Mayor Adams, DCWP, NYC Public Schools Announce In-School Banking Pilot as Part of "Financial Literacy for Youth" Initiative

New York – New York City Mayor Eric Adams, New York City Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga, and New York City Public Schools Chancellor Melissa Aviles-Ramos today announced a pilot program to bring safe, affordable banking directly to public school students – the next prong of the Adams administration's "Financial Literacy for Youth" initiative to make sure that every public school student can learn how to save and spend money by 2030. The pilot program will introduce in-school banking services to students and their families, provide workshops on best banking practices, and, when possible, connect students to career development opportunities in the financial sector – all directly in school spaces starting next year. As part of today's announcement, Mayor Adams unveiled the first 15 public schools and the first 12 financial institutions to participate in the pilot program: Bank of America, Brooklyn Cooperative Federal Credit Union, Citizens Bank, M&T Bank, Neighborhood Trust Federal Credit Union, PNC Bank, Ridgewood Savings Bank, TD Bank, Santander, Spring Bank, Urban Upbound Federal Credit Union and Wells Fargo will all offer in-school banking services through the program. Mayor Adams also, once again, reiterated his call for more financial institutions to join in the Financial Literacy for Youth initiative and help young people develop healthy financial habits. Through Financial Literacy for Youth – originally announced by Mayor Adams in his State of the City address earlier this year – the Adams administration is also placing a financial educator in every single school district to help teach students about responsible financial habits and exploring additional ways to give students hands-on experience learning about saving and managing money.

"If you don't teach people how to use their money, they will lose their money. That's why our administration launched a landmark initiative to make sure every public school student can learn how to save and spend money by 2030," said Mayor Adams. "With this groundbreaking program, we'll bring banking services directly to students and give them hands-on experience opening up a safe, affordable bank account, learning about financial products, and starting careers in banking and finance. In-school banking has been called 'the most promising frontier' in financial education, and here, in New York City, we are on that frontier. From financial education to cutting-edge apprenticeships, our administration is not only making sure our students succeed in the classroom but giving them the real-world tools to thrive afterwards too."

"Our young people are our future, and I am thrilled to see the launch of the in-school banking pilot component of our financial literacy for youth initiative," said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion Jr. "I am especially grateful to see such an enthusiastic partnership with financial institutions to provide safe and affordable banking access and education to students and their families."

"From my own struggles to become more financially stable earlier in life to raising two growing children today, I know first-hand how important it is to learn about personal finances; that is why Financial Literacy for Youth is so near and dear to my heart," said DCWP Commissioner Mayuga. "I am thrilled to begin working with these 15 schools and their students and families on the journey to financial health. I also applaud our initial banking partners for their commitments to help their communities and urge others to join us in our innovative in-school banking pilot."

"Financial literacy is a lifelong skill that empowers students to make confident, informed choices about their futures," said New York City Public Schools Chancellor Avilés-Ramos. "By bringing safe, affordable banking directly into our schools, we're giving young people hands-on opportunities to learn how to manage money, build healthy financial habits, and open doors to new career pathways. This initiative reflects our deep commitment to preparing every student not just for college and career, but for life."

The in-school banking pilot unveiled today will provide students and their families with real-world exposure to safe and affordable banking options and hands-on experience learning about saving and managing money. In-school banking is recognized by the Federal Deposit Insurance Corporation as one of the "most promising frontiers" in developing young people's financial skills, particularly among persistently-unbanked communities, like those in the first 15 districts chosen for this pilot program. Research recently released by DCWP found that 238,900 households in New York City – or roughly 7 percent of the city's population – do not have a bank account, which is higher than the national average of 4.2 percent.

Families without a bank account are forced to rely on costly alternatives like check cashers, which can perpetuate cycles of poverty. The in-school banking pilot aims to address this disparity by bringing accessible financial services and education into school communities. Research shows that in-school banking offers benefits to program participants and financial institutions. For example, students with access to savings accounts are seven times more likely to attend college and are more financially capable overall. In-school banking also provides financial institutions with meaningful opportunities to support community development. Through in-school banking,

financial institutions could meet their Community Reinvestment Act reporting requirement by providing access to savings accounts and financial education to students in low- or moderate-income school districts. The Adams administration is seeking a total of 10 to15 banks or credit unions to participate in the program.

The first 15 public schools that will receive in-school banking services starting in 2026 are:

These 15 public schools will also serve as the first schools to receive financial educators. After approximately six months, financial educators will expand their reach to serve additional schools across the district. Financial educators will provide families with one-on-one free financial counseling, lead workshops for students and families, and help develop classroom resources for teachers to build responsible financial habits among students. More than 350,000 public school students and their family members will be served in the first five years of the program.

Financial Literacy for Youth builds on DCWP's work helping New Yorkers build responsible financial habits, manage debt, and keep more money in their pockets. Since the start of the Adams administration, DCWP's NYC Financial Empowerment Centers have helped tens of thousands of New Yorkers improve their credit, reduce their debt by over $45 million, and increase their savings by over $5 million through free one-on-one financial counseling services. Financial Literacy for Youth also builds on the Adams administration's investment in scholarship accounts for college and career training for public school students beginning in kindergarten through the Save for College Program. To date, nearly 280,000 public school students have an NYC Scholarship Account with more than $50 million accumulated for their educational futures. From the Save for College Program and Financial Literacy for Youth to Financial Empowerment Centers and the recently announced college savings and student loan assistance program, New York City now offers a comprehensive, multi-generational financial empowerment strategy to help families thrive. New Yorkers 18 and older can visit DCWP's NYC Financial Empowerment Center webpage or call 311 and say "financial counseling" to schedule an appointment or for more information.

