Rhode Island requires financial literacy education for public school students, with mandates effective since 2018. The state has 203 financial literacy standards spanning 6 topic areas, covering grades 6-8, 9-12.
Last updated: March 2026
203
Standards
6
Topic Areas
required
Mandate Status
6-8, 9-12
Grade Levels
Does Rhode Island Require Financial Literacy Education?
Yes. Rhode Island requires financial literacy instruction for public school students. Rhode Island has a financial literacy mandate requiring instruction in economics and personal finance. The state's High Quality Curriculum Materials (HQCM) adoption process specifically includes financial literacy standards, with materials required to align with state standards for grades 6-12.
Mandate Details
- Status
- required
- Effective Year
- 2018
- Standalone Course
- No
- Grade Levels
- 6-8, 9-12
- Legislation
- RIGL 16-22-13 (enacted via HB 5491 / SB 349, 2021) (2021-06-01)
Key Agencies
Oversees state adoption lists, curriculum standards, and adoption cycles
Manages vendor registration and state purchasing contracts
What this means for districts:
Schools must adopt curriculum that aligns to Rhode Island's 203 financial literacy standards. Districts need to verify that their chosen curriculum maps to these specific requirements.
What Are Rhode Island's Financial Literacy Standards?
Rhode Island has 203 financial literacy standards organized across 6 topic areas. These topics range from Saving & Investing and Earning & Income to Insurance & Risk Management, covering the full spectrum of personal finance education.
55 standards
Saving & Investing
42 standards
Earning & Income
31 standards
Financial Planning & Budgeting
29 standards
Credit & Debt
24 standards
Consumer Skills & Protection
22 standards
Insurance & Risk Management
How Rhode Island School Districts Adopt Financial Literacy Curriculum
Rhode Island is a state adoption state, meaning curriculum must appear on a state-approved list before districts can purchase it with state funds. Rhode Island maintains a state-level adoption process with an approved list of materials for K-12 schools, though districts have some flexibility in implementation.
Purchasing Process
Rhode Island uses a state adoption list system where materials are vetted and approved at the state level. Districts select from approved lists, with some opportunity for local RFP processes for supplemental materials.
Decision Level
The state Department of Education sets adoption standards and maintains approved lists, but individual districts make final purchasing decisions from those lists and can conduct local RFPs for non-listed materials.
Textbook Adoption Cycle
Cycle Length
6 years
6 years
Next Review
2030
2030
Subject Area
Economics, Business, and Financial Literacy
Economics, Business, and Financial Literacy
Rhode Island operates on a 6-year adoption cycle. The state adopts materials for different subject areas on a rotating schedule. Financial literacy materials were last reviewed in 2024 as part of the social studies/economics cycle.
Cooperative Purchasing Options
New England Secondary School Consortium (NESSC)
Rhode Island Association of School Committees (RIASC) cooperative contracts
Eastern Connecticut Purchasing Cooperative
Curriculum That Meets Rhode Island's Financial Literacy Standards
Districts looking for a standards-aligned financial literacy curriculum can use iKnowFi Academy — a self-paced, online platform built on the Absorb LMS that maps directly to Rhode Island's learning objectives. iKnowFi Academy covers 153 of 203 standards (75.4% coverage) across 10 courses.
Rhode Island Standards Coverage
75.4%
153 of 203 standards covered
10 courses
Aligned Courses
Borrowing Money
4 modules ·
10 standards aligned
Establishing Credit
4 modules ·
10 standards aligned
Financial Building Blocks
2 modules ·
15 standards aligned
Financial Preparation and Recovery
4 modules ·
21 standards aligned
Making Housing Decisions
3 modules ·
8 standards aligned
Managing Your Debt
2 modules ·
9 standards aligned
Managing Your Money
3 modules ·
16 standards aligned
The Importance of Saving
3 modules ·
12 standards aligned
Using Credit Cards
1 module ·
2 standards aligned
Your Financial Future
3 modules ·
50 standards aligned
Rhode Island's Financial Literacy Standards & iKnowFi Academy Alignment
All 203 standards — 153 covered by iKnowFi Academy.
Saving & Investing
45/55 covered
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| Saving 12-1 | Students will know that: Financial institutions offer several types of savings accounts, including regular savings, money market accounts, and certificates of deposit (CDs), that differ in minimum deposits, rates, and deposit insurance coverage. // Students will use this knowledge to: Compare the features of regular savings accounts, money market accounts, and CDs. | 12 | The Importance of Saving |
| Saving 12-1 | Students will know that: Financial institutions offer several types of savings accounts, including regular savings, money market accounts, and certificates of deposit (CDs), that differ in minimum deposits, rates, and deposit insurance coverage. // Students will use this knowledge to: Explain why CDs typically pay higher interest rates than regular savings accounts or interest-bearing checking accounts. | 12 | The Importance of Saving |
| Saving 12-2 | Students will know that: Deposit account interest rates and fees vary between financial institutions and depend on market conditions and competition. // Students will use this knowledge to: Select a preferred location for a savings account based on comparison of interest rates and fees at different types of financial institutions. | 12 | The Importance of Saving |
| Saving 12-2 | Students will know that: Deposit account interest rates and fees vary between financial institutions and depend on market conditions and competition. // Students will use this knowledge to: Explain why an increase in the number of people who want to borrow money might result in banks paying higher rates on deposits. | 12 | The Importance of Saving |
| Saving 12-2 | Students will know that: Deposit account interest rates and fees vary between financial institutions and depend on market conditions and competition. // Students will use this knowledge to: Discuss types of market conditions that could result in financial institutions paying lower rates on savings accounts. | 12 | The Importance of Saving |
| Saving 12-4 | Students will know that: Inflation can erode the value of savings if the interest rate earned on a savings account is less than the inflation rate. // Students will use this knowledge to: Explain why savers typically earn a higher nominal rate of interest when inflation is high. | 12 | The Importance of Saving |
| Saving 12-4 | Students will know that: Inflation can erode the value of savings if the interest rate earned on a savings account is less than the inflation rate. // Students will use this knowledge to: Illustrate how inflation can reduce the purchasing power of savings over time if the nominal interest rate is lower than the inflation rate. | 12 | The Importance of Saving |
| Saving 12-4 | Students will know that: Inflation can erode the value of savings if the interest rate earned on a savings account is less than the inflation rate. // Students will use this knowledge to: Investigate how federal I bonds provide inflation protection for savers. | 12 | The Importance of Saving |
| Saving 12-6 | Students will know that: Tax policies that allow people to save pretax earnings or to reduce or defer taxes on interest earned provide incentives for people to save. // Students will use this knowledge to: Explain how traditional IRAs (individual retirement accounts), Roth IRAs, and education savings accounts provide incentives for people to save. | 12 | Your Financial Future |
| Saving 12-6 | Students will know that: Tax policies that allow people to save pretax earnings or to reduce or defer taxes on interest earned provide incentives for people to save. // Students will use this knowledge to: Compare the tax advantages of traditional and Roth IRAs. | 12 | Your Financial Future |
| Saving 12-6 | Students will know that: Tax policies that allow people to save pretax earnings or to reduce or defer taxes on interest earned provide incentives for people to save. // Students will use this knowledge to: Compare the tax advantages of different types of education savings accounts. | 12 | Your Financial Future |
| Saving 12-7 | Students will know that: Employer defined contribution retirement plans and health savings accounts can provide incentives for employees to save. // Students will use this knowledge to: Explain how an employer match of employee contributions to its retirement plan provides an incentive for employees to save. | 12 | Your Financial Future |
| Saving 12-7 | Students will know that: Employer defined contribution retirement plans and health savings accounts can provide incentives for employees to save. // Students will use this knowledge to: Compare the impact of employee "opt in" versus "opt out" of employer retirement plans and explain why it makes a difference. | 12 | Your Financial Future |
| Saving 12-7 | Students will know that: Employer defined contribution retirement plans and health savings accounts can provide incentives for employees to save. // Students will use this knowledge to: Describe the pros and cons of saving through an employer retirement plan as compared to saving outside of an employer plan. | 12 | Your Financial Future |
| Investing 12-1 | Students will know that: A person's investment risk tolerance depends on factors such as personality, financial resources, investment experiences, and life circumstances. // Students will use this knowledge to: Give examples of factors that can influence a person's risk tolerance. | 12 | Your Financial Future |
