Bill > S03069

This bill establishes a new State Financial Literacy Fund designed to support financial education and capability for at-risk populations in New York. The fund will be jointly managed by the state comptroller, attorney general, and commissioner of taxation and finance, with up to $1 million annually allocated from court system revenues. Organizations with 501(c)(3) tax-exempt status can apply for project grants to develop financial literacy programs, including free financial education content, individualized financial coaching, financial products and services for unbanked or underbanked consumers, and classroom-based financial education programs. Additionally, the bill requires school districts to incorporate financial literacy instruction into kindergarten through eighth-grade social studies curricula and mandates that high school students complete a financial literacy course before graduation. Grant recipients must promote economic security, evaluate their program's impact, and submit annual reports detailing their use of funds, the number of consumers aided, and quantitative results. The bill aims to improve financial knowledge, skills, and access to beneficial financial products for New York residents, with a particular focus on vulnerable populations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3069