Your guide to NYC's public proceedings.
PUBLIC TESTIMONY
Testimony by Rachel Neches, Data Researcher at Center for an Urban Future, on Financial Security Crisis for NYC's Older Adults
5:20:41
·
3 min
Rachel Neches from the Center for an Urban Future presents findings from a new report on the financial security crisis facing New York City's older adults. She highlights the increasing poverty rates among older adults, particularly in communities of color and immigrant populations, and calls for increased funding and support for aging services.
- The number of older adults living in poverty has increased by 41% over the last decade, reaching more than 250,000.
- Aging services receive less than 0.5% of the city's budget, despite older adults making up 16.1% of New Yorkers.
- Recommendations include long-term increased funding for DFTA, $50 million for capital improvements, and $20 million to expand social work staffing at community-based providers and older adult centers.
Rachel Neches
5:20:41
Good afternoon.
5:20:42
Thank you for this conversation today.
5:20:48
I'm Rachel Netschis.
5:20:49
I'm the data researcher at the Center for an Urban Future.
5:20:52
Thank you to Chair Hudson and Chair Brennan and members of both committees for the opportunity to testify.
5:20:59
Our new report out today, the emerging financial security crisis facing New York City's older adults reveals a deeply troubling reality.
5:21:08
Over the last decade, the number of older adults living in poverty has increased by 41, rising to more than 250,000 older adults.
5:21:18
Many more are on the brink.
5:21:20
Nearly 60% of those aged 70 or over report having no retirement income.
5:21:27
Nearly one in five lack social security benefits.
5:21:31
This crisis disproportionately affects communities of color.
5:21:34
Over the last decade, poverty rates among Asian older adults grew by 82%, among Hispanic older adults by 42.1%.
5:21:44
Immigrant New Yorkers, many of whom have spent their lives working in low wage jobs without access to retirement benefits and receive much less in social security, face a poverty rate of around 21.7% compared to 14.9% among US born older adults.
5:22:03
Although recent restorations helped avert significant service cuts, aging services still receive less than half of 1% of the city's budget, even as older adults now make up a record 16.1% of all New Yorkers.
5:22:19
To meet rising needs, the city will have to commit to long term increased funding that will allow DFTA to expand access to essential programs, reverse the alarming rise in older adult poverty, and invest in innovative pilot programs and challenge grants.
5:22:35
We also recommend a $50,000,000 investment in capital improvements to shore up New York City's crumbling aging services infrastructure.
5:22:45
By allocating additional capital funding to upgrade these facilities, the city can ensure that they remain safe, accessible spaces while taking steps to modernize buildings to meet the challenging needs of today's older adults.
5:22:59
In addition to restoring funding for DFTA and investing in capital needs, city should allocate $20,000,000 to expand social work staffing at community based providers and older adult centres.
5:23:13
These professionals are essential to helping older adult older New Yorkers navigate and access these benefits and services that enable them to age with dignity, and these investments will likely prove even more essential in the face of anticipated federal cutbacks.
5:23:29
Finally, DFTA cannot meet this challenge alone.
5:23:33
A truly age inclusive city will require all agencies to embed older adult needs into their strategies, programs, and capital plans.
5:23:42
This will mean making parks, libraries, and cultural institutions more accessible, investing in age friendly transportation options through DOT, supporting older entrepreneurs through EDC and SBS, and expanding efforts to prevent age discrimination in the workplace.
5:23:59
Thank you for the opportunity to testify today.