Why RIFI?

In Rhode Island, just like in many states, our youth are receiving little to no personal financial instruction during their K-12 school years. The following research describes the status of youth personal financial education and student personal financial knowledge in Rhode Island:

Low Youth Knowledge!

Based on the 2008 national Jump$tart Coalition Survey, high school seniors in Rhode Island can correctly answer just forty-eight percent (48%) of personal finance questions correctly.

No Curricular Requirements!

Rhode Island currently has no established standards, requirements, or testing in personal finance.

Low Student Participation in Personal Finance Electives!

Based on research conducted by the Rhode Island Jump$tart Coalition provided in our 2008 report, "Rhode Island High School Financial Literacy Education: A Depth Chart 2007-2008," on average, only five percent (5%) of Rhode Island public high school students elect to take a course dedicated to personal finance in a school year.

As reported in the Findings and Recommendations report submitted to the General Assembly in May of 2008 by the Special Legislative Commission to Study Youth Financial Education, the Commission found:

"Finding 1: Young people in Rhode Island and across the nation face a future where knowledge of personal finances -- credit and debt management, financial planning, saving, investing, and retirement -- will play an unprecedented role in their economic wellbeing. Most youth are under prepared for their financial futures.

"Finding 2: Youth financial literacy has very real implications for state and federal economic well-being, and many states and the federal government have responded by better harnessing opportunities for youth financial literacy. At present, eight states require that students receive personal financial education as a high school graduation requirement.

"Finding 3: Many middle and high schools in Rhode Island offer financial literacy instruction and content, but in an unpredictable and uncoordinated manner. Based on recent research by the Rhode Island Jump$tart Coalition, within the 36 high schools that provided information, approximately five percent of students participate in either a required or elective course that is dedicated to personal financial literacy.

"Finding 4: The lack of more widespread personal financial literacy instruction in Rhode Island’s middle and high schools is not due to an absence of curricula or instructional resources. In fact, there is an array of free, well-designed, standards-based financial literacy curricula suitable for middle and high school classrooms."