Americans, the line between financial stability and financial distress is a thin one. Small decisions and simple habits can become a watershed, leading either to fiscal health and opportunity or severe challenges in virtually every aspect of life. 

A brief review of national data reveals that many Americans walk on thin financial ice. Consumer debt is on the rise. An estimated 30 million Americans do not have bank accounts, and many of those who do are depleting their savings at an alarming pace. Saving rates in America are troublingly low.  These numbers carry impact for every area of society—from mortgage foreclosure, bankruptcy, and divorce, to the high school dropout rate, detrimental borrowing practices, chronic poverty and inner city crime. 

Many faith-based and community organizations have realized the tremendous benefits of financial literacy for the well-being of individuals and the broader society.  Alongside leadership provided by government and the private sector, these discerning organizations are providing education on financial literacy that equips individuals with the tools they need to avoid the pitfalls of consumer debt, predatory lending and other traps, while succeeding in areas such as home ownership, budgeting, and credit repair.”

Just last month, RIJ$C reported that based on research of thirty-six Rhode Island High Schools, only around 5% of Rhode Island high school students take a course dedicated to personal finance.  Further, in April, the national Jump$tart Coalition reported that high school seniors in the United States can answer only 48% (as a mean average) of personal finance questions correctly.  Rhode Island high school seniors’ mean average was also 48%.

As previously reported, a special legislative commission to study youth financial education practices in Rhode Island middle and high schools recently issued ten recommendations including; The Rhode Island Department of Education should adopt statewide standards in personal financial education, work to include more personal finance questions in the New England Common Assessment Program (NECAP), incorporate personal finance in teacher professional development, include personal finance in the forthcoming Social Studies content guidelines, create a Task Force to develop a statewide personal finance strategy, action plan, and marketing strategy, promote trusted curricula, and endeavor to increase participation among students in personal finance courses each forthcoming year.

The Rhode Island Jump$tart Coalition (founded in 2004) is an coalition of dozens of Ocean State and New England region businesses, community organizations, educational institutions, government agencies and officers. The coalition¹s mission is “to increase the financial literacy of individuals in Rhode Island.” The coalition¹s website is www.rijumpstart.org

# # #