| Investing 12-1 | Students will know that: A person's investment risk tolerance depends on factors such as personality, financial resources, investment experiences, and life circumstances. // Students will use this knowledge to: Discuss how a person's risk tolerance influences their investment decisions. | 12 | Your Financial Future |
| Investing 12-1 | Students will know that: A person's investment risk tolerance depends on factors such as personality, financial resources, investment experiences, and life circumstances. // Students will use this knowledge to: Assess their personal risk tolerance using an online tool or worksheet. | 12 | Your Financial Future |
| Investing 12-2 | Students will know that: Investors earn investment returns from price changes and annual cash flows (such as interest, dividends or rent). The nominal annual rate of return is the annual total dollar benefit as a percentage of the beginning price. // Students will use this knowledge to: Describe the different types of annual cash flows that can be received by investors. | 12 | Your Financial Future |
| Investing 12-2 | Students will know that: Investors earn investment returns from price changes and annual cash flows (such as interest, dividends or rent). The nominal annual rate of return is the annual total dollar benefit as a percentage of the beginning price. // Students will use this knowledge to: Compare nominal annual rates of return over time on different types of investments, including cash flows and price changes. | 12 | Your Financial Future |
| Investing 12-2 | Students will know that: Investors earn investment returns from price changes and annual cash flows (such as interest, dividends or rent). The nominal annual rate of return is the annual total dollar benefit as a percentage of the beginning price. // Students will use this knowledge to: Explain why assets that do not produce income or are exposed to large price fluctuation (such as collectibles, precious metals, and cryptocurrencies) are described as speculative investments. | 12 | Your Financial Future |
| Investing 12-3 | Students will know that: Investors expect to earn higher rates of return when they invest in riskier assets. Because inflation reduces purchasing power over time, the real return on a financial asset is lower than its nominal return. // Students will use this knowledge to: Discuss the advantages and disadvantages of investing in riskier assets. | 12 | Your Financial Future |
| Investing 12-3 | Students will know that: Investors expect to earn higher rates of return when they invest in riskier assets. Because inflation reduces purchasing power over time, the real return on a financial asset is lower than its nominal return. // Students will use this knowledge to: Investigate the long-run average rates of returns on small-company stocks, large-company stocks, corporate bonds, and Treasury bonds. | 12 | Your Financial Future |
| Investing 12-3 | Students will know that: Investors expect to earn higher rates of return when they invest in riskier assets. Because inflation reduces purchasing power over time, the real return on a financial asset is lower than its nominal return. // Students will use this knowledge to: Explain why the expected rate of return on a value stock or mutual fund is likely to be lower than that of a growth stock or mutual fund. | 12 | Your Financial Future |
| Investing 12-3 | Students will know that: Investors expect to earn higher rates of return when they invest in riskier assets. Because inflation reduces purchasing power over time, the real return on a financial asset is lower than its nominal return. // Students will use this knowledge to: Explain why bonds with longer maturities generally earn a higher return than shorter-term bonds. | 12 | Your Financial Future |
| Investing 12-4 | Students will know that: The prices of financial assets change in response to market conditions, interest rates, company performance, new information, and investor demand. // Students will use this knowledge to: Describe factors that influence the prices of financial assets. | 12 | Your Financial Future |
| Investing 12-4 | Students will know that: The prices of financial assets change in response to market conditions, interest rates, company performance, new information, and investor demand. // Students will use this knowledge to: Predict what could happen to the price of a stock if new information is reported about the company or its products. | 12 | Your Financial Future |
| Investing 12-4 | Students will know that: The prices of financial assets change in response to market conditions, interest rates, company performance, new information, and investor demand. // Students will use this knowledge to: Discuss how economic downturns that result in high unemployment can affect the prices of financial assets. | 12 | Your Financial Future |
| Investing 12-4 | Students will know that: The prices of financial assets change in response to market conditions, interest rates, company performance, new information, and investor demand. // Students will use this knowledge to: Explain why the market price of some assets, such as bonds and real estate, increase when interest rates decrease. | 12 | Your Financial Future |
| Investing 12-5 | Students will know that: When making diversification and asset allocation decisions, investors consider their risk tolerance, goals, and investing time horizon. // Students will use this knowledge to: Recommend portfolio allocation between major asset classes for a short-term goal versus a long-term goal. | 12 | Your Financial Future |
| Investing 12-5 | Students will know that: When making diversification and asset allocation decisions, investors consider their risk tolerance, goals, and investing time horizon. // Students will use this knowledge to: Discuss the pros and cons of investing in a diversified mutual fund versus investing in a small number of individual stocks. | 12 | Your Financial Future |
| Investing 12-5 | Students will know that: When making diversification and asset allocation decisions, investors consider their risk tolerance, goals, and investing time horizon. // Students will use this knowledge to: Suggest an appropriate asset allocation for a very risk averse person versus a very risk tolerant person. | 12 | Your Financial Future |
| Investing 12-5 | Students will know that: When making diversification and asset allocation decisions, investors consider their risk tolerance, goals, and investing time horizon. // Students will use this knowledge to: Explain how target date retirement funds reallocate investments over time to meet their investment objective. | 12 | Your Financial Future |
| Investing 12-6 | Students will know that: Expenses of buying, selling, and holding financial assets decrease the rate of return from an investment. // Students will use this knowledge to: Discuss how the expenses associated with buying and selling investments can impact rates of return and investment outcomes. | 12 | Your Financial Future |
| Investing 12-6 | Students will know that: Expenses of buying, selling, and holding financial assets decrease the rate of return from an investment. // Students will use this knowledge to: Compare the expense ratios for several mutual funds. | 12 | Your Financial Future |
| Investing 12-6 | Students will know that: Expenses of buying, selling, and holding financial assets decrease the rate of return from an investment. // Students will use this knowledge to: Explain why an actively managed mutual fund usually has a higher expense ratio than an index fund. | 12 | Your Financial Future |
| Investing 12-7 | Students will know that: Tax rules affect the rate of return on different investments, and can vary by holding period, type of income, and type of account. // Students will use this knowledge to: Compare tax rates paid on interest income versus short-term and long-term capital gains. | 12 | Your Financial Future |
| Investing 12-7 | Students will know that: Tax rules affect the rate of return on different investments, and can vary by holding period, type of income, and type of account. // Students will use this knowledge to: Describe the advantages of investing through a tax-deferred account such as an IRA or 401(k) versus a taxable account. | 12 | Your Financial Future |
| Investing 12-7 | Students will know that: Tax rules affect the rate of return on different investments, and can vary by holding period, type of income, and type of account. // Students will use this knowledge to: Investigate the contribution limits and tax advantages of a traditional IRA versus a Roth IRA. | 12 | Your Financial Future |
| Investing 12-10 | Students will know that: Many investors buy and sell financial assets through discount brokerage firms that provide inexpensive investment services and advice using financial technology. // Students will use this knowledge to: Identify the advantages and disadvantages of robo-advising and other investment-related financial technologies. | 12 | Your Financial Future |
| Investing 12-12 | Students will know that: Investors often compare the performance of their investments against a benchmark, such as a diversified stock or bond index. // Students will use this knowledge to: Explain why investors often compare portfolio performance to a benchmark such as the S&P 500 Index. | 12 | Your Financial Future |
| Investing 12-12 | Students will know that: Investors often compare the performance of their investments against a benchmark, such as a diversified stock or bond index. // Students will use this knowledge to: Research the composition of the most popular benchmark indices and compare their recent performance. | 12 | Your Financial Future |
| Investing 12-12 | Students will know that: Investors often compare the performance of their investments against a benchmark, such as a diversified stock or bond index. // Students will use this knowledge to: Discuss the advantages of investing in an exchange-traded fund (ETF) that tracks a market index rather than investing in actively managed mutual funds or individual stocks and bonds. | 12 | Your Financial Future |