"Financial literacy is one of the most powerful skills we can equip our youth with, and by bringing financial institutions directly into our schools, we're giving our scholars access to the financial world in a practical and inspiring way," said Bronx Borough President Vanessa L. Gibson. "I commend Mayor Adams, Chancellor Aviles-Ramos, Commissioner Mayuga, and the participating financial institutions for investing in our students’ futures and ensuring they have a strong financial foundation."

"This in-school banking pilot represents a pivotal step toward integrating financial literacy into the foundation of our education system," said New York City Councilmember Kevin C. Riley. "For communities like the Bronx, where access to financial tools and resources has too often been limited, this initiative is vital to empowering students and families to make informed decisions and creating pathways toward stability and generational wealth. I support efforts that make financial literacy a citywide standard, so every school community in every borough has the tools to build a secure financial future."

"Learning and developing vital financial skills will help students navigate every stage of life with confidence – from saving, budgeting, and building credit to preparing for college and beyond," said José Tavarez, president, Bank of America New York City. "In partnership with the New York City Department of Consumer and Worker Protection and New York City Public Schools, the Financial Literacy for Youth initiative builds on our commitment to helping the next generation of New Yorkers plan for their financial future."

"Brooklyn Coop Federal Credit Union is proud to be a founding financial institution for New York City's new Financial Literacy for Youth initiative," said Samira Rajan, chief executive officer, Brooklyn Coop Federal Credit Union. "This initiative directly aligns with our mission to further wealth building, opportunity, and resilience in our communities by offering just and affordable financial services. Successfully building generational wealth requires that younger generations are well informed as to how our banking system operates, how to use debt responsibly, and how to invest sensibly. We are looking forward to building a lasting partnership with our neighborhood schools to give our kids the best opportunity possible."

"At Citizens, we believe that financial empowerment is a critical foundation for long-term success," said Yajaira Hafley, tri-state metro retail market executive, Citizens. "Our colleagues will visit participating schools to deliver the interactive Citizens Money Essentials workshops and provide opportunities for students and families to gain the confidence and skills they need to make informed financial decisions."

"Improving access to financial education is a critical step towards advancing socio-economic mobility in our communities," said Blair Ridder, New York City regional president, M&T Bank. "Bringing this initiative into our schools will help to build confidence and empower our young people to lead rewarding and prosperous lives. At M&T Bank, we believe education and hands-on learning experiences are the best ways to ensure students absorb critical lessons like spending, budgeting, saving, planning and borrowing. The Financial Literacy for Youth initiative will offer best-in-class programming, and we commend the leaders of New York City for executing on this vision. We are proud to participate in this critical program and look forward to its success."

"At Ridgewood Savings Bank, we believe that financial literacy is essential to lifelong success and to building stronger, more resilient communities," said Leonard Stekol, chairman, president, and CEO, Ridgewood Savings Bank. "For more than a century, we've stood by our neighbors as a mutual, community-focused institution – one that invests in education, opportunity, and financial empowerment. This innovative in-school banking initiative reflects those same values by giving young people the tools and confidence to make informed financial choices. We thank Mayor Adams, the Department of Consumer and Worker Protection, and New York City Public Schools for their leadership and vision in helping students gain skills that will serve them and their families for a lifetime."

"TD Bank is pleased to join the city's Financial Literacy for Youth initiative and continue our bank's long tradition of providing youth with accessible and age-appropriate resources to learn about everyday financial decisions and build confidence in managing money," said Steven Garibell, vice president of community business development, TD Bank. "We look forward to working with the city and engaging students in NYC Public Schools through this program."

"Neighborhood Trust FCU is excited to join this initiative," said Nazarett Perez, marketing and communications officer, Neighborhood Trust Federal Credit Union (FCU). "When we provide our students with financial knowledge, we equip them with the tools to thrive and open the doors to a brighter future."

"Building a strong credit history is a prerequisite to obtaining loans, insurance, housing, and other financial services and products," said Dara Duguay, chief executive officer, Credit Builders Alliance. "Youths need to understand how credit works and how their actions will affect their credit score. Starting without a credit history gives youth an opportunity to make the right decisions, if they are taught the right lessons such as the need to pay on time and manage their debt levels."

"Most of us have heard a friend, family member, or colleague bemoan the fact that they were not taught financial literacy in school," said Bishop Mitchell G. Taylor, co-founder and CEO, Urban Upbound. "The Financial Literacy for Youth Initiative addresses this common refrain with a concrete solution. Urban Upbound's counselors stand ready to provide students, parents, and guardians in select NYC public schools with the foundational financial literacy needed for long-term success. Furthermore, the in-school banking pilot program will ensure that students have access to institutions that offer safe and affordable bank accounts. This pilot program is promising as it directly addresses a critical need. New Yorkers with bank accounts have an easier time saving money, reducing debt, and improving their credit score. Conversely, New Yorkers who are unbanked are likely to experience financial exploitation and remain trapped in cycles of poverty. By engaging directly with students, parents, and guardians in select New York City public schools, the Urban Upbound Federal Credit Union can ensure that our city's youth have not only financial literacy but also the tools needed to actualize financial milestones.”