LONG ISLAND CITY, N.Y. (Business Wire) -- To support a much-needed financial education program for Queens residents, the Citigroup Foundation has awarded a $25,000 grant to the Jacob A. Riis Neighborhood Settlement House, the largest public housing development in the country providing services to more than 11,000 residents of the Queensbridge Houses. Dara Duguay, Director of Citigroup's Office of Financial Education, presented the $25,000 grant check to Bill Newlin, Executive Director of the Jacob A. Riis Neighborhood Settlement House. Also at the event, 20 children participated in one of the Settlement House's Financial Education classes.
The Jacob A. Riis Neighborhood Settlement House serves the western Queens area and primarily the Queensbridge Houses, home to over 15,000 residents, most of whom are African-American and Latino. According to the New York City Housing Authority (NYCHA), the average income of families at Queensbridge is under $16,000 and 25% of the residents receive public assistance.
To help the residents who aspire to economic prosperity and home-ownership reach their goals, Citigroup, the Citigroup Foundation and the Jacob A. Riis Neighborhood Settlement House are launching a year-long program to offer financial education to provide youth with the necessary knowledge and skills to make informed financial decisions in the future, to educate and inform adult and senior participants of ways to increase their financial capacity and accumulate assets and to provide bilingual financial education to the community's growing Latino constituents.
Dara Duguay, Director of Citigroup's Office of Financial Education, said: "At Citigroup, we believe that strong financial education programs raise the quality of life for individuals, families and institutions which help to strengthen communities around the world. We are pleased to work with the Jacob A. Riis Neighborhood Settlement House to create a financial education program that will give so many individuals and families in Queens an education that will serve them well for the rest of their lives. This program is our way of enhancing what we do best -- helping people build better lives for themselves and their families."
"Good habits start young, and that is why I am happy to congratulate Citigroup in providing the resources to teach our children the tenets of saving and managing money," said Councilman Eric Gioia. "Jacob Riis is a wonderful place, a good environment for children to learn, for seniors to congregate, and for a community to come together. I am confident that in running financial education programs, Jacob Riis will provide a valuable service for Queens residents of all ages."
Using the Citigroup Financial Education curriculum, five Jacob Riis staff members, who received training earlier this year, have taught basic banking skills to 125 children in their "Our Kids," "Project Excel," and "T.E.E.N." summer programs. This fall, Riis will offer financial education programs quarterly to adults in their Parent, Immigration and Senior Programs, that will include classes in banking, saving, investing, money management, credit, and wealth-building strategies. The program is expected to reach an additional 300 youth and adults this fall.
Bill Newlin, Executive Director of the Jacob A. Riis Neighborhood Settlement House, said, "We are thrilled to team up with Citigroup and the Citigroup Foundation to offer a financial education program that will empower so many people in Queens with the knowledge they need to take control of their financial futures. There is a great need within our community, among people of all ages, for financial education programs that teach the basics of saving, investing and borrowing. A sound financial education is one of the first steps toward achieving economic self-sufficiency."
Michael Bingold, Citibank's Queens West Area Manger, said, "At Citibank, we believe in a healthy approach to money and it starts with understanding basic banking concepts. Helping to make a difference in the local communities where our employees and customers live and work is very important to us. It is the foundation of our community commitment here in Queens, and in each of the hundreds of local communities around the world where we operate. By teaching Queens residents how to make informed financial decisions, we can help them improve their lives and realize their dreams."
The Jacob A. Riis Neighborhood Settlement House is a community-based not for profit organization, serving youth, families, adults and senior citizens. The organization's mission is to provide opportunities for community residents that enable them to reach their greatest potential, in order to realize economic self-sufficiency. Through the provision of comprehensive educational, cultural, recreational and social services, Jacob Riis Settlement assists its participants in building meaningful and self-sufficient lives.
Recently, Citigroup and the Citigroup Foundation announced a 10-year, $200 million global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 275,000 employees around the world to devote time to support financial education and other charitable causes. Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.
Jacob A. Riis Neighborhood Settlement House is a community based not for profit organization, established in 1888, that serves the Western Queens Community, with its main site in Queensbridge, the nation's largest public housing project. The organization offers comprehensive services to youth, adults, and families. The resources, opportunities and support the agency provides serves as a catalyst for community members to reach their greatest potential and achieve social and economic self-sufficiency.
The Citigroup Foundation's grant to the Jacob A. Riis Settlement House is part of the Citigroup Financial Education Program, a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citigroup's recently announced 10-year, $200 million global financial education commitment is focused in three areas: Personal Financial Education, Small Business Financial Education, and Institutional Financial Education. Additional information about Citigroup's Financial Education Program, including Foundation guidelines, links and resources, including the Citigroup Financial Education Program Curriculum and Facilitator's Guide may be found at: http://financialeducation.citigroup.com.
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. The Citigroup Foundation focuses its grants primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information may be found at www.citigroup.com.
Citigroup
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