New fund created to support financial literacy instruction
PROVIDENCE, R.I. (AP) — A new fund has been created to support financial literacy instruction in schools statewide.
The United Way of Rhode Island and Treasurer Seth Magaziner announced the creation of “Financially FIT Rhode Island” last week.
Administered by United Way, the fund will award grants for professional development and financial literacy course material. Local financial service firms have made $50,000 in initial pledges.
Magaziner’s office says the program will be officially launched when legislation guaranteeing access to financial literacy education becomes law. Lawmakers are considering a bill mandating financial literacy to be taught in public high schools.
Magaziner and Cortney Nicolato, president and CEO of United Way of Rhode Island, say young Rhode Island residents aren’t prepared to make important financial decisions because they are not taught financial literacy in school.