| Investing 12-13 | Students will know that: Criteria for selecting financial professionals for investment advice include licensing, certifications, education, experience, and cost. // Students will use this knowledge to: Discuss reasons that a person might want to hire a financial professional to manage their investments or provide investment advice. | 12 | Your Financial Future |
| Investing 12-13 | Students will know that: Criteria for selecting financial professionals for investment advice include licensing, certifications, education, experience, and cost. // Students will use this knowledge to: Explain the importance of licensing, certifications, education, and experience as criteria for selecting a financial professional for investment management or advice. | 12 | Your Financial Future |
| Investing 12-13 | Students will know that: Criteria for selecting financial professionals for investment advice include licensing, certifications, education, experience, and cost. // Students will use this knowledge to: Investigate where and how to find qualified financial professionals. | 12 | Your Financial Future |
| Saving 12-7 | Students will know that: Employer defined contribution retirement plans and health savings accounts can provide incentives for employees to save. // Students will use this knowledge to: Explain the benefits of saving money in a health savings account for individuals with high-deductible health plans. | 12 | — |
| Investing 12-8 | Students will know that: Common behavioral biases can result in investors making decisions that adversely affect their investment outcomes. // Students will use this knowledge to: Identify several behavioral biases that can result in poor investment decisions (e.g. loss aversion, investing in employer stock, home bias, mental accounting). | 12 | — |
| Investing 12-8 | Students will know that: Common behavioral biases can result in investors making decisions that adversely affect their investment outcomes. // Students will use this knowledge to: Brainstorm methods for avoiding negative consequences from behavioral biases. | 12 | — |
| Investing 12-9 | Students will know that: Financial technology can counterbalance negative behavioral factors when making investment decisions. // Students will use this knowledge to: Explore common financial technologies used for investing, including automated trading platforms. | 12 | — |
| Investing 12-9 | Students will know that: Financial technology can counterbalance negative behavioral factors when making investment decisions. // Students will use this knowledge to: Explain how automating investment activities can help people avoid making emotional investment decisions. | 12 | — |
| Investing 12-10 | Students will know that: Many investors buy and sell financial assets through discount brokerage firms that provide inexpensive investment services and advice using financial technology. // Students will use this knowledge to: Discuss how the development of financial technology has made it easier for people of all income and education levels to participate in financial markets. | 12 | — |
| Investing 12-10 | Students will know that: Many investors buy and sell financial assets through discount brokerage firms that provide inexpensive investment services and advice using financial technology. // Students will use this knowledge to: Choose a discount broker and research the minimum starting account balance, minimum monthly investment, and trading costs. | 12 | — |
| Investing 12-11 | Students will know that: Federal regulation of financial markets is designed to ensure that investors have access to accurate information about potential investments and are protected from fraud. // Students will use this knowledge to: Explain the role of federal regulators in financial markets. | 12 | — |
| Investing 12-11 | Students will know that: Federal regulation of financial markets is designed to ensure that investors have access to accurate information about potential investments and are protected from fraud. // Students will use this knowledge to: Discuss why insider trading is illegal and harmful to investment markets. | 12 | — |
| Investing 12-11 | Students will know that: Federal regulation of financial markets is designed to ensure that investors have access to accurate information about potential investments and are protected from fraud. // Students will use this knowledge to: Explain the importance of having access to full and accurate information about potential investments. | 12 | — |
Earning & Income
29/42 covered
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| Earning Income 12-1 | Students will know that: Compensation for a job or career can be in the form of wages, salaries, commissions, tips, or bonuses, and may also include contributions to employee benefits, such as health insurance, retirement savings plans, and education reimbursement programs. // Students will use this knowledge to: Research potential income and employee benefit packages that are likely to be offered to new employees by various companies, government agencies, or not-for-profit organizations. | 12 | Financial Building Blocks |
| Earning Income 12-1 | Students will know that: Compensation for a job or career can be in the form of wages, salaries, commissions, tips, or bonuses, and may also include contributions to employee benefits, such as health insurance, retirement savings plans, and education reimbursement programs. // Students will use this knowledge to: Explain why people should evaluate employee benefits in addition to wages and salaries when choosing between job and career opportunities. | 12 | Financial Building Blocks |
| Earning Income 12-1 | Students will know that: Compensation for a job or career can be in the form of wages, salaries, commissions, tips, or bonuses, and may also include contributions to employee benefits, such as health insurance, retirement savings plans, and education reimbursement programs. // Students will use this knowledge to: Examine the benefits of participating in employer-sponsored retirement savings plans and healthcare savings plans. | 12 | Your Financial Future |
| Earning Income 12-3 | Students will know that: People vary in their opportunity and willingness to incur the present costs of additional training and education in exchange for future benefits, such as earning potential. // Students will use this knowledge to: Evaluate the costs and benefits of investing in additional education or training. | 12 | Your Financial Future |
| Earning Income 12-3 | Students will know that: People vary in their opportunity and willingness to incur the present costs of additional training and education in exchange for future benefits, such as earning potential. // Students will use this knowledge to: Explain how differences in people's life circumstances can affect their opportunity and willingness to further their education or training. | 12 | Your Financial Future |
| Earning Income 12-3 | Students will know that: People vary in their opportunity and willingness to incur the present costs of additional training and education in exchange for future benefits, such as earning potential. // Students will use this knowledge to: Compare earnings and unemployment rates by level of education and training. | 12 | Your Financial Future |
| Earning Income 12-4 | Students will know that: Employers generally pay higher wages or salaries to more educated, skilled, and productive workers than to less educated, skilled, and productive workers. // Students will use this knowledge to: Identify different types of jobs and careers where wages and salaries depend on a worker's productivity and skills. | 12 | Financial Building Blocks |
| Earning Income 12-4 | Students will know that: Employers generally pay higher wages or salaries to more educated, skilled, and productive workers than to less educated, skilled, and productive workers. // Students will use this knowledge to: Explain why wages or salaries vary among employees in different types of jobs and among workers in the same jobs. | 12 | Financial Building Blocks |
| Earning Income 12-6 | Students will know that: Federal, state, and local taxes fund government-provided goods, services, and transfer payments to individuals. // Students will use this knowledge to: Calculate the amount of taxes a person is likely to pay when given information or data about the person's sources of income and amount of spending. | 12 | Financial Preparation and Recovery |
| Earning Income 12-6 | Students will know that: Federal, state, and local taxes fund government-provided goods, services, and transfer payments to individuals. // Students will use this knowledge to: Identify which level(s) of government typically receive(s) the tax revenue for income taxes, payroll taxes, property taxes, and sales taxes. | 12 | Financial Preparation and Recovery |
| Earning Income 12-7 | Students will know that: The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes. // Students will use this knowledge to: Investigate the federal and state tax rates applicable to different sources of income. | 12 | Financial Preparation and Recovery |
| Earning Income 12-7 | Students will know that: The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes. // Students will use this knowledge to: Compare sales tax rates paid on different types of goods in their state and for online purchases. | 12 | Financial Preparation and Recovery |
| Earning Income 12-7 | Students will know that: The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes. // Students will use this knowledge to: Differentiate between gross, net, and taxable income. | 12 | Financial Building Blocks |
| Earning Income 12-7 | Students will know that: The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes. // Students will use this knowledge to: Explain why some income is reported on an IRS Form W-2 and some is reported on an IRS Form 1099, and how that could affect their taxes. | 12 | Financial Building Blocks |
