Saving for retirement? Financial literacy helps older adults maintain their financial independence with age.
What is financial literacy?
Would you believe there’s a day set aside each year, recognizing the importance of personal finance?
August 14 is National Financial Awareness Day! It is a day devoted to increasing the financial IQ for everyone; from young people starting out to seniors who are well into retirement.
Financial literacy starts with an awareness of your own ability to effectively manage your income and expenditures. If you aren’t great at managing your money, there are tools out there to help you.
Financial illiteracy and seniors
Retirement does not happen by accident for most people. The decision is generally based on accumulated savings from all sources and access to affordable healthcare.
The numbers associated with Americans’ ability to save, however are discouraging. According to a 2024 Forbes report, 22% of Baby Boomers of retirement age are still working, driven by concerns over increased life expectancy, a changeable economy and lack of personal savings.
While some seniors choose to work after retirement for many reasons, others find they must. A survey by RBC Wealth Management found, “Baby Boomers (born between 1946 and 1964) are the least likely to have had any sort of financial instruction.” The good news is that our Uncle Sam has some free online courses to get seniors started on the road to financial literacy.
Money Smart for older adults
The National Council on Aging (ncoa.org) will link you to a nifty page to “Create a Plan for Better Budgeting.” Users follow the prompts and have their situation analyzed. The results provide recommendations for action, along with links to additional resources.
The Federal Deposit Insurance Corporation (FDIC) in conjunction with the Consumer Financial Protection Bureau has created an entire online course called “Money Smart,” especially designed for older consumers. The free instructor-led curriculum covers ten topics, with modules available as a PDF download. The resource materials identify potential threats to financial well-being, including various scams and forms of financial exploitation. It also provides instruction on how to plan for a healthcare crisis.
Local help
Help may be as near as your own bank! Many provide free budgeting, savings and investment tools for customers.
In Brevard, the United Way offers free financial management classes to all ages. Or check out the class list at your nearby senior center. Frequently taught by financial planners, attorneys or government employees, classes and seminars are designed to teach older adults how to maintain their financial independence with age.
Check oneseniorplace.com for a list of upcoming financial education seminars in both Viera and Altamonte Springs locations.
One Senior Place is a marketplace for resources and provider of information, advice, care and on-site services for seniors and their families. Questions for this column are answered by professionals in nursing, social work, care management and in-home care. Send questions to AskOSP@OneSeniorPlace.com, call 321-751-6771 or visit One Senior Place, The Experts in Aging.
Brenda Lyle is a Certified Care Manager and Certified Dementia Practitioner with One Senior Place, Greater Orlando.
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