What is financial literacy?
Have you heard of a special day being designated each year to highlight the importance of personal finance?
August 14th is National Financial Awareness Day! It’s a day dedicated to increasing the financial IQ of everyone from young people just starting out to seniors entering retirement.
Financial literacy begins with being aware of your ability to effectively manage your income and expenses. If you are not good at managing your money, there are tools available to help you.
Financial literacy and older people
Retirement doesn’t happen by chance for most people. The decision is often based on savings from all sources and access to affordable healthcare.
But the numbers associated with Americans’ ability to save are discouraging. According to a 2024 Forbes report, 22% of retirement-age Baby Boomers are still working, amid concerns about rising life expectancy, a volatile economy and a lack of personal savings.
While some retirees choose to work after retirement for a variety of reasons, others feel it is necessary. A survey by RBC Wealth Management found that “Baby Boomers (born between 1946 and 1964) are the least likely to receive any financial education.” The good news is that Uncle Sam has some free online courses that can help retirees get on the path to financial literacy.
Money Smart for older adults
The National Council on Aging (ncoa.org) will direct you to a helpful page called “Create a Plan for Better Budgeting.” Users follow the prompts and their situation is analyzed. The results provide actionable recommendations along with links to additional resources.
The Federal Deposit Insurance Corporation (FDIC), in conjunction with the Consumer Financial Protection Bureau, has created an online course called “Money Smart” specifically designed for older consumers. The free instructor-led curriculum covers ten topics, and modules are available for download as PDFs. The resource materials identify potential threats to financial well-being, including various forms of scams and financial exploitation. They also provide instructions on how to plan for a health crisis.
Local help
Help may be as close as your own bank! Many provide free budgeting, savings, and investing tools to their customers.
In Brevard, the United Way offers free financial management classes for people of all ages. Or check out the list of classes at a senior center near you. Often taught by financial planners, attorneys or government employees, the classes and seminars are designed to teach older adults how to maintain financial independence as they age.
You can view a list of financial education seminars to be held at the Viera and Altamonte Springs locations at oneseniorplace.com.
One Senior Place is a marketplace for resources and information, advice, care and on-site service providers for seniors and their families. Questions in this column are answered by professionals in the fields of nursing, social work, care management and home care. Send your questions to:[email protected]Call 321-751-6771 or visit One Senior Place, Experts on Aging.
Brenda Lyle is a Certified Care Manager and Certified Dementia Specialist at One Senior Place in Greater Orlando.
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