| Earning Income 12-8 | Students will know that: Interest, dividends, and capital appreciation (gains) are examples of unearned income derived from financial investments. Capital gains are subject to different tax rates than earned income. // Students will use this knowledge to: Explain the difference between earned and unearned income. | 12 | Your Financial Future |
| Earning Income 12-9 | Students will know that: Tax deductions and credits reduce income tax liability. // Students will use this knowledge to: Complete IRS Form W-4. | 12 | Financial Building Blocks |
| Earning Income 12-9 | Students will know that: Tax deductions and credits reduce income tax liability. // Students will use this knowledge to: Explain the difference between a tax credit and a tax deduction. | 12 | Financial Preparation and Recovery |
| Earning Income 12-10 | Students will know that: Retirement income typically comes from some combination of continued employment earnings, Social Security, employer-sponsored retirement plans, and personal investments. // Students will use this knowledge to: Identify different potential sources of retirement income. | 12 | Your Financial Future |
| Earning Income 12-10 | Students will know that: Retirement income typically comes from some combination of continued employment earnings, Social Security, employer-sponsored retirement plans, and personal investments. // Students will use this knowledge to: Describe the importance of having multiple sources of income in retirement, such as Social Security, employer-sponsored retirement plans, and personal investments. | 12 | Your Financial Future |
| Earning Income 12-10 | Students will know that: Retirement income typically comes from some combination of continued employment earnings, Social Security, employer-sponsored retirement plans, and personal investments. // Students will use this knowledge to: Explain the importance of participating in employer-sponsored retirement plans, when available, and contributing enough to qualify for the maximum employer match. | 12 | Your Financial Future |
| Earning Income 12-10 | Students will know that: Retirement income typically comes from some combination of continued employment earnings, Social Security, employer-sponsored retirement plans, and personal investments. // Students will use this knowledge to: Report the average benefit paid to a retiree living on Social Security today. | 12 | Your Financial Future |
| Managing Credit 12-4 | Students will know that: Post-secondary education is often financed by students and families/caregivers through a combination of scholarships, grants, student loans, work-study, and savings. // Students will use this knowledge to: Describe the different sources of funding for post-secondary education. | 12 | Your Financial Future |
| Managing Credit 12-4 | Students will know that: Post-secondary education is often financed by students and families/caregivers through a combination of scholarships, grants, student loans, work-study, and savings. // Students will use this knowledge to: Explain the role the FAFSA plays in applying for college financial aid. | 12 | Your Financial Future |
| Managing Credit 12-4 | Students will know that: Post-secondary education is often financed by students and families/caregivers through a combination of scholarships, grants, student loans, work-study, and savings. // Students will use this knowledge to: Identify scholarships and grants for which they are eligible. | 12 | Your Financial Future |
| Managing Credit 12-4 | Students will know that: Post-secondary education is often financed by students and families/caregivers through a combination of scholarships, grants, student loans, work-study, and savings. // Students will use this knowledge to: Estimate the reduction in total cost of education and potential student loan debt if they complete their first two years of college at a community college before transferring to a four-year institution. | 12 | Your Financial Future |
| Managing Credit 12-5 | Students will know that: Federal student loans have lower rates and more favorable repayment terms than private student loans, and may be subsidized. // Students will use this knowledge to: Compare federal and private student loans based on interest rates, repayment rules, and other characteristics. | 12 | Managing Your Debt |
| Managing Credit 12-5 | Students will know that: Federal student loans have lower rates and more favorable repayment terms than private student loans, and may be subsidized. // Students will use this knowledge to: Describe the process of applying for a student loan. | 12 | Managing Your Debt |
| Managing Credit 12-5 | Students will know that: Federal student loans have lower rates and more favorable repayment terms than private student loans, and may be subsidized. // Students will use this knowledge to: Estimate total interest on various student loans based on interest rates and repayment plans. | 12 | Borrowing Money |
| Managing Credit 12-5 | Students will know that: Federal student loans have lower rates and more favorable repayment terms than private student loans, and may be subsidized. // Students will use this knowledge to: Predict the potential consequences of deferred payment of student loans. | 12 | Managing Your Debt |
| Earning Income 12-1 | Students will know that: Compensation for a job or career can be in the form of wages, salaries, commissions, tips, or bonuses, and may also include contributions to employee benefits, such as health insurance, retirement savings plans, and education reimbursement programs. // Students will use this knowledge to: Differentiate between contributory and non-contributory employee benefits. | 12 | — |
| Earning Income 12-2 | Students will know that: In addition to wages and paid benefits, employees may also value intangible (non-cash) benefits, such as good working conditions, flexible work hours, telecommuting privileges, and career advancement potential. // Students will use this knowledge to: Give examples of intangible job benefits. | 12 | — |
| Earning Income 12-2 | Students will know that: In addition to wages and paid benefits, employees may also value intangible (non-cash) benefits, such as good working conditions, flexible work hours, telecommuting privileges, and career advancement potential. // Students will use this knowledge to: Describe how intangible benefits can affect a worker's career choices and income. | 12 | — |
| Earning Income 12-2 | Students will know that: In addition to wages and paid benefits, employees may also value intangible (non-cash) benefits, such as good working conditions, flexible work hours, telecommuting privileges, and career advancement potential. // Students will use this knowledge to: Evaluate the tradeoffs between income and non-income factors when making career or job choices. | 12 | — |
| Earning Income 12-4 | Students will know that: Employers generally pay higher wages or salaries to more educated, skilled, and productive workers than to less educated, skilled, and productive workers. // Students will use this knowledge to: Discuss possible explanations for the persistence of race and gender pay gaps. | 12 | — |
| Earning Income 12-5 | Students will know that: Changes in economic conditions, technology, or the labor market can cause changes in income, career opportunities, or employment status. // Students will use this knowledge to: Discuss how economic and labor market conditions can affect income, career opportunities, and employment status. | 12 | — |
| Earning Income 12-5 | Students will know that: Changes in economic conditions, technology, or the labor market can cause changes in income, career opportunities, or employment status. // Students will use this knowledge to: Evaluate the impact of technological advances on employment and income. | 12 | — |
| Earning Income 12-5 | Students will know that: Changes in economic conditions, technology, or the labor market can cause changes in income, career opportunities, or employment status. // Students will use this knowledge to: Discuss the effects of an economic downturn on employment opportunities for people with different characteristics, such as education, experience, employment type, ethnicity, and gender. | 12 | — |
| Earning Income 12-6 | Students will know that: Federal, state, and local taxes fund government-provided goods, services, and transfer payments to individuals. // Students will use this knowledge to: Describe the benefits they receive, or may receive in the future, from government-collected tax revenue. | 12 | — |
| Earning Income 12-8 | Students will know that: Interest, dividends, and capital appreciation (gains) are examples of unearned income derived from financial investments. Capital gains are subject to different tax rates than earned income. // Students will use this knowledge to: Compare the tax rates assessed on earned income, interest income, and capital gains income. | 12 | — |
| Earning Income 12-9 | Students will know that: Tax deductions and credits reduce income tax liability. // Students will use this knowledge to: Identify several examples of tax credits, determining whether they are refundable or non-refundable, and the groups of people who benefit most from each type. | 12 | — |
| Earning Income 12-11 | Students will know that: Owning a small business can be a person's primary career or can supplement income from other sources. // Students will use this knowledge to: Evaluate the benefits and costs of gig employment, such as driving for a cab or delivery service. | 12 | — |
| Earning Income 12-11 | Students will know that: Owning a small business can be a person's primary career or can supplement income from other sources. // Students will use this knowledge to: Discuss the pros and cons of small business ownership as their primary source of income. | 12 | — |
