WASHINGTON, Sept. 12, 2011 /PRNewswire-USNewswire/ -- A new toolkit from the National Council on Aging (NCOA) and the Bank of America Charitable Foundation—Savvy Savings Seniors: Becoming Resource-FULL with the Help of Benefits & Peace of Mind Savings—is helping professionals to educate older adults about good money management skills so that they can achieve greater economic security.
More than 13 million older Americans live on less than $22,000 a year. For these seniors, each day is a struggle to stay afloat amid rising housing and health care bills, diminished savings, and often job loss.
"Learning how to budget, avoid scams, and apply for benefits are critical skills that can help seniors to stay secure and independent," said Sandra Nathan, NCOA's senior vice president of economic security. "This toolkit empowers older adults to find ways to maximize their income and savings in a tough economic climate."
The toolkit was developed as part of a larger initiative between NCOA and the Bank of America Charitable Foundation that provides one-on-one financial assistance to over 1,200 older adults experiencing economic distress over the next year. In addition to offering sample budgets, a spending diary, checklists, and useful links, the kit includes step-by-step instructions for professionals to facilitate a workshop with older clients.
"Financial education is essential for all community members—especially those who are struggling to make ends meet," said Kerry Sullivan, president, Bank of America Charitable Foundation. "We hope the Savvy Saving Seniors guide encourages more people to work directly with seniors, providing them with the necessary tools to assist older adults with the money management skills they need to remain active and independent in their communities."
About Bank of America Corporate Philanthropy
Building on a long-standing tradition of investing in the communities it serves, Bank of America is delivering on a 10-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by Bank of America, the Bank of America Charitable Foundation gave more than $200 million in 2010, making the bank one of the largest corporate cash donors in the United States. As a global company serving clients through operations in more than 40 countries, Bank of America approaches investing through a national strategy under which it works with local leaders to identify and meet the most pressing needs of individual communities. Reaffirming a commitment to develop and sustain a culture of service, bank associate volunteers contributed more than one million hours in 2010 to enhance the quality of life in their communities worldwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation
The National Council on Aging is a nonprofit service and advocacy organization headquartered in Washington, D.C. NCOA's mission is to improve the lives of millions of older adults, especially those who are vulnerable and disadvantaged. NCOA is a national voice for older Americans and the community organizations that serve them. It brings together nonprofit organizations, businesses, and government to develop creative solutions that improve the lives of all older adults. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits, improve their health, live independently, and remain active in their communities. www.NCOA.org | www.facebook.com/NCOAging | www.twitter.com/NCOAging
SOURCE National Council on Aging