What Rhode Island requires
Rhode Island's financial literacy requirement is based on proficiency rather than seat time or a fixed credit amount. Beginning with the class of 2024, a public high school student must demonstrate the knowledge and skills in the state-endorsed financial literacy standards before receiving a diploma.[1][2][3]
Each public high school has been required to offer a standards-aligned consumer education course since the start of the 2022-23 school year. That course-offering obligation is separate from the student's graduation pathway because an LEA may also accept a project, controlled assessment, or another Council-approved proficiency demonstration.[1][3]
Rhode Island endorsed the 2021 National Standards for Personal Financial Education on December 7, 2021. The cumulative grade-12 framework contains 68 standards across earning income, spending, saving, investing, managing credit, and managing risk.[5][3][4]
The law applies to public schools and expressly excludes private schools. It also allows exceptions and accommodations for students with disabilities when a student cannot reasonably be expected to demonstrate proficiency to the Council's standards.[1]
- Grades / placement
- Public high school
- Responsible agency
- Rhode Island Department of Education
- Assessment required
- No
- Evidence
- 5 primary sources
Implementation timeline
- Milestone 01
The financial literacy amendments to R.I. Gen. Laws § 16-22-13 took effect.[1]
- Milestone 02
The Council on Elementary and Secondary Education endorsed the updated Rhode Island Financial Literacy Standards.[3]
- Milestone 03
Every public high school was required to offer a course with consumer education instruction aligned to the statewide standards.[1]
- Milestone 04
The Council approved Readiness-Based Graduation Requirements that include financial literacy proficiency.[3]
- Milestone 05
The first graduating class was required to demonstrate financial literacy proficiency.[1]
- Milestone 06
RIDE issued revised guidance describing course, project, assessment, and Council-approved proficiency pathways.[3]
- Milestone 07
The statute's first regular review cycle for the standards, educator credentials, and instructional resources begins.[1]
Rhode Island personal finance standards
The complete list below contains all 68 required personal finance topics currently identified in the controlling state materials. Each topic remains separate so educators and search engines can find the exact requirement.
Rhode Island Financial Literacy Standards: National Standards for Personal Financial Education
Adopted by Rhode Island Council on Elementary and Secondary Education on 2021-12-07.
Open the official documentEarning Income
Eleven grade-12 standards address compensation, benefits, education and careers, labor-market conditions, taxes, retirement income, and self-employment.
- 01
Compensation may include wages, salaries, commissions, tips, bonuses,…
Compensation may include wages, salaries, commissions, tips, bonuses, and employer contributions to health, retirement, and education benefits.[4]
- 02
Workers may value noncash benefits such as working conditions, flexible…
Workers may value noncash benefits such as working conditions, flexible hours, telecommuting, and advancement opportunities.[4]
- 03
People weigh the present costs of additional education and training…
People weigh the present costs of additional education and training against future benefits such as greater earning potential.[4]
- 04
Employers generally pay more to workers who are more educated, skilled,…
Employers generally pay more to workers who are more educated, skilled, and productive, while pay can also vary within and across jobs.[4]
- 05
Economic conditions, technology, and labor-market changes can affect…
Economic conditions, technology, and labor-market changes can affect income, career opportunities, and employment status.[4]
- 06
Federal, state, and local taxes fund public goods, services, and…
Federal, state, and local taxes fund public goods, services, and transfers, with major taxes including income, payroll, property, and sales taxes.[4]
- 07
The type and amount of taxes owed depend on income sources, income…
The type and amount of taxes owed depend on income sources, income amount, and spending patterns.[4]
- 08
Interest, dividends, and capital gains are forms of unearned investment…
Interest, dividends, and capital gains are forms of unearned investment income and can be taxed differently from earned income.[4]
- 09
Tax deductions and tax credits reduce income-tax liability in different ways
Tax deductions and tax credits reduce income-tax liability in different ways.[4]
- 10
Retirement income commonly combines continued work, Social Security,…
Retirement income commonly combines continued work, Social Security, employer-sponsored plans, and personal investments.[4]
- 11
Small-business ownership and gig work can provide primary or…
Small-business ownership and gig work can provide primary or supplemental income while creating distinct costs and risks.[4]
Spending
Nine grade-12 standards cover budgets, informed purchasing, durable goods, price presentation, research, housing, giving, consumer protection, and recordkeeping.
