On November 12, mayor of New York City, Eric Adams, came to HS223 to announce his new initiative, the Financial Literacy for Youth Program.
The program gives students the opportunity to develop financial literacy in school, and hopes to help students acquire financial skills that will help them throughout adulthood. 15 schools around NYC, including HS223, will have access to financial literacy and in school banking. The program will begin at the first 15 schools in 2026.
“If you were to walk through Washington Heights and ask people what financial literacy means, many wouldn’t know. But if you head to the East Side, people will understand,” said Adams from a podium in the HS223 library.
Adams pointed out that while many teenagers excel academically, they often lack the essential skills to manage money, leading to financial challenges in adulthood.
“My credit score was devastated when I was in college because I didn’t have that understanding. We lived from paycheck to paycheck. We didn’t know about investing in ourselves first to build bank accounts, checking accounts some of the the things these young people are going to have,” said Adams.
This experience driving him to create opportunities for the next generation, so they don’t face the same challenges.
“By having in school banking, opening banks inside out schools, thousands of children are going to be able to start out their lives the right way. You can’t just be academically smart. You have to be emotionally intelligent and you must be financially literate,” said Adams.
The program hopes to create lasting change for “underbanked” communities who, according to NYC.gov, make up 238,900 households in New York City. These are households that do not have a bank account.
Banks such as Bank of America, Citizen Bank and TD Bank are investing in the program.
“Our landmark Financial Literacy for Youth Initiative is going to teach every public school student how to save and spend money and will provide counseling and lead workshops and create classroom curriculum. If you invest in these children today, you are actually going to have a win-win relationship because they will invest in your banks as well,” said Adams.
Jaycke Mata (Class of 2027) introduced the mayor of New York State and shared his experiences as a finance student at HS223.
“I think this program will benefit future students by providing access to bank accounts that they would not have if it wasn’t for the program. Most students rely on cash from their parents. It would be a great opportunity if younger generations knew how to manage their own money,” said Mata.
Mata sees this program as a pivotal change in our HS223 community, and believes in the positive effects it can have on students.
“Representing teenagers from my generation gives people a different image then what’s on the statistics. Being from the South Bronx people have low expectations. My speech can inspire other teens to want to do the same and gives others a view of what teenagers today can do when given opportunities,” said Mata.
Jayden Tavarez (Class of 2026) has been in the finance pathway since his 10th grade year and is excited about what this could mean for the future.
“Being in finance has helped me because it makes me think more about financial decisions before I make them. It helps me by changing the way I look at different financial situations. I save by setting aside 60% of what enters my account. This will help when I’m in college because I will have to be more independent with my financial decisions because I will be away from home,” said Jayden.
When asked whether the new administration and incoming Mayor Zohran Mamdani would keep his financial literacy policy in place, Adams was hopeful.
“The legacy we’ve started is one that I hope will continue in the next administration. We’re working to break the cycle of inequality instead of perpetuating it. More than 350,000 students will benefit from this program,” said Adams.
