Mayor Eric Adams announced on Wednesday a financial literacy curriculum for New York City public schools.
The program, titled the Financial Literacy for Youth (FLY) initiative, will bring a pilot program to 15 school districts in the upcoming 2025-26 academic year, with plans to spread the program to every school by 2030. Financial educators will provide free counseling and workshops to students and families, as well as create classroom resources, according to a press release from the mayor’s office.
Adams said in a statement that schools currently do not adequately prepare students for real-world finances.
“Too many students leave high school knowing about chemical bonds but not Treasury Bonds; they learn how to do complex calculus but not how to do their taxes — that ends with our administration,” Adams said. “To succeed in the 21st century, students need to learn how to do both.”
“This time next year, when students in these 15 districts have a question about opening a bank account or buying their first stock, they’ll have a valuable new tool to use,” Adams added.
The program will include training, counseling and workshops, as well as an in-school banking simulation for students. The city will source educators from existing partnerships with financial empowerment centers, Vilda Vera Mayuga, commissioner of the NYC Department of Consumer and Worker Protection, said in a press conference announcing the program.
“The best way to set our children up for financial success is to prevent them from making the same financial mistakes that we’ve all made in our lives, but for too long, young people have been left out of our efforts to financially empower New Yorkers,” Vera Mayuga said in a statement.
The pilot cohort will involve six school districts in the Bronx, four in Brooklyn, three in Manhattan, and one each on Staten Island and in Queens. The city selected the 15 pilot school districts partially based on high rates of unbanked neighborhoods, meaning areas with limited financial resources and institutions.
Adams first announced his plans for a city financial literacy curriculum in his State of the City address in January, building on the limited curriculum offered as part of the FutureReadyNYC high schools program, which focuses on preparing students early for careers and higher education.
The program comes at a time of high state and city support for financial literacy campaigns, particularly as the New York State Department of Education considers including financial literacy as a requirement for graduation. City Comptroller candidate Mark Levine has also advocated for a financial literacy curriculum in middle and high schools.
NYC Public Schools Chancellor Melissa Aviles-Ramos said in a statement that the program will supplement schools’ offerings and help support students with long-term skills after graduation.
“Financial literacy is a fundamental life skill that sets our students up for success,” Aviles-Ramos said. “Programs like ‘FLY’ will equip our students with the knowledge to make informed decisions about saving, spending, and investing, helping them become confident in making financial decisions.”
