Magaziner on “Back to Basics” Strategy in Current Market, Need for Financial Literacy in Schools
Saturday, December 22, 2018
Rhode Island General Treasurer Seth Magaziner joined GoLocal News Editor Kate Nagle on GoLocal LIVE, where he spoke to the release of a white paper which calls for an increase in the level of high-quality personal finance instruction in Rhode Island public schools -- and how he believes the state is prepared for a market which this week saw the Dow at its lowest level after the Federal Reserve signaled a more aggressive stance than investors and Wall Street had hoped for.
"As soon as young adults turn eighteen, they are faced with financial decisions that can either help them achieve their greatest dreams or threaten them with financial ruin," said Magaziner. "Unfortunately, too many young people in Rhode Island are not receiving financial literacy education in school and are unprepared to make financial decisions that will affect the rest of their lives."
Among the Treasurer's recommendations included in the paper is a requirement that all public high schools to offer a course that includes personal finance instruction aligned to the RIDE standards by the academic year 2019-2020. Districts should have the freedom to decide how to make the instruction available, so that students are able to demonstrate a fundamental understanding of personal finance to graduate, beginning with the class of 2022.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRead the white paper here.
Magaziner, who in October touted that since he took office the Rhode Island pension fund had seen over $1.5 billion in investment gains, said that despite the recent market downtown, that the number that Rhode Island is up
"The good news is that with “Back to Basics” we have almost forty percent of the portfolio specifically devoted to investments that are designed to perform well in times of volatility and in times of market downtown — so different types of bonds, fixed income, low volatility investments that should provide us some protection if this continues," said Magaziner. "Of course we hope it doesn’t — we’d like to see some return to normalcy."
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