Financial Planning & Budgeting
25/31 covered
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| Spending 12-1 | Students will know that: A budget helps people achieve their financial goals by allocating income to necessary and desired spending, saving, and philanthropy. // Students will use this knowledge to: Identify their short-term and long-term financial goals. | 12 | Financial Building Blocks |
| Spending 12-1 | Students will know that: A budget helps people achieve their financial goals by allocating income to necessary and desired spending, saving, and philanthropy. // Students will use this knowledge to: Develop a budget to allocate current income to necessary and desired spending, including estimates for both fixed and variable expenses. | 12 | Financial Building Blocks |
| Spending 12-1 | Students will know that: A budget helps people achieve their financial goals by allocating income to necessary and desired spending, saving, and philanthropy. // Students will use this knowledge to: Explain methods for adjusting a budget for unexpected expenses or emergencies. | 12 | Financial Building Blocks |
| Spending 12-1 | Students will know that: A budget helps people achieve their financial goals by allocating income to necessary and desired spending, saving, and philanthropy. // Students will use this knowledge to: Evaluate the advantages of using budgeting tools, such as spreadsheets or apps. | 12 | Financial Building Blocks |
| Spending 12-2 | Students will know that: Consumer decisions are influenced by the price of products or services, the price of alternatives, the consumer's budget and preferences, and potential impact on the environment, society, and economy. // Students will use this knowledge to: Select a product or service and describe the various factors that may influence a consumer's purchase decision. | 12 | Managing Your Money |
| Spending 12-2 | Students will know that: Consumer decisions are influenced by the price of products or services, the price of alternatives, the consumer's budget and preferences, and potential impact on the environment, society, and economy. // Students will use this knowledge to: Describe a process for making an informed consumer decision. | 12 | Managing Your Money |
| Spending 12-2 | Students will know that: Consumer decisions are influenced by the price of products or services, the price of alternatives, the consumer's budget and preferences, and potential impact on the environment, society, and economy. // Students will use this knowledge to: List the positive and negative effects of a recent consumer decision on the environment, society, and the economy. | 12 | Managing Your Money |
| Spending 12-3 | Students will know that: When purchasing a good that is expected to be used for a long time, consumers consider the product's durability, maintenance costs, and various product features. // Students will use this knowledge to: Explain the factors to evaluate when buying a durable good. | 12 | Managing Your Money |
| Spending 12-3 | Students will know that: When purchasing a good that is expected to be used for a long time, consumers consider the product's durability, maintenance costs, and various product features. // Students will use this knowledge to: Analyze the cost and features of three competing products or services. | 12 | Managing Your Money |
| Spending 12-3 | Students will know that: When purchasing a good that is expected to be used for a long time, consumers consider the product's durability, maintenance costs, and various product features. // Students will use this knowledge to: Compare product choices based on their impacts on the environment or society. | 12 | Managing Your Money |
| Spending 12-4 | Students will know that: Consumers may be influenced by how prices of goods and services are advertised, and whether prices are fixed or negotiable. // Students will use this knowledge to: List different ways retailers advertise the prices of their products. | 12 | Managing Your Money |
| Spending 12-5 | Students will know that: Consumers incur costs and realize benefits when searching for information related to the purchase of goods and services. // Students will use this knowledge to: Explain how pre-purchase research encourages consumers to avoid impulse buying. | 12 | Managing Your Money |
| Spending 12-5 | Students will know that: Consumers incur costs and realize benefits when searching for information related to the purchase of goods and services. // Students will use this knowledge to: Analyze social media marketing and advertising techniques designed to encourage spending. | 12 | Managing Your Money |
| Spending 12-6 | Students will know that: Housing decisions depend on individual preferences, circumstances, and costs, and can impact personal satisfaction and financial well-being. // Students will use this knowledge to: Identify financial and personal reasons that younger adults often choose to rent a home instead of buying. | 12 | Making Housing Decisions |
| Spending 12-6 | Students will know that: Housing decisions depend on individual preferences, circumstances, and costs, and can impact personal satisfaction and financial well-being. // Students will use this knowledge to: Compare the short-term and long-term costs and benefits of renting versus buying a home in their city of residence. | 12 | Making Housing Decisions |
| Spending 12-6 | Students will know that: Housing decisions depend on individual preferences, circumstances, and costs, and can impact personal satisfaction and financial well-being. // Students will use this knowledge to: Define key rental contract terminology, including lease term, security deposit, grace period, and eviction. | 12 | Making Housing Decisions |
| Spending 12-9 | Students will know that: Having an organized system for keeping track of spending, saving, and investing makes it easier to make financial decisions. // Students will use this knowledge to: Explain how having a system for financial record-keeping can make it easier to make financial decisions. | 12 | Financial Building Blocks |
| Spending 12-9 | Students will know that: Having an organized system for keeping track of spending, saving, and investing makes it easier to make financial decisions. // Students will use this knowledge to: Develop a system for keeping track of spending, saving, and investing. | 12 | Financial Building Blocks |
| Spending 12-9 | Students will know that: Having an organized system for keeping track of spending, saving, and investing makes it easier to make financial decisions. // Students will use this knowledge to: Research financial technology options for financial record-keeping. | 12 | Managing Your Money |
| Saving 12-8 | Students will know that: People can reduce the potential for future financial strife with a partner or spouse by sharing personal financial information, goals, and values prior to combining finances. // Students will use this knowledge to: Assess the value of sharing financial goals and personal financial information with a partner before combining finances. | 12 | Financial Building Blocks |
| Saving 12-8 | Students will know that: People can reduce the potential for future financial strife with a partner or spouse by sharing personal financial information, goals, and values prior to combining finances. // Students will use this knowledge to: Discuss how personal financial decisions can affect other people. | 12 | Managing Your Money |
| Saving 12-9 | Students will know that: There are many strategies that can help people manage psychological, emotional, and external obstacles to saving, including automated savings plans, employer matches, and avoiding personal triggers. // Students will use this knowledge to: Explain how external influences (e.g. peers, family, or social media) can impact personal savings decisions. | 12 | Managing Your Money |
| Saving 12-9 | Students will know that: There are many strategies that can help people manage psychological, emotional, and external obstacles to saving, including automated savings plans, employer matches, and avoiding personal triggers. // Students will use this knowledge to: Identify strategies to manage psychological and emotional obstacles to saving. | 12 | The Importance of Saving |
| Saving 12-9 | Students will know that: There are many strategies that can help people manage psychological, emotional, and external obstacles to saving, including automated savings plans, employer matches, and avoiding personal triggers. // Students will use this knowledge to: Discuss strategies for avoiding personal triggers that result in deviating from a savings plan. | 12 | The Importance of Saving |
| Saving 12-9 | Students will know that: There are many strategies that can help people manage psychological, emotional, and external obstacles to saving, including automated savings plans, employer matches, and avoiding personal triggers. // Students will use this knowledge to: Explain how the saving strategy "pay yourself first" can help people achieve their saving goals. | 12 | Financial Building Blocks |
| Spending 12-4 | Students will know that: Consumers may be influenced by how prices of goods and services are advertised, and whether prices are fixed or negotiable. // Students will use this knowledge to: Describe how inflation affects purchase decisions and the price of goods and services. | 12 | — |
| Spending 12-4 | Students will know that: Consumers may be influenced by how prices of goods and services are advertised, and whether prices are fixed or negotiable. // Students will use this knowledge to: Summarize how negotiation affects consumer decisions and the price of goods and services. | 12 | — |
| Spending 12-5 | Students will know that: Consumers incur costs and realize benefits when searching for information related to the purchase of goods and services. // Students will use this knowledge to: Brainstorm consumer research strategies and resources to use when making purchase decisions. | 12 | — |
