Growing up in Central Falls, I received my earliest financial education from my parents; watch the pennies and the dollars will take care of themselves. They were raising a growing family yet didn’t earn much, despite working long hours. Their advice reflected a simple necessity, and that lesson still resonates with me. Looking back on my public education, however, there was no opportunity to learn even the most basic financial skills, never mind anything that might help one build and retain wealth. I learned about these things in college – while simultaneously amassing significant student loan debt.
Fortunately, Rhode Island has since recognized the need to empower our students with these critical skills. Starting with the 2022-2023 academic year, all public high schools are required to incorporate financial literacy into their curriculums. This is a great step forward. One that will help address persistent wealth gaps and give our students the practical skills they need to think about college loans, save for their first car or home, and invest for retirement.
While that is an important step forward, not all schools have the same resources with which to implement such instruction. In suburban districts, where resources are more abundant, financial literacy programs often thrive. These schools have the resources and support necessary to deliver comprehensive financial education that prepares students for real-world financial decisions. However, urban core districts often face significant fiscal and staffing challenges that prevent them from making financial education a priority.
This inequity can create significant gaps in outcomes. Students in urban core districts, who may already be dealing with financial instability at home, are not receiving the education that could help them break cycles of poverty and build wealth. For these students, financial literacy represents a lifeline to a more secure future.
That’s why I created the Financial Capability Consortium, a coalition of local financial services, education, and professional groups to identify opportunities to strengthen financial education in our urban core communities. With funding from the RI Foundation, we surveyed and spoke directly to school districts, individuals, and partner organizations to identify needs in our urban core and throughout the state. As a result, we have launched a pilot program at Calcutt Middle School in Central Falls to offer students hands-on financial education, starting in 8th grade.
Through partnerships with Fidelity Investments, Navigant Credit Union, FLY Initiative, the CFA Society Providence, and Millennial RI, students will have access to real-world financial tools like stock market simulations, savings accounts, career coaching and mentorship, and financial goal-setting workshops. Students will also visit local Navigant bank branches and Fidelity’s Smithfield campus to experience firsthand what it’s like to work in the financial sector. Beyond teaching abstract concepts, we aim to give students practical skills that will help them manage money, save for major milestones, and build and retain wealth over their lifetimes.
We’re taking a family-centered approach involving parents in the learning process and empowering entire families to make better financial decisions. This is a crucial step toward fostering intergenerational wealth-building and breaking the cycle of financial insecurity that has persisted in many underserved communities.
To make this initiative truly impactful, we need to expand it to other urban core districts and make sure that all Rhode Island students have access to the same high-quality financial education, regardless of where they live. My office is committed to making that happen, and we are working closely with the CFA Society Providence, Brown University, and other partners to track the success of this pilot program. With measurable outcomes, we can ensure that this initiative not only meets students’ needs but also sets a new standard for financial education across the state.
This initiative is more than just a curriculum — it’s a life-changing opportunity. By equipping students and their families with real-world financial skills, we’re preparing them to confidently manage money, buy a car, save for college, own a home, start a business, and build wealth. What starts with 50 students in Central Falls has the potential to grow into a movement to build a financially empowered generation of Rhode Islanders.
James A. Diossa is the General Treasurer for the State of Rhode Island
