Bill introduced to expand financial literacy of students

    General Treasurer Seth Magaziner. (WJAR)

    Two Rhode Island lawmakers as well as the state’s general treasurer have introduced a bill to expand the teaching of personal finance in the state’s public high schools.

    The legislation introduced Thursday is sponsored by General Treasurer Seth Magaziner, as well as Democratic Sen. Sandra Cano, of Pawtucket, and Democratic Rep. Joseph McNamara, of Warwick.

    Magaziner said financial education is “vital in setting young people up for success in life.” He says 36 states already have such a requirement, as do several Rhode Island school districts.

    "It's harder than ever before to be a teenager, a young adult, someone in their early 20s, navigating the financial system," Magaziner said. "You have to make big financial decisions from early in life, decisions on how to finance higher education, how to buy your first car, how to build credit."

    The legislation would require public high schools to offer a class that includes personal finance beginning in the 2019-2020 school year, and would require students to demonstrate proficiency in personal finance by the 2021-2022 school year.

    (NBC 10 News contributed to this report.)

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