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NY State Dept. gives $1.1M to boost financial literacy

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TLDR:

  • The New York Department of State has allocated $1.1 million to nonprofits for financial literacy initiatives.
  • 11 organizations received $100,000 each to provide one-on-one coaching on topics like homeownership, credit scores, debt, and financial scams.

In an effort to combat financial illiteracy, the New York Department of State has allocated $1.1 million in grants to nonprofits such as Chautauqua Opportunities, Inc. These funds aim to provide individuals with one-on-one coaching to improve their financial literacy and overall financial well-being. Secretary of State Robert Rodriguez emphasized the importance of helping individuals understand available resources, avoid scams, and address credit concerns through tailored coaching sessions.

Through the Community Services Block Grant managed by the Department of State’s Division of Community Services, 11 organizations received $100,000 each to offer coaching sessions on various financial topics, including homeownership, credit scores, debt management, bank accounts, and how to recognize and avoid financial scams. Amanda Straight, the deputy director of Housing and Community Development at Chautauqua Opportunities, Inc., highlighted the impact of these programs on individuals and families in need, particularly in challenging economic times. She shared that 105 individuals have completed budget and financial literacy education at their organization, with 36 returning for follow-up counseling.

The financial literacy programs funded by the grants are being implemented in various regions across New York, including the Capital Region, Mohawk Valley, Western New York, Southern Tier, Finger Lakes, and New York City. This initiative aims to empower individuals with the knowledge and skills necessary to make informed financial decisions and ultimately improve their financial well-being.

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