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Study: 14% of Seniors Retire with Negative Net Worth
Posted on March 30th, 2012 By: Alison
About one-third of senior households have no money left at the end of each month or their in debt after meeting basic expenses. The average credit card debt among adults over the age of 65 is more than $10,000 and 14% of seniors retire with a negative net worth. The National Council on Aging is hoping to change that. They’re launching a new initiative with Bank of American Charitable Foundation to improve and promote financial literacy for older adults.
The NCOA has developed the Savvy Saving Seniors toolkit which will help professionals education older Americans about good money skills. They’ll learn about budgeting, avoiding financial scams and applying for benefits. The materials will be offered through senior centers and economic security centers. “Making informed and successful economic decisions is essential to achieving financial security,” said Sandra Nathan, NCOA’s senior vice president for economic security, in a news release. “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.”
Bank of America associates will also offer financial education lessons at community centers as a volunteer effort. “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.”