| Spending 12-7 | Students will know that: People donate money, items, or time to charitable and non-profit organizations because they value the services provided by the organization and/or gain satisfaction from giving. // Students will use this knowledge to: Discuss the motivations for and benefits of donating money, items, or time. | 12 | — |
| Spending 12-7 | Students will know that: People donate money, items, or time to charitable and non-profit organizations because they value the services provided by the organization and/or gain satisfaction from giving. // Students will use this knowledge to: Develop a list of charitable organizations and provide a possible reason that a donor might want to give money to each organization. | 12 | — |
| Spending 12-7 | Students will know that: People donate money, items, or time to charitable and non-profit organizations because they value the services provided by the organization and/or gain satisfaction from giving. // Students will use this knowledge to: Identify specific steps one should take when researching charitable and other not-for-profit organizations. | 12 | — |
Credit & Debt
26/29 covered
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| Managing Credit 12-1 | Students will know that: Borrowers can compare the cost of credit using the Annual Percentage Rate (APR) and other terms in the loan or credit card contract. // Students will use this knowledge to: Describe how credit card grace periods, methods of interest calculation, and fees affect borrowing costs. | 12 | Using Credit Cards |
| Managing Credit 12-1 | Students will know that: Borrowers can compare the cost of credit using the Annual Percentage Rate (APR) and other terms in the loan or credit card contract. // Students will use this knowledge to: Compare the cost of borrowing $1,000 using consumer credit options that differ in rates and fees. | 12 | Using Credit Cards |
| Managing Credit 12-2 | Students will know that: Loans that are secured by collateral have lower interest rates than unsecured loans because they are less risky to lenders. // Students will use this knowledge to: Give examples of unsecured and secured loans. | 12 | Borrowing Money |
| Managing Credit 12-2 | Students will know that: Loans that are secured by collateral have lower interest rates than unsecured loans because they are less risky to lenders. // Students will use this knowledge to: Explain why lenders charge lower interest rates on secured loans than on unsecured loans. | 12 | Borrowing Money |
| Managing Credit 12-2 | Students will know that: Loans that are secured by collateral have lower interest rates than unsecured loans because they are less risky to lenders. // Students will use this knowledge to: Compare what happens if a borrower fails to make required payments on a secured loan, such as an auto loan or a home mortgage, versus failing to pay a credit card account. | 12 | Managing Your Debt |
| Managing Credit 12-3 | Students will know that: Monthly mortgage payments vary depending on the amount borrowed, the repayment period, and the interest rate, which can be fixed or adjustable. // Students will use this knowledge to: Identify the type of collateral required for a mortgage loan. | 12 | Making Housing Decisions |
| Managing Credit 12-3 | Students will know that: Monthly mortgage payments vary depending on the amount borrowed, the repayment period, and the interest rate, which can be fixed or adjustable. // Students will use this knowledge to: Differentiate between adjustable-rate and fixed-rate mortgages. | 12 | Making Housing Decisions |
| Managing Credit 12-3 | Students will know that: Monthly mortgage payments vary depending on the amount borrowed, the repayment period, and the interest rate, which can be fixed or adjustable. // Students will use this knowledge to: Compare monthly mortgage payments for loans that differ in repayment period, amount borrowed, and interest rate. | 12 | Making Housing Decisions |
| Managing Credit 12-6 | Students will know that: Down payments reduce the amount needed to borrow. // Students will use this knowledge to: Identify examples of loans that may require down payments. | 12 | Borrowing Money |
| Managing Credit 12-6 | Students will know that: Down payments reduce the amount needed to borrow. // Students will use this knowledge to: Given the price of a home, estimate the amount of down payment required. | 12 | Making Housing Decisions |
| Managing Credit 12-6 | Students will know that: Down payments reduce the amount needed to borrow. // Students will use this knowledge to: For a specified loan amount, compare the monthly loan payment with a 10% down payment versus a 20% down payment. | 12 | Borrowing Money |
| Managing Credit 12-6 | Students will know that: Down payments reduce the amount needed to borrow. // Students will use this knowledge to: Explain how a down payment makes a borrower more attractive to a lender and motivates loan repayment by the borrower. | 12 | Borrowing Money |
| Managing Credit 12-7 | Students will know that: Lenders assess creditworthiness of potential borrowers by consulting credit reports compiled by credit bureaus. // Students will use this knowledge to: Identify the primary organizations that maintain and provide consumer credit reports. | 12 | Establishing Credit |
| Managing Credit 12-7 | Students will know that: Lenders assess creditworthiness of potential borrowers by consulting credit reports compiled by credit bureaus. // Students will use this knowledge to: Assess the value to a potential lender of the information contained in a credit report. | 12 | Establishing Credit |
| Managing Credit 12-7 | Students will know that: Lenders assess creditworthiness of potential borrowers by consulting credit reports compiled by credit bureaus. // Students will use this knowledge to: Explain how a person can get a free copy of their credit report and why this is advisable. | 12 | Establishing Credit |
| Managing Credit 12-7 | Students will know that: Lenders assess creditworthiness of potential borrowers by consulting credit reports compiled by credit bureaus. // Students will use this knowledge to: Outline the process of disputing inaccurate credit report information. | 12 | Establishing Credit |
| Managing Credit 12-8 | Students will know that: A credit score is a numeric rating that assesses a person's credit risk based on information in their credit report. // Students will use this knowledge to: Identify the main factors that are included in credit score calculations. | 12 | Establishing Credit |
| Managing Credit 12-8 | Students will know that: A credit score is a numeric rating that assesses a person's credit risk based on information in their credit report. // Students will use this knowledge to: Explain how a borrower's credit score can impact their cost of credit and their ability to get credit. | 12 | Establishing Credit |
| Managing Credit 12-8 | Students will know that: A credit score is a numeric rating that assesses a person's credit risk based on information in their credit report. // Students will use this knowledge to: Recommend ways that a person can increase their credit score. | 12 | Establishing Credit |
| Managing Credit 12-9 | Students will know that: Credit reports and credit scores may be requested and used by entities other than lenders. // Students will use this knowledge to: Explain how landlords, potential employers, and insurance companies use credit reports and credit scores in decision-making. | 12 | Establishing Credit |
| Managing Credit 12-9 | Students will know that: Credit reports and credit scores may be requested and used by entities other than lenders. // Students will use this knowledge to: Provide examples of benefits associated with having a good credit score. | 12 | Establishing Credit |
| Managing Credit 12-9 | Students will know that: Credit reports and credit scores may be requested and used by entities other than lenders. // Students will use this knowledge to: Compare the effect of soft versus hard credit inquiries on a person's credit score. | 12 | Establishing Credit |
| Managing Credit 12-10 | Students will know that: Borrowers who face negative consequences because they are unable to repay their debts may be able to seek debt management assistance. // Students will use this knowledge to: Describe how failing to repay a loan can negatively impact a person's finances and life. | 12 | Managing Your Debt |
| Managing Credit 12-10 | Students will know that: Borrowers who face negative consequences because they are unable to repay their debts may be able to seek debt management assistance. // Students will use this knowledge to: Identify sources of assistance with debt management. | 12 | Managing Your Debt |
| Managing Credit 12-10 | Students will know that: Borrowers who face negative consequences because they are unable to repay their debts may be able to seek debt management assistance. // Students will use this knowledge to: Create a plan for a person who is having difficulty repaying debt. | 12 | Managing Your Debt |
| Managing Credit 12-11 | Students will know that: In extreme cases, bankruptcy may be an option for people who are unable to repay their debts. // Students will use this knowledge to: Describe the purpose of bankruptcy laws. | 12 | Managing Your Debt |
| Managing Credit 12-10 | Students will know that: Borrowers who face negative consequences because they are unable to repay their debts may be able to seek debt management assistance. // Students will use this knowledge to: Compare the costs and benefits associated with for-profit versus non-profit credit counseling services. | 12 | — |
| Managing Credit 12-11 | Students will know that: In extreme cases, bankruptcy may be an option for people who are unable to repay their debts. // Students will use this knowledge to: Investigate the effects of bankruptcy on assets, employment, and future access to credit. | 12 | — |
