FOR IMMEDIATE RELEASE
A new study of low-income tenants living in subsidized senior rental housing across 25 different U.S. cities – conducted by California Coalition for Rural Housing (CCRH) and National Community Reinvestment Coalition (NCRC), funded by Citi and published by the Federal Reserve Bank of San Francisco – found that older adults need more help avoiding financial abuse and fraud.
The study includes findings from a survey of over 400 older adults, as well as nine focus group meetings with over 150 attendees. “Most older adults who participated in the focus groups knew at least one person who had been scammed or fallen victim to financial fraud,” according to the report, “What Can We Do To Help? Adopting Age-Friendly Banking to Improve Financial Well-Being for Older Adults.” Moreover, the rates may be even higher, as survey participants may have been hesitant to report if they themselves fell victim to such crimes.
The survey also found that older adults want more low-cost checking accounts, low-interest lending and credit products for emergencies, assistance accessing public benefits, in-person customer service, as well as support for retirement planning.
“Older adults, particularly those living on low incomes, are one of the most financially vulnerable demographics in our nation,” said Vicki Joseph, Citi Community Development Northern California Regional manager. “This important new research highlights the unique needs of elder Americans, and offers a roadmap for strengthening their financial capability and resiliency.”
Results show that just 27 percent of survey respondents had a savings account, one percent owned annuities, and six percent received any kind of pension. Additionally, 30 percent of participants indicated that they did not have enough income to get through the month, let alone to save.
With 20% of the U.S. population on track to be over the age of 65 within 45 years, this report underlines the opportunity and need for financial institutions, in partnership with community organizations, to implement effective and holistic policies, products and practices to meet the needs of their aging customer base.
For more information on “What Can We Do To Help? Adopting Age-Friendly Banking to Improve Financial Well-Being for Older Adults,” contact Maya Abood firstname.lastname@example.org. You can download the report here: http://www.frbsf.org/community-development/publications/working-papers/2015/january/age-friendly-banking-financial-well-being-older-adults/
The California Coalition for Rural Housing is one of the oldest state low-income housing coalitions in the country. Through advocacy, organizing, research, and technical assistance, our goal is to make the case for rural housing improvement and strengthen the capacity of the nonprofit and public sectors to provide affordable housing and related facilities. For more information, please visit www.calruralhousing.org.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.