St. Pete selected for financial literacy opportunity
St. Petersburg has secured a chance to compete with seven other cities for a series of National League of Cities' grants to help teach financial literacy to its residents.
In April, Mayor Rick Kriseman will attend a summit with the other mayors to learn how St. Petersburg can tailor it program to help its at-risk residents avoid financial ruin.
The Mayors’ Institute is part of a two-year project supported by MetLife Foundation and designed to help cities build sustainable city-wide systems that improve residents’ financial health and stability and "help families expand access to safe and affordable financial services and financial education, accumulate savings, reduce debt and build assets," according to a news release.
Council member Karl Nurse said the city will then be able to compete for two $50,000 grant to set up specific programs to help keep people "away from the financial edge."
A lot of financial education is geared toward helping people qualify to buy homes, but the recent housing bust showed the potential perils of that approach, Nurse said.
Instead, the city will seek to spread sound financial practices to help people save, invest and make sound financial decisions.
The other cities selected this month were Boston, Dubuque, Iowa, Durham, North Carolina, Hattiesburg, Mississippi, Lansing, Michigan, Philadelphia and Pittsburgh.