- 01
A budget supports financial goals by allocating income among necessary…
A budget supports financial goals by allocating income among necessary and desired spending, saving, and charitable giving.[4]
- 02
Consumer decisions reflect prices, alternatives, budgets, preferences,…
Consumer decisions reflect prices, alternatives, budgets, preferences, and possible environmental, social, and economic effects.[4]
- 03
Purchases intended for long use should be evaluated for durability,…
Purchases intended for long use should be evaluated for durability, maintenance cost, and product features.[4]
- 04
Advertised prices, inflation, fixed pricing, and negotiation can…
Advertised prices, inflation, fixed pricing, and negotiation can influence consumer choices and final cost.[4]
- 05
Consumers incur costs and gain benefits when researching purchases and…
Consumers incur costs and gain benefits when researching purchases and resisting impulse buying and manipulative advertising.[4]
- 06
Housing choices depend on preferences, circumstances, and costs and can…
Housing choices depend on preferences, circumstances, and costs and can affect satisfaction and financial well-being.[4]
- 07
People may donate money, goods, or time because they value an…
People may donate money, goods, or time because they value an organization's services or gain satisfaction from giving.[4]
- 08
Consumer laws, regulators, and protection agencies help people avoid…
Consumer laws, regulators, and protection agencies help people avoid unsafe products, unfair practices, and fraud.[4]
- 09
An organized recordkeeping system for spending, saving, and investing…
An organized recordkeeping system for spending, saving, and investing supports better financial decisions.[4]
Saving
Nine grade-12 standards examine account types, interest and fees, mobile and cryptocurrency accounts, inflation, regulation, tax incentives, workplace plans, shared finances, and saving behavior.
- 01
Savings accounts, money-market accounts, and certificates of deposit…
Savings accounts, money-market accounts, and certificates of deposit differ in minimum deposits, rates, access, and insurance coverage.[4]
- 02
Deposit rates and fees vary across institutions and respond to market…
Deposit rates and fees vary across institutions and respond to market conditions and competition.[4]
- 03
Mobile-payment and cryptocurrency accounts may lack federal deposit…
Mobile-payment and cryptocurrency accounts may lack federal deposit insurance and commonly do not pay interest.[4]
- 04
Inflation erodes savings when the account's interest rate is below the…
Inflation erodes savings when the account's interest rate is below the inflation rate.[4]
- 05
Federal and state regulators supervise financial institutions for…
Federal and state regulators supervise financial institutions for solvency, legal compliance, and consumer protection.[4]
- 06
Tax policies can encourage saving through pretax contributions or…
Tax policies can encourage saving through pretax contributions or reduced and deferred taxes on earnings.[4]
- 07
Employer retirement plans, matching contributions, automatic enrollment,…
Employer retirement plans, matching contributions, automatic enrollment, and health savings accounts can encourage saving.[4]
- 08
Sharing financial information, goals, and values before combining…
Sharing financial information, goals, and values before combining finances can reduce future conflict with a partner or spouse.[4]
- 09
Automation, employer matches, and awareness of psychological, emotional,…
Automation, employer matches, and awareness of psychological, emotional, and external influences can help people sustain saving.[4]
Investing
Fourteen grade-12 standards address risk tolerance, return, inflation, diversification, costs, taxes, behavioral biases, financial technology, regulation, benchmarks, and advisers.
