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DCWP's New Top 10 Tips to Help Young New Yorkers Make Smart Money Moves During Financial Empowerment Month

April 7, 2025

NEW YORK, NY – In celebration of Financial Literacy Month, New York City Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga today shared Top 10 Tips for Young Consumers to help New York City youth know their rights and how to make smart financial choices. These new helpful multilingual tips equip young New Yorkers with essential financial skills, like teaching them how to budget wisely, avoid scams, and make smart spending decisions to set the foundation for a successful financial future. 

“Financial empowerment is the key to long-term success,” said DCWP Commissioner Vilda Vera Mayuga. “With these practical tips, young New Yorkers can develop smart money habits early on, helping them make informed decisions and build strong financial futures.”

  • Open a bank account. Protect your money in an insured bank or credit union. Look for official signs: FDIC (banks), NCUA (credit unions). You can also access services as you and your money needs grow. NYC SafeStart Account and Bank On certified accounts are affordable accounts that have no fees or minimum balance requirements. To open an account, you may need an adult and/or government-issued ID like IDNYC or a Non-Driver ID from the Department of Motor Vehicles.
  • Understand what you’re buying. Shop around for the lowest price. Read return policies and contracts carefully. Monitor subscriptions. Cancel ones you don’t need. “Buy Now, Pay Later” are short-term loans that could mean fees and interest. Consider if a loan is worth it. Do research before buying used items like cars or electronics. Make sure they work and check for recalls.
  • Learn to live on a budget. Know how much money you have so you can make decisions about spending and saving. Track money coming in and going out to avoid problems. Know the difference between a “need” and a “want.” Know your money goals so you can save for them.
  • Plan early to afford college or trade school. A 529 plan helps families save for higher education. Ask if your family has one or can open one. Check for financial assistance. Complete the Free Application for Federal Student Aid (FAFSA) the year before you start school. A school’s offer of “aid” is often a mix of grants you don’t repay and loans you must repay with interest. Make higher education a money goal. Save for expenses and student loan repayment.
  • Invest based on homework, not hype. Investments and investment advice are the top frauds targeting young people especially on social media. There are many types of investments. They include stocks, bonds, mutual funds, real estate, cryptocurrencies. Make sure you understand them. If you don’t, you can be out a lot of money and fees. The U.S. Securities and Exchange Commission has resources to help.
  • Protect yourself from scammers. Social media is the #1 way young people have lost money to scams. Don’t post personal or financial information. Beware of unexpected contacts. Scammers create fake accounts to gain trust and information. Research before you respond. Use trusted sites to buy online. Look for a product’s picture, description, user reviews. Make sure you can contact the company. Review account statements for fraud. This includes payment apps, debit card, bank transfers, cryptocurrency.
  • Younger workers have special rights. If you’re under 18, know where, when, and how long you can work. Read Youth Workers Bill of Rights created by New York State Department of Labor. You can get a working papers application from your school’s guidance office or NYC Public Schools. Consider employment programs run by DYCD.  Your family may be eligible for NYC Free Tax Prep to see if you must file taxes.
  • Credit scores matter so think before you charge. Using a credit card means you must repay the amount plus any interest and fees later. To avoid interest charges, pay your balance in full every month if you can. Paying just the minimum or missing payments because you can’t afford them costs you more and damages your credit score. Your credit score uses your credit history to predict how reliably you will make future payments. Check your credit report every year.
  • You have renter rights and resources. Under a new law, brokers who represent landlords can’t charge fees to tenants. Monitor nyc.gov/dcwp for when this law takes effect. You can apply for NYC housing lotteries starting age 18. Make your first apartment a money goal and save for it. Ready to Rent offers free financial counseling if you’re applying for affordable housing.


DCWP is committed to providing New York City’s youth with the tools and resources they need to become financially healthy adults. Announced at Mayor Adams’ 2025 State of the City address and informed by testimony delivered at DCWP’s public forum, From Tween to Twentysomething: Helping Young People Secure the Bag, the city will be launching a suite of financial empowerment programs at NYC Public Schools to ensure every public school student learns how to save and spend money. The initiative includes placing financial educators in each school district to lead workshops and develop tailored programming, piloting In-School Banks in underbanked communities, and exploring additional incentives to provide hands-on experiences to learning about saving and investing.

Since 2008, DCWP’s Financial Empowerment Centers have helped tens of thousands of New Yorkers improve their credit, reducing their debt by more than $120 million and increasing their savings by more than $13 million through free one-on-one financial counseling services. New Yorkers 18 and older can 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