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New Jersey Department
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For Immediate Release: |
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DOBI Conducts First Financial Literacy Program for Senior Citizens |
NEWARK, NJ – New Jersey Department of Banking and Insurance Acting Commissioner Ken Kobylowski on Thursday spoke with a group of approximately 30 senior citizens at the Ironbound Senior Center in Newark about life insurance, long term care insurance and reverse mortgages. He also discussed the potential for scam artists offering these financial products and steps that senior citizens should take to avoid falling victim to them. “There are a variety of financial products, both banking and insurance related, that are designed specifically for older consumers. To properly manage many of these products, one needs to understand what they are and how they work” Kobylowski said. “These seminars provide an opportunity for the Department to provide information to consumers but to also directly answer questions that the public may have.“Unfortunately though, senior citizens are the number one target for financial scams in this country,” he continued. “Scammers are not looking out for your best interest. |
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Rather, they are concerned about their best interest.” Acting Commissioner Kobylowski addressed the group as part of the Department’s first Financial Literacy program for senior citizens. For the last six years, the Department has been conducting Financial Literacy presentations to high school students and discussing such things as how credit cards work, personal budgeting and the importance of savings. In the program for senior citizens, the Department discusses issues affecting seniors including life insurance, long-term care insurance and reverse mortgages. The Acting Commissioner stressed that while many financial products may initially seem complex and confusing, they can be good, manageable investments. But he did urge the audience to exercise caution in certain areas. The Acting Commissioner’s advice included:
In summation, he warned the audience to think about all offers that sound simply too good to be true. “The old line applies, if it sounds too good to be true, it probably is,” said Kobylowski. “Be careful and consult a trusted adviser, whether it is a family member or an insurance expert, before signing anything.” Acting Commissioner Kobylowski was introduced by Alice Schreiner, Director of the Ironbound Senior Center. The program, designed by the Department specifically for seniors, will continue throughout the State this summer, and fall, and will complement DOBI’s ongoing financial literacy outreach to high school students. |
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State of New Jersey New Jersey Department of Banking and Insurance |