The National Council on Aging (NCOA) and Bank of America Charitable Foundation today announced an initiative to promote financial literacy for older adults. The effort draws upon the unique strengths of both banking and aging services to deliver financial education to at least 5,000 seniors.
Approximately one third of senior households has no money left at the end of each month or is in debt after meeting basic expenses. The average credit card debt among adults aged 65+ is over $10,000, and 14% of seniors retire with a negative net worth.
With support from the Foundation, NCOA has developed the Savvy Saving Seniors™ toolkits to help professionals educate seniors about good money skills. The modules help teach older adults how to budget, avoid financial scams, and apply for benefits that can help them remain healthy and independent.
This initiative will provide training materials and support to NCOA’s network of senior centers and economic security centers to deliver the modules in three key areas–Boston, Houston, and upstate New York.
“Making informed and successful economic decisions is essential to achieving financial security,” said Sandra Nathan, NCOA’s senior vice president for economic security. “Our ongoing partnership with the Bank of America Charitable Foundation will ensure that professionals in aging know about and use these tools to improve the financial well-being of those they serve.”
The initiative also includes an innovative approach to volunteerism that encourages bank associates to provide financial education lessons at community organizations serving older adults.
“Bank of America’s partnership with NCOA helps address some of the immediate needs of older adults who are trying to regain control of their financial situations,” said Kerry Sullivan, president of the Bank of America Charitable Foundation. “We’re excited to be linking our employees’ expertise and spirit of volunteerism with a population that needs additional support to achieve economic self-sufficiency.”
This financial education initiative complements an ongoing partnership between NCOA and the Foundation to provide one-on-one financial assistance for older adults in six communities across the U.S. that have been hard hit by the recession.
For more information on the Savvy Saving Seniors™ program, and to download materials, please visit www.ncoa.org/SavvySeniors.
The National Council on Aging is a nonprofit service and advocacy organization headquartered in Washington, D.C. NCOA is a national voice for millions of older adults—especially those who are vulnerable and disadvantaged—and the community organizations that serve them. It brings together nonprofit organizations, businesses, and government to develop creative solutions that improve the lives of all older adults. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits, improve their health, live independently, and remain active in their communities. For more information, please visit: www.ncoa.org |www.facebook.com/NCOAging | www.twitter.com/NCOAging
About Bank of America Charitable Foundation
Building on a long-standing tradition of investing in the communities it serves, last year Bank of America embarked on a new, 10-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by Bank of America, the Bank of America Charitable Foundation gave more than $200 million in 2009, making the bank one of the largest corporate cash donors in the United States. Bank of America approaches investing through a national strategy under which it works with local leaders to identify and meet the most pressing needs of individual communities. Reaffirming a commitment to develop and sustain a culture of service, the bank announced the “Million Hour Challenge,” a pledge by the company’s associates around the world to donate 1 million volunteer hours by the end of 2010. In 2009, bank associate volunteers contributed more than 800,000 hours to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.