Richard Jackson Jr. was born in Providence, Colony of Rhode Island and Providence Plantations, and completed his preparatory studies in the late 18th century. He ventured into the mercantile and cotton manufacturing businesses during the 1790s, showcasing early entrepreneurial acumen. Jackson Jr. later transitioned to the insurance sector, serving as president of the Washington Insurance Co. in Providence from 1800 to 1838. Concurrently, he held a position on the board of trustees for Brown University, reflecting his dedication to higher education. Jackson Jr. was also elected a member of the American Antiquarian Society, indicating his interest in historical preservation and research.

Richard Jackson Jr.'s political identity is marked by a distinctive blend of economic pragmatism and historical idealism. Advocating for mercantile and cotton manufacturing while simultaneously engaging in the insurance sector, Jackson Jr. demonstrates a calculated approach to economic development. His commitment to higher education, evidenced by his role on the Brown University board of trustees, juxtaposes with his dedication to historical preservation as a member of the American Antiquarian Society. This unexpected convergence of modernizing economic interests with a reverence for the past reveals a multifaceted ideological stance.