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 announced a pilot program to bring safe, affordable banking directly to public school students — the next prong of the Adams administration’s “Financial Literacy for Youth” initiative to make sure that every public school student can learn how to save and spend money by 2030.
The pilot program will introduce in-school banking services to students and their families, provide workshops on best banking practices, and, when possible, connect students to career development opportunities in the financial sector — all directly in school spaces starting next year. As part of the announcement, Mayor Adams unveiled the first 15 public schools and the first 12 financial institutions to participate in the pilot program: Bank of America, Brooklyn Cooperative Federal Credit Union, Citizens Bank, M&T Bank, Neighborhood Trust Federal Credit Union, PNC Bank, Ridgewood Savings Bank, TD Bank, Santander, Spring Bank, Urban Upbound Federal Credit Union and Wells Fargo will all offer in-school banking services through the program.
Mayor Adams also, once again, reiterated his call for more financial institutions to join in the Financial Literacy for Youth initiative and help young people develop healthy financial habits. “If you don’t teach people how to use their money, they will lose their money. That’s why our administration launched a landmark initiative to make sure every public school student can learn how to save and spend money by 2030,” said Mayor Adams. “With this groundbreaking program, we’ll bring banking services directly to students and give them hands-on experience opening up a safe, affordable bank account, learning about financial products, and starting careers in banking and finance. In-school banking has been called ‘the most promising frontier’ in financial education, and here, in New York City, we are on that frontier. From financial education to cutting-edge apprenticeships, our administration is not only making sure our students succeed in the classroom but giving them the real-world tools to thrive afterwards too.”
“Our young people are our future, and I am thrilled to see the launch of the in-school banking pilot component of our financial literacy for youth initiative,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion Jr. “I am especially grateful to see such an enthusiastic partnership with financial institutions to provide safe and affordable banking access and education to students and their families.”
“From my own struggles to become more financially stable earlier in life to raising two growing children today, I know first-hand how important it is to learn about personal finances; that is why Financial Literacy for Youth is so near and dear to my heart,” said DCWP Commissioner Mayuga.
“Financial literacy is a lifelong skill that empowers students to make confident, informed choices about their futures,” said New York City Public Schools Chancellor Avilés-Ramos.
