The PSA features the winning video submission from the New York Fed's recent Financial Awareness Video Competition. The video, entitled Think Twice Before You Swipe, warns viewers about the perils of careless credit card use. The video competition and PSA are part of the New York Fed's continued commitment to encouraging financial education in the community.
"Financial literacy is essential for individuals and communities to prosper," said Kausar Hamdani, senior vice president responsible for Regional and Community Outreach at the New York Fed. "The video competition and PSA are unique ways for the New York Fed to engage with young adults and promote the valuable lessons of financial awareness and responsibility."
The PSA will be shown before films from February 11 through February 25 at AMC Empire 25 on 42nd Street, AMC Magic Johnson Harlem 9 and UA Kaufman Astoria Stadium 14.
The winning video was submitted by students from LaGuardia Community College. Students from Brooklyn College and the City College of New York also participated in the competition. The winning video, along with the two other top submissions, will be posted on the New York Fed's website and distributed to schools, nonprofits and other organizations working on promoting financial awareness. The three videos will also be posted on the New York Fed's YouTube channel.
About the New York Fed's Financial Awareness Video Competition
The video competition is an example of the New York Fed's efforts to foster sound financial decision-making through economic education. The competition was held for the first time in New York City this year. Students from three local colleges were asked to produce a 30-second video to educate their peers about the importance of using credit wisely. Submitted videos were screened and judged by a panel of film industry experts during an event with the participating students at the New York Fed in the fall of 2010.
The competition was based on a similar contest held for the past two years in Puerto Rico, in partnership with the Puerto Rico Bankers Association. The New York Fed expects to hold an expanded competition later this year for colleges across the Second Federal Reserve District.