- 01
Investment risk tolerance depends on personality, resources, experience,…
Investment risk tolerance depends on personality, resources, experience, and life circumstances.[4]
- 02
Investment returns come from price changes and cash flows, and nominal…
Investment returns come from price changes and cash flows, and nominal return expresses the annual benefit relative to starting value.[4]
- 03
Investors generally expect higher returns for accepting greater risk,…
Investors generally expect higher returns for accepting greater risk, with risk and return varying across asset types and maturities.[4]
- 04
Inflation reduces purchasing power, making real investment return lower…
Inflation reduces purchasing power, making real investment return lower than nominal return.[4]
- 05
Asset prices respond to market conditions, interest rates, company…
Asset prices respond to market conditions, interest rates, company performance, new information, and investor demand.[4]
- 06
Diversification and asset allocation should reflect an investor's…
Diversification and asset allocation should reflect an investor's tolerance for risk, goals, and time horizon.[4]
- 07
The costs of buying, selling, and holding assets reduce investment returns
The costs of buying, selling, and holding assets reduce investment returns.[4]
- 08
Tax treatment affects return and varies with holding period, income…
Tax treatment affects return and varies with holding period, income type, and account type.[4]
- 09
Behavioral biases such as loss aversion and home bias can harm…
Behavioral biases such as loss aversion and home bias can harm investment outcomes.[4]
- 10
Automation and other financial technologies can counter emotional and…
Automation and other financial technologies can counter emotional and behavioral mistakes in investing.[4]
- 11
Discount brokers and robo-advisers use technology to provide lower-cost…
Discount brokers and robo-advisers use technology to provide lower-cost investment access and advice.[4]
- 12
Federal regulation seeks to give investors accurate information and…
Federal regulation seeks to give investors accurate information and protection from fraud and insider trading.[4]
- 13
Investors compare portfolio results with diversified market benchmarks…
Investors compare portfolio results with diversified market benchmarks such as stock or bond indices.[4]
- 14
Licensing, certifications, education, experience, and cost are important…
Licensing, certifications, education, experience, and cost are important criteria when selecting a financial professional.[4]
Managing Credit
Thirteen grade-12 standards cover borrowing cost, collateral, mortgages, education finance, down payments, reports and scores, debt relief, bankruptcy, protections, and alternative services.
- 01
Borrowers compare credit cost using APR and contract terms such as grace…
Borrowers compare credit cost using APR and contract terms such as grace periods, interest calculations, and fees.[4]
- 02
Secured loans generally carry lower interest than unsecured loans…
Secured loans generally carry lower interest than unsecured loans because collateral reduces lender risk.[4]
- 03
Mortgage payments vary with principal, repayment period, and whether the…
Mortgage payments vary with principal, repayment period, and whether the interest rate is fixed or adjustable.[4]
- 04
Postsecondary education is commonly financed through scholarships,…
Postsecondary education is commonly financed through scholarships, grants, loans, work-study, and savings.[4]
- 05
Federal student loans generally offer lower rates and more favorable…
Federal student loans generally offer lower rates and more favorable terms than private student loans and may be subsidized.[4]
- 06
Down payments reduce the amount borrowed and can lower payments and…
Down payments reduce the amount borrowed and can lower payments and improve a borrower’s position with a lender.[4]
- 07
Lenders evaluate creditworthiness using reports compiled by credit…
Lenders evaluate creditworthiness using reports compiled by credit bureaus, which consumers should review and correct when needed.[4]
- 08
A credit score estimates credit risk using report information and can…
A credit score estimates credit risk using report information and can affect access to and cost of credit.[4]
- 09
Landlords, employers, and insurers may use credit reports and scores for…
Landlords, employers, and insurers may use credit reports and scores for decisions beyond lending.[4]
- 10
Borrowers unable to repay debt may seek management assistance from…
Borrowers unable to repay debt may seek management assistance from nonprofit or for-profit services.[4]
- 11
Bankruptcy may provide liquidation or reorganization options in extreme…
Bankruptcy may provide liquidation or reorganization options in extreme cases but can affect assets, employment, and future credit.[4]
- 12
Consumer credit laws govern disclosure, discrimination, marketing, and…
Consumer credit laws govern disclosure, discrimination, marketing, and debt-collection practices.[4]
- 13
Payday loans, check-cashing services, pawnshops, and instant tax refunds…
Payday loans, check-cashing services, pawnshops, and instant tax refunds provide costly alternatives to traditional financial services.[4]
Managing Risk
Twelve grade-12 standards cover risk tolerance, insurance choices, mandatory coverage, premiums, health and disability plans, property and life insurance, public programs, fraud, identity theft, and warranties.
