Financial empowerment is when a person is able to make more informed and disciplined choices in an effort to achieve their goals and understands the risk of taking on too much debt. This means setting goals through personal planning and having access to the safest and most affordable financial services and products. I believe that financial empowerment can play a role in our economic recovery. If families are more financially stable at home, our entire state will benefit.
In August, my office joined the Capital Good Fund in teaching the newest corps members of City Year Rhode Island about the importance of managing their personal finances through a partnership with the RI Financial Coaching Corps.
The RI Financial Coaching Corps encourages Rhode Islanders to take charge of their finances. They match volunteers with fiscal skills and know-how with people looking to learn how to make their money work for them.
City Year Rhode Island unites young leaders (ages 17-24) of all backgrounds for a year of full-time service to Providence schools. Corps members are committed young leaders who dedicate a year of service to the students of Providence while living off a modest stipend. By helping City Year members make informed, responsible financial decisions, we all benefit as they hope to share their education with some of the families they work with. I am very proud of this partnership and look forward to seeing the residual effects in the community.
In July, I hosted a Financial Empowerment Forum at the Institute for the Study & Practice of Nonviolence in Providence to strategize on the best ways to improve and develop opportunities in urban communities. This forum brought together community, government and financial service leaders for a broad conversation about ways to strengthen financial empowerment outreach and programming.
Richard Walker, senior vice president of public and community affairs of the Federal Reserve Bank of Boston joined a group of nearly 40 union and bank representatives, Latino organization members, city politicians, community activists and businesspeople to offer thoughts on regional best practices. We discussed numerous ideas - and hope to continue to conversation.
Also, Treasury is marking the summer with the Smart Money Tour. This is an effort to increase awareness about the ways Treasury can help people find, and save money. As part of this tour, Treasury visits local farmers markets and senior centers to help people find their unclaimed property and raise awareness about the importance of personal financial management. For a complete list of tour dates, visit treasury.ri.gov.
I truly believe that helping people achieve financial independence is an investment in the future of Rhode Island. This is creating economic opportunity, one person, and one family at a time. Together, we are moving Rhode Island forward.
- Gina Raimondo
Rhode Island General Treasurer