Educational outreach to adults regarding financial literacy
Senior Financial Literacy Initiative
Financial literacy is defined as the ability to make informed judgments and to take effective actions regarding the current and future use and management of money. Successful management of one’s financial assets requires that the individual:
- Understand the financial choices they will need to make;
- Be able to plan for the future;
- Spend wisely and be able to manage their financial assets; and
- Be ready for life events, e.g., job loss or saving for retirement.
For older adults, financial challenges may increase as one ages. Whether the immediate concern is financing retirement, paying for health care, or financing long term care needs, it is important to be knowledgeable about the available options before making these important financial decisions. We strongly encourage following the three “Cs” of financial literacy:
- Consider your options,
- Compare your options, and
- Consult with someone you trust.
As part of its Senior Financial Literacy Initiative, the Center for Excellence in Aging & Community Wellness offers educational workshops to both seniors and practitioners on financial options available to older adults—as well as training on how to recognize and avoid financial exploitation as one ages.
If you suspect financial exploitation, please download contact information on agencies that can assist you.
For more information on training/workshop opportunities, please contact the Center for Excellence in Aging & Community Wellness by telephone at (518)-442-3360 or by email at ceacw@albany.edu
Financial Exploitation
Learning to recognize financial exploitation is critical, not only for the older person seeking to remain financially independent in the community, but for the caregivers and practitioners who care and advocate for those individuals. Financial exploitation is defined as the improper use of an adult’s funds, property, or resources by another individual. This includes, but is not limited to, fraud, embezzlement, forgery, falsifying records, coerced property transfers, or denial of access to assets.
If you suspect you or someone you care for is being financial exploited, or if you seek additional information on the agencies marketing and/or overseeing the marketing of financial products, we encourage you to reach out to one or more of the agencies listed.
