Brooklyn Borough President Eric L. Adams has proclaimed April as Financial Education Empowerment Month in Brooklyn, highlighting his fourth annual month-long program of activities to coincide with National Financial Literacy Month.
Partnering with organizations in the financial services, grassroots and small business communities, Adams said his administration has organized and supported hundreds of free educational opportunities across the borough since 2014, “which have taught more than 1,200 residents the necessary skills to make wise everyday financial decisions.”
Two years ago, out of concern for the level of debt Brooklynites carry, compared to the rest of the nation, Adams announced an aggressive goal for reducing Brooklyn’s credit card delinquency by four percent in four years.
He said that data from the Federal Reserve Bank of New York shows that, between the second quarter of 2015 and the fourth quarter of 2016, Brooklyn’s delinquency rate dropped by 1.6 percent, while the national rate rose by 0.5 percent.
“Striving to get ahead in life is much more difficult when you feel helpless under a sea of suffocating credit card bills, mortgage payments, or student loans,” Adams said. “The numbers don’t lie — Brooklynites benefit when we arm ourselves with the tools to get ahead in our personal finances. This means balancing the over-proliferation of dollars committed to consumer marketing with resources that empower families with the skills to make smart budgeting decisions, avoid financial scams and monitor their expenses.
“I’m proud that this initiative is giving residents with the knowledge to get on the right track,” he added, stating that he will offer “Dollars and $en$e” seminars on three consecutive Wednesdays at 6 pm in the Community Room of Brooklyn Borough Hall — all focused on reducing consumer debt in Brooklyn.
Adams said topics will include financial planning and budgeting, credit, credit cards and credit reporting, as well as home ownership and affordable rental.
His workshops are sponsored by Investors Bank, with organizations partnering including Bedford Stuyvesant Restoration Corporation, Brooklyn Neighborhood Services, Bridge Street Development Corporation, East West Bank, Edward Jones, Neighborhood Housing Services (NHS) of Brooklyn, New York Life, Operation HOPE, The Road to Good Credit and Sparks Fly.
“Investors Bank is proud to participate in Borough President Adams’ Financial Education Empowerment Month,” said Ana Oliveira, senior vice president and Brooklyn regional director of Investors Bank.
