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Secure the Bag: Department of Consumer and Worker Protection Releases Report on Youth Financial Empowerment Public Forum
February 28, 2025
NEW YORK, NY – New York City Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga today released “From Tween to Twentysomething: Helping Young People Secure the Bag,” a report summarizing a public forum held on November 14, 2024 at the Brooklyn Heights Public Library and policy recommendations to address the gaps in financial empowerment education and resources for young adults. Included in the report are summaries of panels and public testimonies from youth, parents and financial experts that informed the goal of ensuring that every public school student learns how to save and spend money by 2030, as announced in Mayor Adams’ 2025 State of the City address.
“Preparing our students for success is about more than just the ABCs, but also about the 123s. Terms like interest, credit, and debt will determine our students’ success in the 21st century, but as this report shows, too many young people still don’t know what they mean,” said New York City Mayor Eric Adams. “That is why we are making sure that every student can learn how to save and spend money by 2030. As we announced in our recent State of the City address, we are going to put a financial empowerment counselor into every single school district, open up 15 bank branches, and launch an innovative program to give students hands-on experience managing money. Together, we will set our students up for a lifetime of financial success.”
“We are committed to financially empowering all New Yorkers, but for too long, we haven’t focused on preparing our children to face the financial realities of adulthood,” said DCWP Commissioner Vilda Vera Mayuga. “Teaching our youth the ins and outs of how to manage their finances and preventing them from making the same financial mistakes that we’ve made is crucial to setting themselves up for a lifetime of success. Thank you to the mayor and our partners at NYC Public Schools for working with us to empower our city’s children.”
“Our students deserve an education that not only prepares them for college and careers but also for the financial realities of adulthood,” said Schools Chancellor Melissa Aviles-Ramos. “Understanding how to budget, save, and invest is just as critical as reading and math. We are proud to partner with the Department of Consumer and Worker Protection to ensure that all of our young people graduate with the knowledge and confidence to take control of their financial futures.”
At the public forum, expert panelists from the Federal Trade Commission, the Federal Deposit Insurance Corporation, Ascend at the Aspen Institute, and Junior Achievement of New York stressed the need for multi-generational financial education approaches that teach youth how to be savvy consumers and improve access to vital financial tools, like bank accounts. Almost 10% of New York City households lack a bank account, more than double the national average, based on DCWP’s research. According to Junior Achievement of New York, only 20% of students feel prepared for financial planning beyond high school. Public testimonies from students, parents, and educators also reinforced common themes, like the lack of tools needed to make informed financial decisions in adulthood and how that can have cascading impacts in their families, like increasing debt.
The testimony and panels heard during this public forum informed the financial empowerment initiatives announced in Mayor Adams’ 2025 State of the City, including:
- Placing financial educators in each school district to provide counseling, lead student and family workshops, and help develop tailored programing,
- Piloting in-school banking in underbanked communities to give students real-world exposure to safe and affordable banking options, and
- Exploring additional ways to incentivize financial education by giving students hand-on experience learning about saving and investing.
“As the former Commissioner of the Department of Consumer and Worker Protection, I’m thrilled to see the agency expand financial literacy programming which is essential to educating our youth and critical to ensuring a more equitable financial future for young New Yorkers. As many of our youth have not been given tools to manage money effectively, these programs can create foundational skills for financial success in life and I thank Commissioner Mayuga for this vital programming,” said Council Member Julie Menin.
“Creating the circumstances for families to thrive financially is an intergenerational imperative. Introducing financial education for children and involving parents in young people’s financial journeys is an excellent way to support whole families to prosper,” said Sama Sabihi, senior program manager at Ascend at the Aspen Institute. “New York City’s Department of Consumer and Worker Protection’s (DCWP) curation of equitable, lived experience-based learning opportunities empowers them to deliver truly impactful financial education programs for young people. Ascend at the Aspen Institute enthusiastically supports DCWP’s continued commitment to intergenerationally-focused youth financial education that will ultimately support families to flourish – both now and in the future.”
“At Junior Achievement of New York, we believe that financial literacy is the key to unlocking opportunities for young people, and we are proud to have participated in DCWP’s forum and the importance of ensuring that every NYC public school student learns about saving, spending, and becoming a savvy consumer,” said Steven Sherrick, senior vice president at Junior Achievement. “Empowering students with the knowledge to make informed financial decisions is not just a lesson for the classroom — it’s an investment in their future. Reaching students early and equipping them with financial skills is crucial for setting them on a path to lifelong financial well-being. We are committed to working alongside the Department of Consumer and Worker Protection, as well as other stakeholders, to ensure that financial education becomes a priority for every student, helping them “Secure the Bag” for a lifetime of financial success.”
“Commissioner Mayuga, and the Department of Consumer and Worker Protection, have long been allies of workers in New York City,” said Ligia Guallpa, executive director of the Worker’s Justice Project. “Workers, especially immigrant workers, keep New York City moving, whether it’s delivering food and goods across the city, or taking care of our loved ones as nannies, caregivers, housecleaners, and more. They live side by side with us in our communities, and their children attend our schools as peers. We commend the Department for its efforts to give our children real financial skills and tools so that they and their families can thrive in our city.”
“At La Colmena, we see firsthand how financial literacy can transform lives, particularly for immigrant and working-class communities on Staten Island,” said Yesenia Mata, executive director of La Colmena. “Ensuring that every young person in our city has access to financial education is not just an investment in their future, but in the future of our entire community. We applaud the efforts of the DCWP and all those working to close the financial empowerment gap, and we remain committed to advocating for equitable access to resources that help young people build financial stability and independence.”
Since 2008, DCWP’s Financial Empowerment Centers have helped tens of thousands of New Yorkers improve their credit, reduce their debt by more than $119 million and increase their savings by more than $13 million through free one-on-one financial counseling services. Visit nyc.gov/TalkMoney or call 311 and say “financial counseling” to schedule an appointment or for more information.
The NYC Department of Consumer and Worker Protection (DCWP)—formerly the Department of Consumer Affairs (DCA)—protects and enhances the daily economic lives of New Yorkers to create thriving communities. DCWP licenses more than 45,000 businesses in more than 40 industries and enforces key consumer protection, licensing, and workplace laws that apply to countless more. By supporting businesses through equitable enforcement and access to resources and, by helping to resolve complaints, DCWP protects the marketplace from predatory practices and strives to create a culture of compliance. Through its community outreach and the work of its offices of Financial Empowerment and Labor Policy & Standards, DCWP empowers consumers and working families by providing the tools and resources they need to be educated consumers and to achieve financial health and work-life balance. DCWP also conducts research and advocates for public policy that furthers its work to support New York City’s communities. For more information about DCWP and its work, call 311 or visit DCWP at nyc.gov/dcwp or on its social media sites, Twitter, Facebook, Instagram, and YouTube.
Media Contacts:
Michael Lanza / Stephany Vasquez Sanchez
Department of Consumer and Worker Protection
(212) 436-0042
press@dcwp.nyc.gov