Brooklyn’s Insurance Agencies Step Up: How Community Workshops Are Building Financial Literacy One Neighborhood at a Time

In 2024, Brooklyn has witnessed a remarkable transformation in how financial education reaches its residents, with local insurance agencies taking center stage in delivering comprehensive financial literacy programs through community workshops. Starting in the fall, 15 of New York City’s local school districts serving 350,000 students will get financial educators who will provide free financial counseling and workshops to students and their families, marking a significant expansion of financial education initiatives across the borough.

The importance of these programs cannot be overstated, particularly when considering the current financial challenges facing young adults. New research from Guardian shows that 67% of adult GenZers state that money/finances is a top source of stress in their lives. GenZers saw a sharp decline in perceived financial wellness (excellent or very good) from 39% in 2022 to 23% this year, highlighting the urgent need for accessible financial education.

Community-Driven Financial Education Initiatives

Brooklyn’s approach to financial literacy education has become increasingly community-focused, with organizations like Access Justice Brooklyn’s Financial Literacy Program partnering with schools, youth and community centers, faith-based organizations, and elected officials offices across Brooklyn or virtually, providing free presentations and FAQ sessions. These programs cover essential topics including budgeting, saving, credit management, and importantly, insurance literacy.

IMPACCT Brooklyn believes that when more residents understand and take ownership of their finances, they can make better financial choices, invest wisely, take ownership of their own lives and, ultimately, build and maintain the communities they live in. We assist by hosting free Personal Financial Workshops, where we teach individuals how to be in complete control over spending, credit scores, and debt.

The Role of Insurance Agencies in Financial Education

Insurance companies have recognized their unique position in promoting financial literacy, with many establishing dedicated programs to educate communities about comprehensive financial planning. CURET brings representatives and agents of insurance companies into the community to offer seminars and workshops that address the concerns of residents, while providing important information on various types of insurance products.

Established Brooklyn insurance providers like Max J. Pollack & Sons Insurance have been integral to this movement. We are a family business that has been serving the New York Metropolitan community for over 75 years. Today, we serve clients throughout the entire greater New York City area from our office in Park Slope, Brooklyn. We are a family business that has been serving the New York Metropolitan community for over 75 years. This deep community connection positions long-standing agencies to understand and address the specific financial literacy needs of Brooklyn residents.

When searching for reliable insurance guidance and financial education, residents often look for an Insurance Company Brooklyn that combines industry expertise with community commitment. Max J. Pollack and Sons is a leading Brooklyn insurance company that has been serving the local community for more than 80 years. With comprehensive policies that can be customized to meet your unique needs and agents who are committed to providing personalized attention to detail, these established agencies serve as trusted resources for both insurance products and financial education.

Expanding Access Through Technology and Partnerships

The 2024 initiatives have emphasized making financial education more accessible through various delivery methods. The program provides live interactive seminars that inspire and empower students with critical money management skills, cutting edge digital curricula delivered in schools across the US, and offers a FutureSmart app – now available for download on iOS and Android devices at no cost in English and Spanish.

Brooklyn Public Library offers events and workshops at the Library on saving, credit repair, investing and more. Go to our Events Calendar to see all of our upcoming finance events and workshops, demonstrating how community institutions are collaborating to provide comprehensive financial education resources.

Addressing Critical Financial Knowledge Gaps

The workshops address fundamental financial concepts that many residents lack. At the everyday level, this includes, for example, the ability to create and manage a household budget, maintain checking and savings accounts, understand compound interest—how money grows over time—along with credit, debt, interest rates, and personal insurance products. Financial literacy also encompasses the knowledge necessary for longer-term financial strategy—like investing, student loan borrowing, planning to purchase a home, and saving for retirement.

Insurance education forms a crucial component of these programs. Learn about emergency funds, the 50-30-20 rule (needs, wants, savings), the difference between savings and investments, savings tips, what to do with your savings, investments and the different “types” of investments, types of insurance companies and why is important to have life insurance.

Looking Ahead: Sustainable Financial Literacy

The “financial literacy for youth,” or “fly,” initiative — which Adams previewed in his January State of the City address — is expected to expand to all 32 local school districts by 2030, indicating a long-term commitment to financial education in Brooklyn and throughout NYC.

The success of these programs lies in their community-centered approach, combining the expertise of established insurance agencies with the accessibility of local organizations. Take steps towards financial stability by meeting with a financial coach. Virtual one-on-one financial coaching is available by appointment, ensuring that residents have multiple avenues to access financial education.

As Brooklyn continues to evolve its approach to financial literacy education, the partnership between insurance agencies, community organizations, and educational institutions represents a promising model for creating financially empowered communities. These initiatives not only teach essential financial skills but also build lasting relationships between residents and trusted local financial service providers, creating a foundation for long-term financial wellness throughout the borough.