GREENFIELD — Hancock County Senior Services is adding another program to its spectrum of services aimed at helping seniors age while living independently.
The new “Finances 50+” workshop will help participants set financial goals and avoid common fiscal missteps, said Kit Paternoster, volunteer coordinator for Senior Services and facilitator for the upcoming sessions.
Paternoster said while Hancock County has experienced economic and population growth, its population is still more financially needy than that of some surrounding counties. Hancock County seniors, she said, are likely to be low-income or living on a fixed income.
“As a Medicare counselor and a SHIP (State Health Insurance Program) counselor, I can tell you that there truly are people that have to make a choice: ‘Am I going to use my money this month to buy my medication, or am I going to buy food?’” Paternoster said. “This program that we’re starting is an effort to, in some small way, help people to better manage the funds that they do have.”
The Finances 50+ workshop was developed as a collaboration among the AARP, Chase Bank and Charles Schwab. Paternoster attended training in Indianapolis by the program’s developers. The first Greenfield workshops will be offered on three consecutive Monday afternoons — Sept. 16, 23 and 30 — from 1:30-3 p.m.
The workshop, Paternoster said, can help fill in gaps in financial literacy that most people do not learn in school — how to manage debt, how to prioritize different wants and needs, and what a healthy relationship with money looks like.
“When I was in junior high and high school, in the Pleistocene Era, no one taught nor was there a course required in how to manage money,” Paternoster said. “And that still is true in most cases today.”
Bob Long, executive director of Hancock County Senior Services, said he anticipates that the program will be especially useful for seniors who find themselves managing money on their own for the first time after a spouse’s death.
“Knowledge is power,” Long said. “A lot of people just don’t know where to start.”
Over the course of the three workshops, Paternoster said, participants will be able to access where they stand financially; set goals about where they would like to be; make plans to meet their goals and take action. Ideally, the final workshop will end with a celebration of victories.
“They don’t have to be huge leaps and bounds,” Paternoster said. “Sometimes, for some people, a little tweak here, a little tweak there, can be a major help.”
A follow-up study by the AARP of approximately 2,775 workshop participants found that six months after the workshop, they were more likely to report positive financial behaviors like reducing financial fees, reducing spending, prioritizing debt payments and reviewing credit card statements.
In addition to information on personal financial responsibility, Paternoster said, she will also include information on how seniors can ensure they are taking advantage of all government programs they might be entitled to. Tips on avoiding scams will also be covered.
Greenfield attorney and financial adviser Jason White often assists seniors with estate planning and other financial services. White said there are several difficulties seniors are more likely to face than younger people, including forgetting to pay or misunderstanding bills; being encouraged to borrow money when it is not really necessary; or getting involved in email scams. Both outright scams and the promotion of investments that are not likely to pay out, White said, prey on seniors because they are a population that is likely to have savings and tend to be more trusting than younger people.
“As people get older, they tend to want to believe things, and look for opportunities to make a little extra money even if it is too good to be true,” White said.
White said speaking with a financial adviser or other professional before making an investment is always a good idea, and that creating a budget can help seniors avoid making mistakes like overstocking items they really don’t need or loaning money to unreliable family members.
White said some seniors can be embarrassed to disclose their financial state, but that making a plan with a trusted family member or professional is usually the only way to reverse bad financial habits.
“In order to change that behavior, it usually takes someone else being involved,” White said.
In general, Paternoster advised seniors who are looking for financial help to visit a SHIP counselor rather than an insurance agent or broker, because it is a free program that provides unbiased information. She said seniors also should stay away from institutions such as payday loan businesses that offer small loans with extremely high interest rates.
Although the program’s curriculum is targeted toward seniors, Paternoster said it could be helpful to younger people, especially those living on fixed incomes, as well. Participants under the age of 50 are welcome to attend if all registration spots are not filled.
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The first set of workshops will take place on three consecutive Mondays — Sept. 16, 23 and 30 — from 1:30 to 3 p.m. at Hancock County Senior Services, 1870 Fields Blvd. Registration is limited to 20 participants; future workshops will be offered.
To register, call 317-462-3758. There is no cost for attending, but donations are appreciated.
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