BP Adams strives to combat consumer debt in Brooklyn

In an effort to educate Brooklynites about the importance of financial literacy, Borough President Eric Adams kicked off Financial Education Empowerment Month on Thursday, March 19 at Borough Hall and brought with him a startling statistic – there is $2 million spent on financial education in Brooklyn for every $54 million spent on consumer marketing.

“I believe that financial education is crucial to achieving economic stability and prosperity here in Brooklyn,” said Adams. “When I look at some of the statistics, it is alarming. It is important that we look for ways to help Brooklyn residents make financially sound decisions.”

The month-long series of workshops and seminars will feature different programs relating to financial education like budgeting, managing debt, preventing fraud, and credit reporting along with programs for all ages including a youth expo for young adults and a “Securing Brooklyn’s Seniors” seminar.

“People struggle with their financial life,” said Elizabeth Malone, program director at the Neighborhood Housing Services of East Flatbush (NHS), one of the organizations offering workshops throughout the month. “Part of it is a lack of information, and part of it is a lack of resources and of experts that they can trust to go to, so the Borough President has brought together some very trusted partners who we know will be working in the interest of the community.”

Patrick Gilbride, a financial advisor with Edward Jones, in Partnership with Pedro Barry of Operation Hope, will also be offering a comprehensive presentation called “Strive to Thrive” in which the pair will discuss the basics of budgeting, and how to get consumer debt under control.

“When I heard that there was an opportunity to be involved in the financial literacy effort that Borough President Eric Adams put together, I jumped at the chance and I was really glad to be involved,” said Gilbride. “I’ve sat down with literally hundreds of people over the last five years of building my current practice and it’s amazing how much basic information people really need.”

“Financial literacy really impacts on the quality of life of all Brooklynites,” added Adams. “We want to lead the way so that families can learn how to balance their checkbooks as well as manage their lives.”

For the full list of workshops and seminars offered throughout the month and more information about the programs, visit www.brooklyn-usa.org or email programs@brooklynbp.nyc.gov.

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