Manhattan Borough President and metropolis Comptroller candidate Mark Levine.
File Photograph by Lloyd Mitchell
Metropolis Comptroller candidate Mark Levine plans, if elected, to spice up monetary literacy throughout the 5 boroughs by offering New Yorkers with entry to financial institution accounts and instructing them easy methods to higher save and handle cash from an early age, New York News has realized.
Levine, who at the moment serves as Manhattan borough president, is pitching a three-pronged plan — a replica of which was shared with New York News forward of its launch — to deal with the comparatively excessive variety of households within the metropolis that shouldn’t have entry to a checking account or very important information of easy methods to handle their cash.
The Manhattan beep’s proposal guarantees to show monetary expertise to public faculty college students starting in fifth grade, present each college students and Summer season Youth Employment Program contributors with financial institution accounts, and launch a devoted monetary literacy unit throughout the comptroller’s workplace.
“I founded a community credit union in Washington Heights because I saw how many families were being shut out of the banking system,” Levine stated. “Financial literacy must be central to our work to empower New Yorkers, and whether you’re a young student, teenager or adult, the Comptroller’s office can play a key role in addressing these problems. As Comptroller, I want to help every New Yorker get access to banking and the tools they need to succeed in our economy.”
Levine is in a aggressive race in opposition to Metropolis Council Member Justin Brannan (D-Brooklyn) to be the town’s subsequent chief bean counter after present Comptroller Brad Lander determined to run for mayor as a substitute of searching for re-election final yr. He’s the present frontrunner, based on a ballot carried out by the Honan Technique Group final month, however 60% of voters surveyed have been nonetheless undecided.
Based on metropolis information cited within the plan, practically 1 in 10 (or 9.4%) of metropolis households fell into this class—often known as being “unbanked”—in 2021, greater than twice the nationwide common of 4.5% on the time. That actuality leaves tens of 1000’s of New Yorkers counting on way more “predatory” methods of managing their cash, together with examine cashers and payday lenders, which may cost excessive charges and rates of interest.
Levine’s crew additionally cited a survey carried out in 2021 that exposed that 1 in 10 New Yorkers misplaced $10,000 because of a scarcity of monetary literacy.
Levine’s plan proposes offering each public faculty fifth grader with entry to a no-minimum checking account by way of a neighborhood credit score union or group financial institution. The accounts can be paired with a brand new monetary literacy curriculum that teaches college students easy methods to save, funds, and handle their cash.
“It’s a simple idea that can plant the seeds for a lifetime of financial empowerment,” the plan reads.
The comptroller hopeful can be pitching financial institution accounts for each younger one that participates within the Summer season Youth Employment program — a city-run summer time profession initiative for these aged 14 to 24.
Moreover, Levine is pledging to determine a “Financial Literacy, Education, and Empowerment Unit” throughout the comptroller’s workplace. The devoted group would work to coach communities on monetary literacy and conduct analysis on what strategies are and should not working.
“The unit will build tools to help New Yorkers understand credit scores, avoid hidden fees, access public benefits, budget effectively, and thrive in the gig economy,” the plan reads.
