NEW YORK–Beginning with the 2025/26 school year, 15 of New York City’s local school districts serving 350,000 students will get financial educators who will provide free financial counseling and workshops to students and their families.
Mayor Eric Adams formally announced the program, known as “financial literacy for youth,” or “fly,” which he previewed in January during a State of the City address.
According to Adams, the program will expand to all 32 local school districts by 2030 and will also pilot in-school banking to give students “hands-on experience with saving and managing money with access to affordable banking options.”
City officials did not say what, if any, financial institutions might be involved as partners.
The Cost
The program will cost $25 million over five years, according to city officials, with financial educators covering topics that include credit and money management basics, different types of banking products, and spotting consumer financial scams.
“We teach our children and our scholars … chemical bonds but not stocks and bonds,” Adams said during a press conference at Brooklyn Collegiate Preparatory High School. “We have to learn both. We have to learn treasury bonds and chemical bonds. We have to learn how to save, how to use our money.”
How Participants Were Selected
According to the city, the districts in this first group were selected because they include neighborhoods with high rates of families that lack financial accounts and because they also participate in the Education Department’s FutureReadyNYC program.
