BP ADAMS PROCLAIMS APRIL TO BE BROOKLYN FINANCIAL EDUCATION EMPOWERMENT MONTH, AS PART OF HIS CAMPAIGN TO TACKLE CONSUMER DEBT AND EXPAND FINANCIAL LITERACY.
BOROUGH PRESIDENT HAILS BROOKLYN’S PROGRESS IN LOWERING CREDIT CARD DELINQUENCY AS HE INVITES BROOKLYNITES TO PARTICIPATE IN UPCOMING FINANCIAL EDUCATION EVENTS
BROOKLYN, NY, April 6, 2017: Today, Brooklyn Borough President Eric L. Adams announced his proclamation of 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, 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 comparative to the rest of the nation, he announced an aggressive goal for reducing Brooklyn’s credit card delinquency by four percent in four years. According to Borough President Adams, 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. He hailed the progress of this boroughwide initiative and the positive impact that raising the profile of this issue has had.
“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,” said Borough President Adams. “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.” Borough President Adams will offer “Dollars and $en$e” seminars on three consecutive Wednesdays at 6:00 PM in the Community Room of Brooklyn Borough Hall, all focused on reducing consumer debt in Brooklyn. 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, and organizations partnering on this effort include 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.
“East West Bank is very pleased to be a partner in Borough President Adams’ financial empowerment initiatives for three years in a row,” said Emily Wang, senior vice president and director of marketing and community development at East West Bank. “At East West Bank, we understand the profound impact of making informed financial decisions. We always believe that supporting financial education programs is investing in a brighter future for communities.”
“Because housing in Brooklyn has gotten so expensive, people are more eager than ever for better ways to manage their money," said Tonya Ores, Executive Director at NHS Brooklyn. “That’s why financial education is an element of every service we offer, from first-time homebuyer classes to loan modification assistance to referrals for home repair financing. We’re honored to partner with Borough President Adams to raise public awareness of organizations like ours that have resources and are here to help.”
“Operation HOPE is pleased to continue our robust partnership with Borough President Adams and the hundreds of Brooklynites that have participated in financial education programs,” said Rachel Hood, financial coach at Operation HOPE. “Our mission is to provide access to knowledge and resources around credit and money management that lifts up both individuals and communities. Operation HOPE is looking forward to the opportunity to provide this information during Financial Education Empowerment Month at Brooklyn Borough Hall.”
Partnering with Municipal Credit Union (MCU) and JU Consultants, Borough President Adams will host his annual Financially Savvy Youth Expo on Thursday, April 13th at 10:00 AM in the student center of Brooklyn College in Flatbush. The program is aimed at young people in grades eight and above to teach skills around critical financial topics such as saving money, managing expenses, and preparing for college. Borough President Adams’ expo complements his greater effort to address saving for higher education at the earliest point possible in a child’s life, highlighted by Intro. 1254, his legislation with Council Member Mark Treyger to expand the City’s distribution of college savings plan materials to the parents of newborns and pre-kindergarten students.
“We cannot underestimate the monetary and societal value of imparting financial education as early as possible in a child’s life,” said Borough President Adams. “If they start saving early, limit their credit card debt, and manage their student loans wisely, they can become successful adults and really get their lives off the ground on a strong footing. The worst situation our young people can be in is graduating from high school or college riddled with debt that will take years to pay off.”
“We are very pleased to join Borough President Adams, MCU, and JU Consultants in this year’s Financially Savvy Youth Expo,” said Willie Hopkins, dean of the Murray Koppelman School of Business at Brooklyn College. “When students are given access to financial information at an early age, they become empowered to make better, more informed decisions. This expo expands financial education, and makes it relevant to those in all our communities.”
“We are proud to partner with Borough President Adams to improve the financial literacy of the students in Brooklyn,” said Corey Fernandes, vice president of business development and member relations at MCU.
“It is imperative that our young people make financially sound decisions and learn ways to better manage their money,” said Jeffrey Ulysse, chief executive officer at JU Consultants LLC. “A strong financial literacy foundation can create a positive socio-emotional and socio-economic outcome for our young people. JU Consultants is pleased to partner with Borough President Adams in equipping our youth with the essential financial principles that will ensure their success.”
Those interested in attending any of Borough President Adams’ events during Financial Education Empowerment Month, including the free Volunteer Income Tax Assistance (VITA) sessions he is offering at Brooklyn Borough Hall on select dates through Monday, April 17th, are asked to visit brooklyn-usa.org for more information.
Office of the Brooklyn Borough President
209 Joralemon Street