October 12, 2011

Citibank Supports SER National’s Financial Literacy Training for Senior Citizens in Tarrant County, Texas.

SER National is proud that Citibank will be supporting the SAFE (Seniors Advancing through Financial Education) Project that is part of the SER National Economic Empowerment Initiative. The SAFE Project will provide up to 50 senior citizens in Tarrant County, Texas with economic education and financial coaching provided by bilingual and bi-cultural staff in English and Spanish that will help prepare them for self-sustainability and economic independence as they transition out of the Senior Community Service Employment (SCSEP) job training program. GreenPath Debt Solutions, a nationwide nonprofit financial organization providing consumers with financial education, housing and bankruptcy counseling, recently released data from a survey that they conducted surrounding seniors and finances in 2010. â??Reduced incomeâ?? was noted at the main source of hardship in a survey of 57,000 seniors with 38% responding. Almost as important, 29% listed â??no financial planâ?? as their source of concern. Additionally, older adults are vulnerable to a number of financial threats, including fraud, identity theft and financial elder abuse. Combine these with the challenges of living on a fixed or very-low income and it becomes clear that financial literacy is a necessary skill for elders. SER National operates the Senior Community Service Employment Program (SCSEP) for over 4,500 senior citizens across the country. The SCSEP program is funded by the U.S. Department of Labor (DOL) and operates under the federal regulations and guidelines. The DOL has instituted a durational limit for program participation and many of the seniors must transition out of their program participation. Not only for those seniors reaching their durational limit, but for all seniors in the SCSEP program in this economy, reduced income is a reality. It is critical that seniors are equipped with the tools to overcome hardship and successfully navigate financial issues. The Citibank-supported SAFE Project will help participants prepare for their transition out of the Senior Community Service Employment Program (SCESP) and into employment by equipping them with financial knowledge, designing individual financial plans, creating budgets, and connecting each senior to financial services in the community. â??We appreciate that Citibank recognizes the vast need for financial services and supports to be provided to one of the most vulnerable population groups, our senior citizens,â?? says Ignacio Salazar, President and CEO of SER National. â??Citibank is demonstrating great leadership and service to our community.â??