City Council Panel Votes Funds for ‘Financial Literacy’ for Young Adults


The Committee on Consumer Affairs voted 4 – 0 on Tuesday for a bill to increase financial literacy among young adults bringing the measure within weeks of the City Council’s voting.

The legislation  would fund the Department of Consumer Affairs to establish outreach and education efforts on the financial problems that affect young adults. If the bill is passed by the Council starting September 1, educational material on credit card debt, student loans, and car loans would be made available to millions of young adults, between the ages of 16 to 24, in the city, in several languages and updated each year.

“The average student loan debt held by New York City borrowers is $34,100, officials said, which is almost 25 percent higher than the national average. “The committee  believes this is an important step towards improving financial literacy for young New Yorkers,” said Chairman Rafael Espinal.



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