AGENCY TESTIMONY
Importance of financial literacy for older adults
0:24:07
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62 sec
The testimony highlights the importance of financial literacy for older adults as a crucial component in preventing elder fraud and scams. Improving financial knowledge can help older New Yorkers better protect themselves from exploitation.
- Emphasis on the need for older adults to understand financial systems and processes
- Discussion of the vulnerability of older adults who may be unfamiliar with technology or financial practices
- Mention of the importance of educating older adults about common scams and how to recognize them
- Implicit connection between financial literacy and the ability to avoid falling victim to fraudulent schemes
Lorraine Cortés-Vázquez
0:24:07
We are eager to work on legislative approaches at the federal level, which would require banking or financial institutions to set up greater safeguards and to ensure process where charges can be reversed before the fraud is completed.
0:24:23
As always, NYPD, there's also legislation that I would like to present to you at the state level also.
0:24:33
And that is regarding around the financial preparation of taxes.
0:24:37
In New York state, if you look at every other financial manager, are required to be licensed or certified and have a code of ethics that they must follow.
0:24:48
That is not the case with tax preparers who have access to all of your money.
0:24:52
So we're asking for the New York State legislature and the state education department to issue a certificate or a license for tax preparers to ensure that older adults are are safe and their information protected, and we hope that you join us on that advocacy effort.
