It appears that your web browser does not support JavaScript, or you have temporarily disabled scripting.
Login Subscribe Translate
This Google™ translation feature is provided for informational purposes only.
The New York State Office of the State Comptroller’s website is provided in English. However, the “Google Translate” option may help you to read it in other languages.
Google Translate™ cannot translate all types of documents, and it may not give you an exact translation all the time. If you rely on information obtained from Google Translate™, you do so at your own risk.
The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. The State of New York, its officers, employees, and/or agents are not liable to you, or to third parties, for damages or losses of any kind arising out of, or in connection with, the use or performance of such information. These include, but are not limited to:
Because Google Translate™ is intellectual property owned by Google Inc., you must use Google Translate™ in accord with the Google license agreement, which includes potential liability for misuse: Google Terms of Service.
Office of the NEW YORK
STATE COMPTROLLER
NYS Comptroller Thomas P. DiNapoli
GET to Know
New York State Comptroller
Thomas P. DiNapoli
Read BIO
GET to Know
New York State Comptroller
Thomas P. DiNapoli
New York state should improve its track record when it comes to promoting financial literacy and providing New Yorkers with access to information and tools to build their financial knowledge and skills, according to an audit released today by New York State Comptroller Thomas P. DiNapoli.
The audit of five agencies, including the Department of Financial Services (DFS), the Department of State (DOS), the NYS Office for the Aging (NYSOFA), the Office of Temporary and Disability Assistance (OTDA) and the State University of New York (SUNY), found the state has not developed a coherent strategy or made a concerted effort to provide financial literacy education and information to the public.
“Many New Yorkers are trying to get through tough economic times right now. Having the right information and tools to manage their personal finances can help people be in a better position to weather both good times and bad,” DiNapoli said. “This audit found that the state agencies tasked with promoting financial education and giving New Yorkers the resources they need to safeguard their finances can improve and better coordinate their efforts.”
Studies have shown that most Americans, particularly young adults, are not prepared for financial emergencies and that financial literacy can help prevent personal financial crises among all generations. In a 2018 survey, the Financial Industry Regulatory Authority found that in New York:
In addition, 2.5 million New Yorkers each owed over $37,600 in federal student loan debt in 2020, slightly more than the national average, and 11.5% of older adults live in poverty, compared to 9.7% nationally.
Several New York agencies offer financial literacy education to help protect vulnerable consumers, increase household savings and promote responsible personal finance and financial well-being. A 2021 state law required certain agencies and authorities to provide all relevant new and updated financial literacy-related education information to DFS by Nov. 1, 2021. DFS was to post the information to its website by January 1, 2022.
DiNapoli’s audit found that, despite some collaboration among the agencies, there is no coherent strategy to coordinate their various efforts, nor is there a shared definition of “financial literacy.”
For example, DFS, which is the designated clearinghouse for all agencies’ information, does post some links. However, as of June 2022, fewer than 15 of the state’s 100-plus eligible entities were represented on DFS’ Financial Help for New Yorkers webpage.
NYSOFA, the primary agency for services for aging New Yorkers, said it did not have a role in administering any financial literacy programs, although DFS did link to its website. Only three — SUNY, DOS and OTDA — make efforts to identify and reach vulnerable consumer groups as part of their financial literacy efforts.
SUNY was the only agency that attempts to measure gains in individuals knowledge after they participate in financial literacy offerings and was the most consistent in getting information out, primarily to students and prospective students. Getting feedback from participants is critical to identifying whether the educational efforts are successful and where improvements are needed.
The audit found that DOS, OTDA, and SUNY do not use the information and data they have to help them evaluate and improve their financial literacy offerings.
In examining the five agencies, DiNapoli’s audit made recommendations for each that could improve their outreach:
The agencies, with the exception of NYSOFA, generally agreed with the recommendations and said they were taking steps to improve financial literacy education. Their full responses are available in the audit.
The audit is part of DiNapoli’s ongoing financial literacy initiative. In 2019, DiNapoli signed an executive order recognizing the need for more robust financial education in the state and providing New Yorkers with more tools to manage their finances.
Audit
Selected Agencies’ Roles in Financial Literacy
Track state and local government spending at Open Book New York. Under State Comptroller DiNapoli’s open data initiative, search millions of state and local government financial records, track state contracts, and find commonly requested data.
Tell us more about you to receive content related to your area or interests.
Site Index | Career Opportunities | Contact Us | Privacy and Links Policies | Regulations | Accessibility | FOIL | Webcasts