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Council Member Hudson discusses Intro 1092-A on elder fraud education and financial literacy
0:31:54
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Council Member Crystal Hudson presents Intro 1092-A, a bill to expand education on elder fraud and financial literacy for older adults in New York City. The bill requires the Department of Aging to develop materials on scams and financial literacy, aiming to protect older New Yorkers from financial fraud.
- The bill is part of Hudson's "Age in Place 2.0" package
- It mandates the creation of both printed and digital educational materials
- In 2023, older adults reported losing $1.9 billion to fraud, with estimates as high as $61.5 billion
Crystal Hudson
0:31:54
Today, I would like to briefly discuss intro ten ninety two, which the council is voting on today.
0:31:59
Intro ten ninety two is the seventh bill in my age in place two point o package to pass the council.
0:32:04
This bill expands education on elder elder fraud and financial literacy for older adults throughout the city, and establishes requirements for the Department of Aging to develop printed and digital information materials to educate older adults on Internet scams, phone scams, and phishing scams, as well as provide quarterly guidance to older adult centers about emerging scams.
0:32:24
Additionally, intro ten ninety two would require the department to develop printed informational materials to educate older adults about financial literacy and end of life preparation.
0:32:33
Intro ten ninety two will ensure our older adult population has access to the resources they need to recognize potential scams, report fraudulent activity, and protect their financial well-being.
0:32:44
In 2023, older adults reported losing $1,900,000,000 to financial fraud and scams, but the Federal Trade Commission believes the real number could be as high as $61,500,000,000.
0:32:56
By equipping older New Yorkers with knowledge, we empower them to make informed decisions and to seek help when needed.
0:33:01
As the older adult population continues to rise and technology continues to advance rapidly, we must do everything in our power to establish the necessary safeguards to protect the well-being of all older New Yorkers.
0:33:11
I urge my colleagues to vote aye.
0:33:13
Thank you.