Committee on Aging

This bill would require the Commissioner of Aging to designate at least 1 financial literacy advisor to serve in each older adult center for at least 20 hours a month. A financial literacy advisor would have to provide general information about financial literacy, end of life preparation, tax preparation, and how to avoid or handle legal issues and scams that commonly affect older adults. A financial literacy advisor would also have to convey contact information for specialized financial literacy providers, tax preparation providers, certain types of legal services providers, relevant New York City agencies and organizations, and the Department for the Aging (DFTA) to answer questions concerning financial literacy resources offered by DFTA. The Commissioner would have to promulgate rules to set qualifications for financial literacy advisors and establish a financial literacy advisor training program.

This bill would require the Commissioner of Aging to designate at least 1 financial literacy advisor to serve in each older adult center for at least 20 hours a month. A financial literacy advisor would have to provide general information about financial literacy, end of life preparation, tax preparation, and how to avoid or handle legal issues and scams that commonly affect older adults. A financial literacy advisor would also have to convey contact information for specialized financial literacy providers, tax preparation providers, certain types of legal services providers, relevant New York City agencies and organizations, and the Department for the Aging (DFTA) to answer questions concerning financial literacy resources offered by DFTA. The Commissioner would have to promulgate rules to set qualifications for financial literacy advisors and establish a financial literacy advisor training program.