New York Department of State Distributes $1.1 Million to Nonprofits to Improve Financial Literacy
To address the growing issue of financial illiteracy in New York, the Department of State has allocated $1.1 million to nonprofits, such as Chautauqua Opportunities, Inc., to provide coaching and assistance to individuals in improving their financial situations.
Robert Rodriguez, the New York secretary of state, emphasized the significance of one-on-one coaching in helping people understand the available resources, avoid falling victim to financial scams, and address credit concerns.
Through the Community Services Block Grant, managed by the Department’s Division of Community Services, a total of 11 organizations have each received $100,000. This funding will be used to provide individual coaching sessions on various financial topics, including homeownership, credit scores, debt management, bank accounts, and the prevention of financial scams.
Amanda Straight, the deputy director of Housing and Community Development at Chautauqua Opportunities, Inc., highlighted the challenging economic situation faced by many individuals in the community. She underscored the positive impact that support and necessary changes can have on people’s lives.
Thanks to this funding, a total of 105 individuals have benefited from budgeting and financial literacy education at Chautauqua Opportunities, Inc., with an additional 36 individuals returning for follow-up counseling.
These programs are not limited to one specific region but are being funded in various areas across the state, including the Capital Region, Mohawk Valley, Western New York, Southern Tier, Finger Lakes, and New York City.
Financial illiteracy is a pressing concern that affects individuals from all walks of life. By investing in coaching and education, the New York Department of State aims to equip people with the necessary tools and knowledge to navigate their financial journeys successfully.
Analyst comment
Positive news. The market is likely to see an improvement in financial literacy and awareness as nonprofits receive $1.1 million from the New York Department of State to provide coaching and assistance. This funding will benefit individuals across the state and help them navigate their financial journeys successfully.
