April - June 2019

Many Erie County older adults struggle with financial instability. Insufficient retirement benefits, debt, affordable housing, rising health care costs, longer life expectancies, and living on a fixed income are issues they face on a daily basis. Even those who saved for retirement sometimes find their situation dramatically changes when unexpected events occur. Serving Our Seniors received a grant in 2018 from the Ohio Department of Commerce for Financial Literacy Education. The grant aims to arm seniors with financial management skills to enable them to afford their retirement lifestyle. One component of the grant, “Erie County Saves: Affording Retirement,” was launched with 20 participants last summer. Senior Advocates Anna Moses and Anthony Pool became “money mentors” for their clients. Their first task was to explain to clients that a money mentor does not judge or make decisions about client spending. Anthony observed, “Once I understood the clients’ financial priorities, then I was able to open their eyes as to how and where they were spending their money. This awareness then served as the basis for their future spending choices.” Clients set goals to increase savings, decrease spending and reduce debt. As they reached their weekly goals, each client earned a $10 cash incentive, with a $10 bonus when they met all four monthly goals. Anna mentored Lynda Klose, who reports, “This was a wonderful program. It brings your attention to a lot of things and that has helped me a lot. I was living pay check to pay check and now I’m building a savings. I always looked forward to meeting with Anna so I could show her what I did. I’m going to keep doing what I have learned.” Another client cites learning to pay the major bills first, and as for budgeting, she advises “just stick to it.” All of the participants have one thing in common: they came ready to learn and they were diligent students. Kemmes Keys sums up his experience by saying, “I learned that not only was it realistic but practical and beneficial to take better control of my finances. I learned that living on a fixed income is not a blockade to financial stability. The discipline of saving receipts was the first step to getting a handle on my finances. That led to establishing a personal budget with a clear picture of my spending. The end result is more confidence in my ability to manage my finances. Also working with Anthony was good for me personally and he provided insight into other techniques I may need to learn in the future.” Congratulations to all the participants on a job well done!! Financial Literacy Grant Learning to Afford Retirement Kemmes Keys (left) with Anthony Pool Lynda Klose (left) with Anna Moses www.servingourseniors.org 23 Find us on