| Managing Credit 12-11 | Students will know that: In extreme cases, bankruptcy may be an option for people who are unable to repay their debts. // Students will use this knowledge to: Compare the results of liquidation versus reorganization bankruptcy. | 12 | — |
Consumer Skills & Protection
19/24 covered
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| Spending 12-8 | Students will know that: Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud. // Students will use this knowledge to: Describe the roles and responsibilities of government agencies that help protect consumers from fraud. | 12 | Financial Preparation and Recovery |
| Spending 12-8 | Students will know that: Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud. // Students will use this knowledge to: Identify state and federal consumer protection laws based on the issues they address and the safeguards they provide. | 12 | Financial Preparation and Recovery |
| Spending 12-8 | Students will know that: Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud. // Students will use this knowledge to: Investigate common types of consumer fraud and unfair or deceptive business practices, including online scams, phone solicitations, and redlining. | 12 | Financial Preparation and Recovery |
| Spending 12-8 | Students will know that: Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud. // Students will use this knowledge to: Make recommendations for sources of help for consumers who have experienced fraud. | 12 | Financial Preparation and Recovery |
| Saving 12-3 | Students will know that: Unless offered by insured financial institutions, mobile payment accounts and cryptocurrency accounts are not federally insured and usually do not pay interest to depositors. // Students will use this knowledge to: Research mobile payment account alternatives. | 12 | Managing Your Money |
| Saving 12-3 | Students will know that: Unless offered by insured financial institutions, mobile payment accounts and cryptocurrency accounts are not federally insured and usually do not pay interest to depositors. // Students will use this knowledge to: Compare and contrast the features of mobile payment accounts, cryptocurrency accounts, and checking/savings accounts. | 12 | The Importance of Saving |
| Saving 12-3 | Students will know that: Unless offered by insured financial institutions, mobile payment accounts and cryptocurrency accounts are not federally insured and usually do not pay interest to depositors. // Students will use this knowledge to: Explain why storing money in a mobile payment account can reduce the ability to grow savings. | 12 | The Importance of Saving |
| Saving 12-5 | Students will know that: Government agencies such as the Federal Reserve, the FDIC, and the NCUA, along with their counterparts in state government, supervise and regulate financial institutions to improve financial solvency, legal compliance, and consumer protection. // Students will use this knowledge to: Investigate the areas of financial institution operations that are subject to state and/or federal regulation and supervision. | 12 | Managing Your Money |
| Saving 12-5 | Students will know that: Government agencies such as the Federal Reserve, the FDIC, and the NCUA, along with their counterparts in state government, supervise and regulate financial institutions to improve financial solvency, legal compliance, and consumer protection. // Students will use this knowledge to: Identify the state agency responsible for regulating financial institutions where they live. | 12 | Managing Your Money |
| Saving 12-5 | Students will know that: Government agencies such as the Federal Reserve, the FDIC, and the NCUA, along with their counterparts in state government, supervise and regulate financial institutions to improve financial solvency, legal compliance, and consumer protection. // Students will use this knowledge to: Explain the importance of solvency regulation for financial institutions. | 12 | Managing Your Money |
| Managing Credit 12-12 | Students will know that: Consumer credit protection laws govern disclosure of credit terms, discrimination in borrowing, and debt collection practices. // Students will use this knowledge to: Explain the rationale behind laws that require people to have access to full information about credit cards and loans before they borrow money. | 12 | Borrowing Money |
| Managing Credit 12-12 | Students will know that: Consumer credit protection laws govern disclosure of credit terms, discrimination in borrowing, and debt collection practices. // Students will use this knowledge to: Discuss the importance of protecting borrowers from discrimination and abusive marketing or collection practices. | 12 | Managing Your Debt |
| Managing Credit 12-13 | Students will know that: Alternative financial services, such as payday loans, check-cashing services, pawnshops, and instant tax refunds, provide easy access to credit, often at relatively high cost. // Students will use this knowledge to: Identify products and practices that are classified as alternative financial services. | 12 | Borrowing Money |
| Managing Credit 12-13 | Students will know that: Alternative financial services, such as payday loans, check-cashing services, pawnshops, and instant tax refunds, provide easy access to credit, often at relatively high cost. // Students will use this knowledge to: Discuss the costs and benefits of using alternative financial services relative to traditional banking. | 12 | Borrowing Money |
| Managing Credit 12-13 | Students will know that: Alternative financial services, such as payday loans, check-cashing services, pawnshops, and instant tax refunds, provide easy access to credit, often at relatively high cost. // Students will use this knowledge to: Explain how using payday loans can cause a cycle of debt. | 12 | Borrowing Money |
| Managing Risk 12-11 | Students will know that: Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud. // Students will use this knowledge to: Provide examples of how online behavior, e-mail and text-message scams, telemarketers, and other methods make consumers vulnerable to privacy infringement, identity theft, and fraud. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-11 | Students will know that: Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud. // Students will use this knowledge to: Describe conditions under which individuals should and should not disclose their Social Security numbers, account numbers, or other sensitive information. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-11 | Students will know that: Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud. // Students will use this knowledge to: Recommend strategies to reduce the risk of identity theft and financial fraud. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-11 | Students will know that: Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud. // Students will use this knowledge to: Explain the steps an identity theft victim should take to limit losses and restore personal security. | 12 | Financial Preparation and Recovery |
| Managing Credit 12-12 | Students will know that: Consumer credit protection laws govern disclosure of credit terms, discrimination in borrowing, and debt collection practices. // Students will use this knowledge to: Research where to find credible sources of up-to-date information on credit rights and responsibilities. | 12 | — |
| Managing Risk 12-10 | Students will know that: Insurance fraud is a crime that encompasses illegal actions by the buyer (e.g., falsified claims) or seller (e.g., representing non-existent companies) of an insurance contract. // Students will use this knowledge to: Provide examples of insurance fraud. | 12 | — |
| Managing Risk 12-10 | Students will know that: Insurance fraud is a crime that encompasses illegal actions by the buyer (e.g., falsified claims) or seller (e.g., representing non-existent companies) of an insurance contract. // Students will use this knowledge to: Investigate the legal consequence for individuals who are convicted of insurance fraud. | 12 | — |
| Managing Risk 12-12 | Students will know that: Extended warranties and service contracts are like an insurance policy. // Students will use this knowledge to: Evaluate the costs and benefits of buying an extended warranty on a specific item (e.g. cellphone, laptop, or vehicle) considering the likelihood of product failure, cost of replacing the item, and price of the warranty. | 12 | — |
| Managing Risk 12-12 | Students will know that: Extended warranties and service contracts are like an insurance policy. // Students will use this knowledge to: Explain how extended warranties or service contracts are similar to and different from insurance. | 12 | — |
Insurance & Risk Management
9/22 covered
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| Managing Risk 12-1 | Students will know that: People vary with respect to their willingness to accept risk and in how much they are willing to pay for insurance that will allow them to minimize future financial loss. // Students will use this knowledge to: Discuss whether a premium paid to insure against a crash that never happens is wasted. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-1 | Students will know that: People vary with respect to their willingness to accept risk and in how much they are willing to pay for insurance that will allow them to minimize future financial loss. // Students will use this knowledge to: Analyze the conditions under which it is appropriate for young adults to have life, health, and disability insurance. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-2 | Students will know that: The decision to buy insurance depends on perceived risk exposure, the price of insurance coverage, and individual characteristics such as risk attitudes, age, occupation, lifestyle, and financial profile. // Students will use this knowledge to: Identify individual characteristics that influence insurance purchase decisions. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-2 | Students will know that: The decision to buy insurance depends on perceived risk exposure, the price of insurance coverage, and individual characteristics such as risk attitudes, age, occupation, lifestyle, and financial profile. // Students will use this knowledge to: Recommend types of insurance needed by people with different characteristics. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-3 | Students will know that: Some types of insurance coverage are mandatory. // Students will use this knowledge to: Explain why homeowners' insurance is required by a lender when a homeowner takes out a mortgage. | 12 | Making Housing Decisions |
