April is National Financial Literacy Month

This week, the Council recognized April as National Financial Literacy Month, reaffirming its commitment to promoting economic empowerment, closing the racial wealth gap, and expanding access to financial education across the city.

Financial literacy is a key life skill that enables individuals and families to budget, save, build credit, and make informed financial decisions. Yet, stark racial disparities in financial knowledge, access to credit, and generational wealth persist in Boston. A 2015 report famously found that the median net worth of U.S. born Black households in Greater Boston was just $8, compared to $247,500 for White households – a figure that continues to drive urgent action.

The Council acknowledged ongoing efforts by the City and community partners to address these disparities. These include investments in the Boston Tax Help Coalition, Youth Development Fund grants, and expanded partnerships in Boston Public Schools (BPS), including a new pilot program with the Greater Boston Chamber of Commerce to integrate financial education into the high school curriculum.

Local initiatives like Boston Builds Credit, Operation HOPE, and the Midas Collaborative are also helping thousands of residents improve credit, access financial coaching, and build long-term economic stability.

The resolution, offered by Councilors Worrell, Flynn and Mejia, calls for continued support of programs that equip residents of all ages and backgrounds with the tools they need to thrive financially.