SYRACUSE N.Y. (NCC News) — New York State has awarded $1.1 Million in grant funding to 11 community-based financial literacy programs across the state.
The individual $100,000 grants will help fund financial literacy programs to provide one-on-one coaching and to educate low income families on budgeting and financial management. Participants receive education on homeownership, credit scores, credit card debt, bank accounts, asset building, and how to avoid financial scams.
“Financial literacy is crucial to helping New Yorkers save their hard-earned money as they work to build a better life for their families,” Gov. Kathy Hochul (D-NY) said in a press release on Thursday. “Through these programs, we can arm New Yorkers in communities across the state with the tools they need to build a more secure economic future for themselves and their loved ones.”
Residents with incomes at or below 200 percent of the Federal Poverty Guidelines are eligible to participate in the program. It also includes language access services for individuals who have limited English proficiency.
“Empowering communities with financial literacy creates a ripple effect that can lead to and ultimately foster prosperous families, a stronger workforce, and more robust communities throughout the state,” Robert Rodriguez, New York Secretary of State, said in the press release. “Teaching individuals how to save, borrow, spend, and invest is essential, especially in underserved communities.”
The 11 organizations are located among six regions across New York State. Western New York, Southern Tier, and Finger Lakes were among the regions included. However, Central New York was not among the regions with an organization.