Mayor Bill de Blasio, today, signed a bill requiring the Department of Consumer Affairs to provide financial literacy outreach and education to young adults ages 16-24.
Under the measure, educational materials related to consumer products commonly available to young adults – such as student loans and credit cards – must be made available at public schools and CUNY schools, as well as online, to ensure young adults are financially literate.
In his remarks, the Mayor thanked the bill’s sponsor, Brooklyn City Council Members Mark Treyger, and Rafael Espinal, Jr.
“I would like to thank the Mayor for signing Intro. 458-A, a measure that proactively seeks to educate and connect young people with some of the tools they need to become savvy consumers,” said Espinal. “Statistics suggest there is a need for financial education targeted to young adults. It is sad to hear that as much as 12 percent of them are unbanked, 43 percent have used non-bank methods of borrowing, and 34 percent have engaged in three or more costly credit card behaviors.”
Treyger noted that with our teenagers and young adults being targeted by financial institutions like never before, the city must give them the knowledge to make smart decisions with their money.
“These decisions will have a long term impact on their financial health and on their ability to get ahead in life, so we must help them understand the ramifications of taking on loans and the benefits of responsibly building credit,” said Treyger. “This bill will ensure that we inform and empower the next generation of New Yorkers to avoid serious financial pitfalls and build a strong foundation for the future.”