National Foundation for Debt Management announces Senior Financial Seminars in twenty one states and the District of Columbia.
NFDM’s “Keep It Safe, Seniors” addresses the unique personal finance concerns of a growing demographic.
Clearwater, FL – National Foundation for Debt Management (NFDM) is poised to launch a specialized program to assist senior financial wellness and security. The nationwide program, “Keep it Safe,” is based on the F.D.I.C.’s financial literacy program of the same name and has been enhanced to meet the unique financial challenges of elderly citizens.
The United States senior population is expected to reach 40 million in 2010. This milestone arrives just as we see this group facing a number of personal finance problems in need of solution. High among these concerns is a lack of knowledge among elders in dealing with financial matters.
Director of Public Policy, Vern Farnsworth, noted in recent comments to NFDM counselors, “While the younger population is familiar with using the internet for financial transactions, many seniors have not balanced a checkbook or handled family finances.” Spouses who have relied on their partner, Farnsworth explained, “to pay the bills, to choose financial instruments to plan for the golden years, and to moderate the use of credit cards,” can be suddenly left without a financial compass to guide them, when their husbands or wives are no longer alive to shoulder the responsibility.
State regulators have expressed concern that some seniors have fallen prey to unscrupulous sellers of financial products which may not fit the needs of the elderly. The concept of “suitability” offers protection for seniors, through the balancing of portfolios in favor of interest bearing instruments such as bonds and certificates of deposit. However, such protections do not extend to all areas of the financial panoply.
NFDM will facilitate the first presentation of “Keep it Safe” for seniors at the Sunshine Center in Saint Petersburg, Florida, on December 4, 2009. The Sunshine Center was the first senior center in Florida to receive national accreditation as a ”Center of Excellence,” by the National Institute of Senior Centers, a constituent group of the National Council on Aging.
A minimum of thirty centers in Florida will host NFDM’s “Keep it Safe” seminars in the coming months. NFDM will then broaden the program to selected states across the country and Washington, D.C.
Vern Farnsworth is Director of Public Policy at National Foundation for Debt Management. Mr. Farnsworth may be reached for comment at 1-800-344-5153 ext., 247.
About NFDM
National Foundation for Debt Management is committed to providing education on money management, homeownership, and appropriate use of credit. Visit www.nfdm.org to learn more about NFDM’s efforts and success helping consumers understand, build, control and protect their personal finances.
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