General Treasurer James A. Diossa on Friday announced the expansion of the Financial Capabilities Consortium Program to Thompson Middle School in Newport, bringing financial literacy education to more than 100 eighth graders as part of Financial Literacy Month.
Students participating in the program will receive in-classroom financial literacy coursework through the FLY Initiative, the opportunity to open a savings account through BankNewport — which includes an introductory $50 deposit — and in-person banking workshops from BankNewport focused on careers and services. Millennial RI will provide in-school coaching on networking and skill-building, while CFA Society Providence will oversee data collection and analysis.
“The earlier students learn about personal finances and the financial world in general, the better prepared they will be to navigate important life decisions and build wealth,” Diossa said. “As a teenager, I didn’t have access to these important lessons. I’m excited to be launching the Financial Capabilities Consortium Program here in Newport, empowering 8th grade students and their families with financial literacy skills and real-world experience.”
Elizabeth Raffa, assistant principal at Frank E. Thompson Middle School, praised the program as both timely and impactful. “This is new, it is much needed and it is a consistent and reliable body of financial learning that will help our Thompson Middle School eighth-grade students prepare for the future with financial optimism and knowledge,” she said.
“At BankNewport, we believe financial literacy is one of the most important life skills young people can develop,” said Jack Murphy, president and CEO of BankNewport. “By making these lessons more accessible and relevant, we can help students feel better prepared, more confident, and empowered as they begin planning for their future.”
Diossa created the Financial Capability Consortium in 2023 to strengthen financial education in urban core communities, with funding from the Rhode Island Foundation. The program launched in 2024 at Calcutt Middle School in Central Falls in partnership with Navigant Credit Union, reaching around 200 students, and has since expanded to Hamlet Middle School in Woonsocket and Villa Nova Middle School in partnership with Bristol County Savings Bank. The Newport expansion is the latest step in that effort.
More information is available at treasury.ri.gov.
