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Supporting the Financial Empowerment of Older Adults

Program’s Goal is to Build Economic Security and Preserve Wealth for Aging Californians

May 23, 2013

PRESS RELEASE

Contact: Sonia Aery
Tel: (916) 443-4448 May 23, 2013
Email: Sonia@calruralhousing.org

 

Supporting the Financial Empowerment of Older Adults

Program’s Goal is to Build Economic Security and Preserve Wealth for Aging Californians

SACRAMENTO—The Sacramento-based California Coalition for Rural Housing (CCRH) in partnership with the National Community Reinvestment Coalition (NCRC) announced, today, that it has launched the National Neighbors Silver program – a multi-year campaign created by NCRC to organize, empower and support older adults striving to maintain their financial independence. The program offers a platform for policy and program solutions to build economic security and preserve wealth for aging America while creating a path for older adults to be their own best advocates. The launch coincides with Older Americans Month during May when we celebrate across the nation the contributions and activism of older adults.

The low-income elderly are highly vulnerable to economic uncertainty and unscrupulous practices that threaten their short- and long-term financial security. According to NCRC, older adults on fixed incomes need affordable financial management services, such as free checking, savings, online banking, ATM transactions, and teller services, minimal or no fees for overdraft and medical-related withdrawals, and financial education on basic money management, savings, and fraud detection.

CCRH will hold a series of at least eight roundtable discussions with older adults drawn from its member organizations – community-based, nonprofit housing developers – across the state to solicit their experiences with financial fraud and abuse and how the banking industry can play an affirmative role in fraud detection and prevention and offer age-friendly products and services. CCRH will then join with the Federal Reserve Bank of San Francisco to disseminate the findings to banks and organizations working to protect older adults from financial abuse and preserve their assets.

A $100,000 contribution from Citi Community Development will fund CCRH’s implementation of the NNS program in California. CCRH will work with the banking industry, the aging services network, including groups like the Elder Financial Protection Network, and housing experts to create a platform of program and policy solutions to challenges faced regularly by older adults so that they become their own best advocates.

“Initiatives such as NNS, which seek to build economic security and preserve wealth for older Americans, directly align with Citi’s work supporting financial inclusion and economic empowerment” said Bob Annibale, Global Head of Citi Community Development and Microfinance. “We are so pleased to support CCRH in bringing this program to California”.

Based upon the needs and suggestions provided by the participants from the roundtables and surveys, CCRH will also deliver a series of financial education workshops. Participants will then become ambassadors who can train other older adults, thus creating a network of senior experts capable of providing advice on issues that cause stress among their peers. This work is expected to continue through the remainder of 2013 and be published in 2014.

“We are honored to take a lead role with our partners in this project to protect older adults living in affordable rental housing from predators that prey on the elderly and compromise their financial security”, stated Rob Wiener, Executive Director of the California Coalition for Rural Housing. “While providing decent, low-cost apartments is a critical piece of elder financial health, helping older adults to avoid abuse, access existing services, and make wise decisions about their assets is equally important.”

“The Federal Reserve Bank of San Francisco is pleased to take part in this partnership which seeks to understand the challenges and opportunities for elderly lower-income individuals to access quality financial services and products,” according to Darryl Rutherford, Regional Manager, Community Development, Federal Reserve Bank of San Francisco. “We look forward to sharing the insights and knowledge we gather so that we can work more effectively with financial institutions as they serve this population.”

California Coalition for Rural Housing: Formed in 1976 following a farmworker housing conference, CCRH is one of the oldest state low-income housing coalitions in the country. Through advocacy, organizing, research, and technical assistance, our goal is to make the case for rural housing improvement and strengthen the capacity of the nonprofit and public sectors to provide affordable housing and related facilities.

National Community Reinvestment Coalition: NCRC is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.

Citi Community Development (CCD) is leading Citi’s commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services, and building sustainable business solutions and innovative partnerships. Our focus areas include: commercial and philanthropic funding; innovative financial products and services; and collaborations with institutions that expand access to financial products and services for low-income and underserved communities. For more information, please visit www.citicommunitydevelopment.com.

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