Introduction to Financial Literacy for Youth
New York City Mayor Eric Adams, New York City Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga, and New York City Public Schools Chancellor Melissa Aviles-Ramos unveiled key details of the Adams administration’s “Financial Literacy for Youth” (FLY) initiative.
Program Overview
Mayor Eric Adams announced on Wednesday a financial literacy curriculum for New York City public schools. The program, titled the Financial Literacy for Youth (FLY) initiative, will bring a pilot program to 15 school districts in the upcoming 2025-26 academic year, with plans to spread the program to every school by 2030. Financial educators will provide free counseling and workshops to students and families, as well as create classroom resources, according to a press release from the mayor’s office.
The Need for Financial Literacy
Adams said in a statement that schools currently do not adequately prepare students for real-world finances. “Too many students leave high school knowing about chemical bonds but not Treasury Bonds; they learn how to do complex calculus but not how to do their taxes — that ends with our administration,” Adams said. “To succeed in the 21st century, students need to learn how to do both.”
Program Components
The program will include training, counseling, and workshops, as well as an in-school banking simulation for students. The city will source educators from existing partnerships with financial empowerment centers, Vilda Vera Mayuga, commissioner of the NYC Department of Consumer and Worker Protection, said in a press conference announcing the program.
Implementation and Goals
The pilot cohort will involve six school districts in the Bronx, four in Brooklyn, three in Manhattan, and one each on Staten Island and in Queens. The city selected the 15 pilot school districts partially based on high rates of unbanked neighborhoods, meaning areas with limited financial resources and institutions. Adams first announced his plans for a city financial literacy curriculum in his State of the City address in January, building on the limited curriculum offered as part of the FutureReadyNYC high schools program, which focuses on preparing students early for careers and higher education.
Support and Partnerships
The program comes at a time of high state and city support for financial literacy campaigns, particularly as the New York State Department of Education considers including financial literacy as a requirement for graduation. City Comptroller candidate Mark Levine has also advocated for a financial literacy curriculum in middle and high schools.
Conclusion
The Financial Literacy for Youth initiative is a significant step towards equipping New York City public school students with the knowledge and skills necessary to navigate the complex world of personal finance. By providing free counseling, workshops, and classroom resources, the program aims to set students up for long-term financial success and stability.
FAQs
Q: What is the Financial Literacy for Youth (FLY) initiative?
A: The Financial Literacy for Youth (FLY) initiative is a program aimed at providing financial literacy education to New York City public school students.
Q: How many school districts will participate in the pilot program?
A: The pilot program will involve 15 school districts in the upcoming 2025-26 academic year.
Q: What are the components of the FLY program?
A: The program will include training, counseling, and workshops, as well as an in-school banking simulation for students.
Q: Why was the FLY program created?
A: The program was created to address the lack of financial literacy education in New York City public schools and to provide students with the knowledge and skills necessary to navigate the complex world of personal finance.
Q: When will the FLY program be expanded to all schools?
A: The program is planned to be expanded to every school by 2030.
