TINA GORMAN
WESTFIELD – State Treasurer Steven Grossman threw down the gauntlet this summer when he proclaimed that “senior citizens are one of the most underserved populations when it comes to financial education,” and that “proactive steps to help them preserve and protect their savings are critical”.
In August, Grossman announced that the Financial Literacy Trust Fund, a non-profit board which he chairs, was going to be awarding $10,000 in the form of a grant to the Florence-based Highland Valley Elder Services (HVES).
Well, the time for the fund’s implementation has arrived.
Starting in March, the Westfield Senior Center will serve as a host site for a three-week workshop series on personal financial literacy for seniors and older adults.
According to Tina Gorman, the executive director of the City of Westfield’s Council on Aging, this unique program is going to be of major benefit to seniors in the city.
“It’s a fabulous opportunity for seniors to get information, especially for someone who has been widowed and was not in charge of the checkbook,” she said. “We’ll work with them on basic financial skills, because things that many of us consider basic may not really be (for some seniors).”
Participants in the workshop will begin with a financial self-assessment, in which they’ll identify realistic financial goals, their own net worth, and learn budgeting. They will also learn the ins and outs of managing credit cards, which Gorman says can be a serious problem for many elderly residents.
“We’re seeing more seniors that are getting into credit card debt to pay for their food and medicine, and now they’re trying to navigate their way out,” she said. “The course is also for those on the proactive side on how to stay out of credit card debt.”
The course will help differentiate between good and bad debt, understanding credit reports, building and protecting assets, methods to reduce spending and increase income, and avoiding scams.
Following the three sessions, which will be held on the Mondays March 3, 10, and 17 from 10 to 11:30 a.m., a “development of a personal action plan” will tie all three sessions together, along with “financial mentors” who will be available to assist workshop participants on a one-on-one basis with general financial guidance, support, and motivation following the completion of the workshop series.
“It’s not just the three sessions. People can call, get help, and have a personalized assistance,” said Gorman.
The program series is free for all participants and all materials will be supplied. However, advance registration is necessary due to limited space. For more information or to sign up for the series, please call the Westfield Senior Center at (413) 562-6435.
