Our SOME seniors are going into 2021 with a huge advantage in financial literacy. The Senior Services program was lucky enough to do a series of virtual, bi-weekly informational sessions from October 22nd – December 17th with financial access educator at Capital One, Sean Chrysostom.
Chrysostom mentioned, “seniors are unfortunately some of the most financially vulnerable groups in the country.”
Not only are they financially vulnerable but many are also living on fixed incomes so it is critical that they learn how to manage their limited resources.
“As technology advances, many seniors run the risk of being left behind with regard to new and more efficient ways of banking.”
The current series they are going through is Borrowing Basics, which teaches the basics of applying for and getting approved for loans. Discussions also include the different parts of a loan payment, which include principal and interest. Future sessions will discuss credit, budgeting and savings, and how different types of financial institutions work.
Dawit Tesfamichael is a key part of running the financial literacy program and its continuation. He says, “When discussing financial literacy, it saddens me to mention that this is not a course offered in schools and most of us come to learn to manage our finances through experience.”
“Offering financial literacy courses to our SOME seniors will help them improve their quality of life and be able to make independent financial decisions.”
Chrysostom has worked with SOME since last year, and the relationship with Capital One predates his involvement. He recently started working with the seniors, but has been running cohorts at the SOME housing center prior to COVID-19 and is currently teaching a financial cohort for the Center for Employment Training (CET) participants.
You can read about when Sean Chrysostom worked with the CET program here.
Learn more about the Senior Services program at SOME.org.