WEST HOLLYWOOD—The West Hollywood City Council will vote on Monday, July 6, on the creation of a financial literacy program for elder citizens.
The city’s Community and Legislative Affairs Division prepared a report for the City Council outlining the form the program could take and reasons for its creation.
“Many older adults on fixed incomes often face the harsh realities of the high cost of life essentials including food and medical care,” said Division Manager John Leonard and Supervisor Andi Lovano in their report.
“With an aging baby boomer population and an affordable housing shortage, the number of older adults who cannot fulfill their basic needs will continue to grow,” the report said.
The idea was initiated by Councilmember Lauren Meister, with a focus on “increasing financial literacy for older adults who are in retirement or nearing retirement.”
According to the report, the goal is to help seniors have a better understanding of their current expenses, as well as help them plan their financial future.
The program could be organized by city staff or in partnership with social service agencies contracted by the city of West Hollywood.
The report highlights the Aging in Place, Aging in Community Strategic Plan established by the city of West Hollywood back in 2016 “to help the City evolve as a community where aging is embraced, and where people can remain in the housing of their choice for as long as possible.”
Leonard and Lovano indicated in their report that the “Plan’s” goals are “consistent” with those they proposed for the possible new program.
The National Council of Jewish Women and the The Los Angeles LGBT Center developed assistance services in West Hollywood that can serve as models and be improved upon for the new program.
The city council meets at 5:30 p.m. on July 6 via teleconference.