Twenty-five Long Island organizations, including Common Ground Alliance, Inc. of Plainview, have been selected to participate in Capital One Bank's financial literacy challenge.
Financial Literacy Challenge on Long Island is designed to encourage intelligent money management practices among kids and adults across Long Island. Each organzation will receive $5,000 to help implement their financial education programs between September 2012 and May 2013.
Capital One said that of the organizations selected, three engage individuals of all ages, six serve adults, 13 work with youth, and three support individuals with disabilities and special needs.
“We are thrilled to support the 25 organizations –- which represent a range of communities, age groups and interests – to participate in Capital One Bank’s first Financial Literacy Challenge on Long Island,” said Andrew Corrado, Long Island market president, Capital One Bank. “While these groups serve unique populations, they share a commitment to teaching Long Island residents about money management best practices.”
The honorees, which include four libraries, two schools, one university and 18 non-profits, are:
- Babylon High School Business & Family and Consumer Science Departments in Babylon
- Baldwin Public Library in Baldwin
- Community Development Corporation of Long Island in Centereach
- Common Ground Alliance, Inc. in Plainview
- Economic Opportunity Council Of Suffolk, Inc. in Patchogue
- Family and Children's Association in Mineola
- Family Residences and Essential Enterprises Inc. in Old Bethpage
- Family Service League in Huntington
- Girls Incorporated® of Long Island of Massapequa Park
- Girl Scouts of Suffolk County, Inc. in Commack
- Grenville Baker Boys & Girls Club in Locust Valley
- Half Hollow Hills Community Library in Dix Hills
- Harbor Day Care Center, Inc. in New Hyde Park
- Health and Welfare Council of Long Island in Hempstead
- Hispanic Brotherhood of Rockville Centre, Inc. in Rockville Centre
- Hofstra University in Hempstead
- Literacy Nassau of Freeport
- Long Island Housing Partnership, Inc. in Hauppauge
- Mercy Haven, Inc. in Islip Terrace
- Middle Country Library Foundation in Centereach
- Patchogue-Medford Library in Patchogue
- The Disability Opportunity Fund in Albertson
- The Long Island Home d/b/a South Oaks Hospital in Amityville
- The Retreat in East Hampton
- Vincent Smith School of Port Washington in Port Washington
The bank said financial literacy training will help address the lack of information young people have about money matters. It said a recent study conducted by Capital One and ING DIRECT USA found that 24 percent of 12- to 17-year-olds and their parents revealed that incorrectly think using a debit card is borrowing the bank’s money, rather than using their own money. Additionally, less than one-third of parents (31 percent) think they are an excellent financial role model for their children –- and one in five (21 percent) parents rate themselves as fair or poor role models.
At the conclusion of the challenge in May 2013, two of the 25 grantees that demonstrate the greatest impact on the populations they serve will each be awarded $15,000. Additionally, all participating organizations will have the opportunity to nominate one outstanding student participant, one outstanding adult participant and one outstanding volunteer for their commitments to the Financial Literacy Challenge programs.