One in three older adults are economically insecure and have incomes 200% below the federal poverty level. In addition, older adults are often the target of fraud through a variety of tactics. Understanding the importance of economic security begins with avoiding scams, utilizing basic money management and finding planning tools that work for individual needs.
With support from the Bank of America Charitable Foundation and the National Council on Aging (NCOA), a toolkit was developed to help professionals educate older adults about good money skills. The toolkit covers budgeting tips, money management tricks, benefits of banking, budget busters to avoid and how to find and apply for benefits. The goal of this program is to bring further education to older adults who may not previously have had opportunities to participate in financial education. The information is shared in a community workshop setting across four sessions, and the tools gained in the sessions aim to help older adults to stay secure and independent for longer.
Centralina Area Agency on Aging (AAA) partnered with NCOA and Bank of America to pilot the Savvy Saving Seniors program in Charlotte, North Carolina. The workshop series was offered once in the spring and once in the fall at Eastway Parks and Recreation Center and Tyvola Senior Center. A program coordinator from Centralina AAA served as the workshop facilitator who provided step by step guidance to the participants on how to better protect their financial assets. A total of 45 older adults participated in and successfully completed the program.
Participants completed surveys following completion of the program, and some had this to say:
- “I learned different methods to save more money in the bank and to increase my savings.”
- “I now know about scams that can affect older adults, such as the grandparent scam.”
- “I’m more aware of what resources are available to seniors, like transportation, senior employment programs and prescription assistance.”
The positive feedback from participants highlights the meaningful impact this initiative has made, underscoring the challenges faced by older adults and the importance of financial literacy in helping them achieve economic security and remain independent. Centralina AAA looks forward to continuing to support more seniors in their journey towards financial empowerment.
