FILE – A screen shows market data on the New York Stock Exchange in New York, Wednesday, August 10, 2022. Stocks remain steady as Wall Street begins Friday, August 26, ahead of a highly anticipated speech by The Chief of the The Federal Reserve is expected to provide further guidance on the central bank’s outlook on the economy, inflation and interest rates.
(` Photo/Seth Little)
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Teens, including homeless youth, can now learn the ins and outs of building financial wealth through the city’s summer and homeless youth programs.
Mayor Eric Adams signed a bill into law Tuesday calling for personal finance literacy to be included in programs at the New York City Department of Youth and Community Development.
The bill, introduction. 54, was sponsored by Councilor Farah Louis (D-45) and presented to City Council in February 2022. The financial literacy program includes instruction on financial planning—banking, budgeting, credit, debt, investing, saving, and taxes—and needs to be embedded with the city’s summer youth employment program and the city’s runway and homeless youth programs.
Councilor Louis, signing the bill on Tuesday, said her legislation was an important step towards ending intergenerational poverty.
“It’s overdue for the city to focus on financial tools our youth can use to be productive citizens,” Louis said. “Intro 54 will create the framework that enables skill building for economic stability and success.”
In a statement, Adams said the legislature will provide New York City’s youth with the financial know-how that will help them succeed.
“Financial literacy is a fundamental skill for our young people, but far too many of our children are being left behind,” Adams said. “As a young man, I never knew how to save or be financially responsible. We want to help our kids understand the power of investing and saving to put them on the path to financial independence.”
Currently, all students in public secondary schools—usually high school students—are required to take at least one financial literacy unit in their business courses. According to the New York City Department of Education, there are some elementary and middle school students who have access to financial literacy concepts if their schools use the Passport to Social Studies curriculum.
Some schools, such as Stuyvesant High School and Edward R. Murrow High School, have made an extra effort to offer either a year-long personal finance course as an elective—as in Stuyvesant’s case—or a modified version of the economics course.
The bill aims to help New York City’s most vulnerable youth and teens, particularly those living in unstable environments or without housing.
According to the introduction, at least two hours of financial literacy classes must be offered to participants in youth employment programs, programs to support independent transitions in life, and crisis service programs for runaway and homeless youth. 54
Keith Howard, commissioner for the city’s Department of Youth and Community Development, called the decision to pass the bill “forward thinking” and praised Adams for driving it forward.
“When I was a teenager in the Summer Youth Employment Program, financial literacy wasn’t part of the initiative,” Howard said in a statement. “My mom had to teach me how to budget and save before I spent all my hard-earned money on sneakers.”
Adams said at Tuesday’s signing that far too many children, particularly black and brown youth, are being left behind and that with proper financial education and training, they are less likely to fall through the cracks.
“Students living in economically troubled communities can benefit greatly,” Adams said. “Anything from check cashing facilities to not having a checking or savings account could have a big impact on buying a home, buying a vehicle, or even financing college.”
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