New York City Launches Financial Literacy Program for Students – Money Advice Experts in Services

New York City Mayor Eric Adams, along with the New York City Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga and New York City Public Schools Chancellor Melissa Aviles-Ramos, revealed the “Financial Literacy for Youth” (FLY) initiative aimed at ensuring that every public school student can acquire financial skills by 2030. This comprehensive program will see financial educators deployed to 15 school districts to offer counseling, workshops, and curriculum development, benefiting over 350,000 students and families within the first five years.

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The unveiling of the FLY initiative marks a significant step towards equipping students with essential financial knowledge and skills. By introducing financial educators into schools, the program aims to bridge the gap in financial literacy among young people, setting them on a path towards financial success. Mayor Adams emphasized the importance of preparing students for the complexities of the modern economy, highlighting the need for practical financial education alongside traditional academic subjects.

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Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion, Jr., expressed enthusiasm for the FLY initiative, recognizing its role in empowering youth with financial literacy tools. The initiative’s collaborative approach between city agencies and public schools underscores a shared commitment to investing in the economic potential of New York City’s youth.

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DCWP Commissioner Vera Mayuga emphasized the transformative impact of FLY in enabling children to make informed financial decisions and pursue their economic goals. Chancellor Aviles-Ramos echoed this sentiment, highlighting the program’s role in enhancing students’ financial decision-making abilities and building confidence in managing money.

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The FLY initiative is a strategic response to the pressing need for comprehensive financial education in schools. By deploying financial educators to select districts with high rates of financial vulnerability, the program aims to address disparities in financial knowledge and resources among students. The participating school districts represent diverse communities across New York City, ensuring that a wide range of students benefit from the initiative.

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Looking ahead, the Adams administration plans to expand the FLY initiative to all school districts, ensuring that every student has access to financial empowerment resources. In addition to counseling and workshops, the program will introduce in-school banking opportunities to provide practical exposure to banking services, particularly in underbanked communities.

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FLY’s development was informed by community feedback and expert insights gathered through a public forum convened by DCWP in 2024. The comprehensive report released following the forum highlighted the importance of early financial education in shaping young people’s financial behaviors and attitudes.

Building on DCWP’s track record of promoting financial empowerment among New Yorkers, the FLY initiative represents a holistic approach to fostering responsible financial habits. By complementing existing programs such as the Financial Empowerment Centers and the Save for College Program, FLY forms part of a multi-generational strategy to enhance financial literacy and economic resilience among city residents.

In conclusion, the FLY initiative stands as a testament to New York City’s commitment to equipping its youth with the tools and knowledge needed to navigate the complexities of the financial landscape. Through collaborative efforts and innovative approaches, the city is paving the way for a more financially literate and empowered generation of young adults.

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