| Managing Risk 12-7 | Students will know that: Auto, homeowner's and renter's insurance reimburse policyholders for financial losses to their covered property and the costs of legal liability for their damages to other people or property. // Students will use this knowledge to: Explain the primary types of losses covered by auto, homeowner's, and renter's insurance policies. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-7 | Students will know that: Auto, homeowner's and renter's insurance reimburse policyholders for financial losses to their covered property and the costs of legal liability for their damages to other people or property. // Students will use this knowledge to: Identify factors that influence the cost of renter's insurance and homeowners' insurance. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-9 | Students will know that: Unemployment insurance, Medicaid, and Medicare are public insurance programs that protect individuals from economic hardship caused by certain risks. // Students will use this knowledge to: Discuss how state unemployment programs can help reduce economic hardship caused by job losses during a recession or pandemic. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-9 | Students will know that: Unemployment insurance, Medicaid, and Medicare are public insurance programs that protect individuals from economic hardship caused by certain risks. // Students will use this knowledge to: Compare the Medicare and Medicaid programs based on who they cover and how they are funded. | 12 | Financial Preparation and Recovery |
| Managing Risk 12-3 | Students will know that: Some types of insurance coverage are mandatory. // Students will use this knowledge to: Discuss why most states mandate auto liability coverage. | 12 | — |
| Managing Risk 12-3 | Students will know that: Some types of insurance coverage are mandatory. // Students will use this knowledge to: Research the minimum auto liability insurance required in the state they live in and whether it is sufficient to cover typical auto accident financial losses. | 12 | — |
| Managing Risk 12-4 | Students will know that: Insurance premiums are lower for people who take actions to reduce the likelihood and/or financial cost of losses and for those who buy policies with larger deductibles or copayments. // Students will use this knowledge to: Research factors that result in lower auto insurance premiums. | 12 | — |
| Managing Risk 12-4 | Students will know that: Insurance premiums are lower for people who take actions to reduce the likelihood and/or financial cost of losses and for those who buy policies with larger deductibles or copayments. // Students will use this knowledge to: Explain why taking a safe driving course can lower a driver's auto insurance premium. | 12 | — |
| Managing Risk 12-4 | Students will know that: Insurance premiums are lower for people who take actions to reduce the likelihood and/or financial cost of losses and for those who buy policies with larger deductibles or copayments. // Students will use this knowledge to: Discuss the pros and cons of buying an auto insurance policy with a higher deductible. | 12 | — |
| Managing Risk 12-5 | Students will know that: Health insurance provides coverage for medically necessary health care and may also cover some preventive care. It is sometimes offered as an employee benefit with the employer paying some or all of the premium cost. // Students will use this knowledge to: Discuss the advantages of obtaining health insurance coverage through an employer plan versus buying private insurance or being uninsured. | 12 | — |
| Managing Risk 12-5 | Students will know that: Health insurance provides coverage for medically necessary health care and may also cover some preventive care. It is sometimes offered as an employee benefit with the employer paying some or all of the premium cost. // Students will use this knowledge to: Compare the cost of health insurance to the potential financial consequences of not having health insurance. | 12 | — |
| Managing Risk 12-5 | Students will know that: Health insurance provides coverage for medically necessary health care and may also cover some preventive care. It is sometimes offered as an employee benefit with the employer paying some or all of the premium cost. // Students will use this knowledge to: Estimate the effect on different health insurance deductibles and coinsurance rates on out-of-pocket medical costs. | 12 | — |
| Managing Risk 12-6 | Students will know that: Disability insurance replaces income lost when a person is unable to earn their regular income due to injury or illness. In addition to privately purchased policies, some government programs provide disability protection. // Students will use this knowledge to: Compare disability coverage offered by individual policies, employee benefit plans, Social Security, workers' compensation, and temporary disability programs (in some states). | 12 | — |
| Managing Risk 12-6 | Students will know that: Disability insurance replaces income lost when a person is unable to earn their regular income due to injury or illness. In addition to privately purchased policies, some government programs provide disability protection. // Students will use this knowledge to: Assess the extent of financial risk and need for disability insurance using hypothetical disability scenarios. | 12 | — |
| Managing Risk 12-7 | Students will know that: Auto, homeowner's and renter's insurance reimburse policyholders for financial losses to their covered property and the costs of legal liability for their damages to other people or property. // Students will use this knowledge to: Describe situations where someone may be liable for injuries or damages to another person or their property. | 12 | — |
| Managing Risk 12-8 | Students will know that: Life insurance provides funds for beneficiaries in the event of an insured person's death. Policy proceeds are intended to replace the insured's lost wages and/or to fund their dependents' future financial needs. // Students will use this knowledge to: Explain how a person's death can result in financial losses to others. | 12 | — |
| Managing Risk 12-8 | Students will know that: Life insurance provides funds for beneficiaries in the event of an insured person's death. Policy proceeds are intended to replace the insured's lost wages and/or to fund their dependents' future financial needs. // Students will use this knowledge to: Discuss the benefits and costs of purchasing life insurance on the primary earners in a household. | 12 | — |
Rhode Island Financial Literacy FAQ
Yes. Rhode Island requires financial literacy instruction, effective since 2018.
Rhode Island has a financial literacy mandate requiring instruction in economics and personal finance. The state's High Quality Curriculum Materials (HQCM) adoption process specifically includes financial literacy standards, with materials required to align with state standards for grades 6-12.
Rhode Island's financial literacy requirement is established by RIGL 16-22-13 (enacted via HB 5491 / SB 349, 2021). Effective 2021-06-01.
Requires the Council on Elementary and Secondary Education to develop statewide academic standards for consumer education in public high schools and requires all students to demonstrate proficiency in consumer education (financial literacy) prior to high school graduation, beginning with the Class of 2024.
Rhode Island's financial literacy standards apply to grades 6-8, 9-12. Standards are integrated into existing coursework.
Rhode Island has 203 financial literacy standards spanning 6 topic areas including Saving & Investing, Earning & Income, Credit & Debt, Financial Planning & Budgeting, Consumer Skills & Protection.
Rhode Island's 203 standards are organized across 6 topics: Saving & Investing, Earning & Income, Credit & Debt, Financial Planning & Budgeting, Consumer Skills & Protection, Insurance & Risk Management.
Rhode Island uses a state adoption process. Districts select from a state-approved vendor list.
Rhode Island uses a state adoption list system where materials are vetted and approved at the state level. Districts select from approved lists, with some opportunity for local RFP processes for supplemental materials.
iKnowFi Academy covers 153 of Rhode Island's 203 financial literacy standards (75% coverage) across 10 self-paced online courses.
Each course is aligned to Rhode Island's specific learning objectives, built on the Absorb LMS, and includes built-in assessments. Teachers assign them and students work independently.
Rhode Island's next curriculum review is scheduled for 2030 on a 6-year cycle.
Rhode Island operates on a 6-year adoption cycle. The state adopts materials for different subject areas on a rotating schedule. Financial literacy materials were last reviewed in 2024 as part of the social studies/economics cycle.
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- 153 of 203 standards covered
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- Built-in assessments and progress tracking
- No schedule changes needed — students work independently
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