Arlington, VA – Mirna, 66, was behind on rent when she received financial coaching thanks to a partnership between the National Council on Aging (NCOA) and the Bank of America Charitable Foundation. Now, the Delaware senior has a budget, is enrolled in part-time employment training, and gets help to pay her Medicare premiums.
Since 2010, NCOA and the Bank of America Charitable Foundation have been working to help older adults like Mirna lift themselves out of poverty and manage their financial lives. Now in its 5th year, this effort is being extended to reach thousands more seniors, both online and in their communities.
With Bank support, NCOA has developed a series of consumer and organizational tools to help struggling seniors get a comprehensive assessment of their economic situation and receive personalized assistance to connect with a range of supportive programs and services. These tools include:
- EconomicCheckUp®, a free, online tool that helps older adults find benefits, discover budgeting solutions, access employment and training, and explore use of home equity.
- One-on-one counseling through NCOA’s network of Economic Service Centers, which connect older adults to community resources that can assist with improving their economic situation.
- Savvy Saving Seniors® financial education toolkits, which are used by agencies and Bank associates across the country to educate seniors on scams, budgeting, and pre-paid cards.
“We’ve tested these tools in sites across the country, and found that they help financially struggling older adults free up, on average, $250 per month or $3,000 per year—a significant improvement for those who live at or near poverty,” said Ramsey Alwin, vice president of economic security at NCOA. “Our goal now is to scale these efforts up, and take a larger step toward achieving NCOA’s goal of improving the lives of 10 million older adults by 2020.”
In the coming year, NCOA will partner with bank employees to further deploy these tools, and promote the importance for older adults to be able to manage their financial lives.
“With thousands of baby boomers turning 65 each day, a commitment to helping vulnerable older adults is more important than ever before,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Our support of NCOA will continue to help seniors across the country gain better money habits and improve their overall economic well-being.”
The National Council on Aging (NCOA) is a respected national leader and trusted partner to help people aged 60+ meet the challenges of aging. Our mission is to improve the lives of millions of older adults, especially those who are struggling. Through innovative community programs and services, online help, and advocacy, NCOA is partnering with nonprofit organizations, government, and business to improve the health and economic security of 10 million older adults by 2020. Learn more at ncoa.org and @NCOAging.