April is National Financial Literacy Month

The Boston City Council has officially designated April as National Financial Literacy Month, emphasizing the vital role financial education plays in fostering economic empowerment and reducing racial wealth disparities. Despite progress, a significant gap remains, underscored by a 2015 report revealing that the median net worth of U. S. -born Black households in Greater Boston was a mere $8, compared to $247,500 for White households. The Council recognized ongoing efforts to address these disparities, including investments in the Boston Tax Help Coalition and expanded partnerships with Boston Public Schools.

A new pilot program with the Greater Boston Chamber of Commerce aims to integrate financial literacy into the high school curriculum. Additionally, initiatives like Boston Builds Credit and Operation HOPE provide crucial support for residents seeking to improve their credit and achieve long-term economic stability. The resolution, introduced by Councilors Worrell, Flynn, and Mejia, calls for sustained support for programs that empower individuals of all ages and backgrounds. By emphasizing financial literacy, the Council aims to equip residents with the tools needed for financial success. This initiative reflects a broader commitment to fostering an equitable economic landscape in Boston.