- 01
People differ in their willingness to accept risk and in what they will…
People differ in their willingness to accept risk and in what they will pay to transfer possible losses through insurance.[4]
- 02
Insurance-purchase decisions depend on risk exposure, premium cost,…
Insurance-purchase decisions depend on risk exposure, premium cost, attitudes, age, occupation, lifestyle, and financial profile.[4]
- 03
Some insurance is mandatory, such as lender-required homeowners coverage…
Some insurance is mandatory, such as lender-required homeowners coverage or state-required auto liability coverage.[4]
- 04
Premiums may be lower when policyholders reduce loss risk or accept…
Premiums may be lower when policyholders reduce loss risk or accept higher deductibles and copayments.[4]
- 05
Health insurance covers medically necessary and sometimes preventive…
Health insurance covers medically necessary and sometimes preventive care and may be offered through an employer.[4]
- 06
Disability insurance replaces income lost because of injury or illness,…
Disability insurance replaces income lost because of injury or illness, while public programs may provide additional protection.[4]
- 07
Auto, homeowners, and renters policies can reimburse property losses and…
Auto, homeowners, and renters policies can reimburse property losses and cover liability for harm to others.[4]
- 08
Life insurance provides funds intended to replace income or support…
Life insurance provides funds intended to replace income or support beneficiaries after an insured person's death.[4]
- 09
Unemployment insurance, Medicaid, and Medicare are public programs that…
Unemployment insurance, Medicaid, and Medicare are public programs that protect against specified economic hardships.[4]
- 10
Insurance fraud includes illegal acts by buyers or sellers and can carry…
Insurance fraud includes illegal acts by buyers or sellers and can carry legal consequences.[4]
- 11
Unsafe online behavior and poor document security can expose consumers…
Unsafe online behavior and poor document security can expose consumers to privacy violations, identity theft, and fraud.[4]
- 12
Extended warranties and service contracts transfer some product-failure…
Extended warranties and service contracts transfer some product-failure risk but should be evaluated against replacement cost and failure likelihood.[4]
Relevant law, rule, or board action
R.I. Gen. Laws § 16-22-13
Consumer educationRequires every public high school to offer a standards-aligned course and every student in the class of 2024 and later to demonstrate proficiency through one of several permitted pathways.[1]
200-RICR-20-10-2.3.2
Real-World Relevant Proficiency RequirementsRequires financial literacy proficiency beginning with the class of 2024 within Rhode Island's diploma system.[2]
Notes for teachers and curriculum leaders
- Every public high school must offer a standards-aligned consumer education course, even when an LEA also allows students to demonstrate proficiency through a project or assessment.[1]
- Document the locally selected proficiency pathway and its alignment to the state-endorsed standards. Another type of demonstration requires Council approval.[3][1]
- Apply the statutory disability exception and accommodations individually when a student cannot reasonably be expected to demonstrate proficiency to Council standards.[1]
Official sources
- 1R.I. Gen. Laws § 16-22-13: Consumer educationLocator: Subsections (a)-(l), especially (b), (g), (h), and (l)Supports: course offering, class of 2024, proficiency pathways, disability exception, private-school exclusion, standards topics, 2026 review cycle
- 2Secondary Design: Middle and High School Learning Environments and the Rhode Island Diploma SystemLocator: 200-RICR-20-10-2.3.1 and 2.3.2Supports: 20-credit framework, financial literacy proficiency, class of 2024, local proficiency definition
- 3Financial Literacy Education Guidance and FAQ, Version 2Locator: PDF pages 3-7Supports: class of 2024, stand-alone course, project, assessment, Council-approved alternative, December 2021 standards endorsement, implementation guidance
- 4National Standards for Personal Financial EducationLocator: PDF pages 13-14, 18-19, 23-24, 28-30, 34-35, and 39-40, grade-12 standardsSupports: complete 68 grade-12 standards, six domains, state-endorsed framework
- 5Financial LiteracyLocator: State law, standards adoption, and graduation requirement overviewSupports: June 2021 law, December 2021 standards approval, class of 2024, current guidance
Frequently asked questions
Does Rhode Island require financial literacy to graduate?
Yes. Every public high school student in the class of 2024 and later must demonstrate financial literacy proficiency before graduation.[1][2]
Does Rhode Island require a stand-alone personal finance course?
No. A stand-alone course is one permitted pathway, but an LEA may also use a standards-aligned project, controlled assessment, or another Council-approved proficiency demonstration.[1][3]
How many financial literacy credits does Rhode Island require?
Rhode Island does not set a separate statewide financial literacy credit amount. The statewide rule is a proficiency requirement, and LEAs determine how the demonstration fits their local graduation program.[2][3]
Must Rhode Island high schools offer a financial literacy course?
Yes. Since the start of the 2022-23 school year, every public high school has been required to offer a course that includes consumer education aligned to the statewide standards.[1]
Do Rhode Island's financial literacy requirements apply to private schools?
No. R.I. Gen. Laws § 16-22-13 expressly states that the section does not apply to private schools.[1]