SLATER, TOMPKINS BANK WORK TO CLOSE NEW YORK’S FINANCIAL LITERACY GAP

Tyreik Brown, Julie Stellini, Kristen O’Keeffe, Assemblyman Matt Slater.

Assemblyman Matt Slater (R,C–Yorktown) hosted a Financial Literacy Workshop in partnership with Tompkins Bank on Wednesday, Oct.15, at the Putnam County Bureau of Emergency Services in Carmel. The event helped residents strengthen their understanding of personal finance, including banking, budgeting and fraud prevention, providing attendees with practical tools and guidance to build financial security.

“The cost of poor financial literacy is hitting New Yorkers hard,” said Slater. “Families are struggling to make ends meet, and far too many people are unprepared for unexpected expenses or economic shocks. Knowing how to budget, save and plan for a secure financial future is one of the most critical skills anyone can—and should—have.”

New York state continues to face challenges with financial literacy, recently earning a “D” from The Nation’s Report Card for its limited instruction on the subject. The state currently lacks stand-alone personal finance courses in high school and grade-specific K–8 standards, leaving many young New Yorkers without essential money management skills. These gaps have real consequences: 

• According to a report by the Office of the New York State Comptroller, 28% of credit card holders made only minimum payments during some months.

• 41% of New Yorkers reported having no rainy-day fund to cover three months of expenses in case of emergency.

• 12% of homeowners owed more on their homes than their market value.

“When only half of New Yorkers follow a budget, half have less than $1,000 in savings and only half feel confident planning for retirement, it’s clear that personal finance education must be a top priority,” Slater said. “I’m grateful to Tompkins Bank for partnering with us to help residents take control of their finances and build a stronger foundation for the future.”