A large percentage of Brooklyn residents face serious financial difficulties, according to a report released by Borough President Eric Adams’ office.
Roughly 17% of Brooklyn consumers carry loans which are 90 days or more past due and the borough’s delinquency in credit card debt is almost 2% higher than the national average, according to the report. Adams said the debt is caused by a lack of economic opportunity for the poorest residents and a lack of financial education.
“Not knowing how to save, inefficient use of tax returns and the lack of understanding about compound interest and how it affects consumers are additional contributing factors that impact the credit of Brooklyn residents,” the report said.
Adams said the city and state should focus on improving financial education for younger students.
Specifically, he pushed the state legislature to pass a bill that would require a financial literacy course for middle and high school students and more funding to the city’s Department of Consumer Affairs Financial Empowerment Center.
“I look forward to working with my partners in government, Brooklyn’s financial institutions … and individuals to make this goal a reality in the years to come,” Adams said.