By The National Council on Aging (NCOA) today released the latest in its series of Savvy Saving Seniors® financial education tools, It's in the Cards, which focuses on helping seniors protect and manage their various government-issued electronic benefit cards, prepaid debit cards, and gift cards.
For many consumers, cards are a popular alternative to traditional checking accounts and credit and debit cards. However, the features, benefits, fees, and protections associated with these cards vary. It's in the Cards educates older adults about the different kinds of cards, how to manage them, and how to avoid scams.
"Government-issued and prepaid cards are popular with lower-income households, because they can sometimes appear cheaper and easier than traditional bank or credit union accounts," said Ramsey Alwin, NCOA's vice president of economic security. "However, there are many fraudulent financial products on the market, and it's important that seniors have the knowledge to know which card is right for them and how to safeguard their money."
It's in the Cards is the third financial education toolkit in the Savvy Saving Seniors® series and was developed in partnership with Money Management International with support from the Bank of America Charitable Foundation. Previous modules focused on avoiding scams and maximizing personal resources through budgeting and benefits.
"Financial education is critical for every age group, but especially for those most vulnerable to exploitation," said Kerry Sullivan, president, Bank of America Charitable Foundation. "Our hope is that the Savvy Saving Seniors® toolkits empower older adults and those that work with them to gain better money habits that keep them safe, and financially secure."
To download all three toolkits, visit: www.ncoa.org/SavvySeniors.
About NCOA
The National Council on Aging (NCOA) is the nation's leading nonprofit service and advocacy organization representing older adults and the community organizations that serve them. Our goal is to improve the health, independence, and economic security of 10 million older adults by 2020. For more than 60 years, NCOA has been a trusted voice and innovative problem-solver helping seniors navigate the challenges of aging in America. We work with local and national partners to give older adults tools and information to stay healthy and secure, and we advocate for programs and policies to improve the lives of all seniors, especially the most vulnerable. For more information, please visit www.ncoa.org.
About Bank of America Corporate Social Responsibility
Bank of America's commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.
About Money Management International
Money Management International or MMI is the largest nonprofit, full-service credit counseling agency in the United States. Since 1958, MMI has been helping consumers find the tools and solutions they need to achieve financial freedom. MMI provides professional financial guidance, credit counseling, community-wide educational programs, debt management assistance, bankruptcy counseling and education services, and housing counseling assistance to consumers via phone, Internet and in-person sessions. MMI is a member of the National Foundation for Credit Counseling (NFCC) and The Association of Independent Consumer Credit Counseling Agencies (AICCCA). For more information about MMI, please visit www.moneymanagement.org.
NCOA Media Contact:
Brandy Bauer, 202-600-3126
brandy.bauer@ncoa.org
