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November 13, 2019LifePath & TD Bank to Launch LifePath Bill Management Assistance Program Kick-Off Event!
Elder financial exploitation is emerging as the most prevalent form of elder abuse. Annual losses to victims are estimated at $109 million and the public costs in investigating and intervening in cases of elder financial exploitation is estimated at more than $14.5 million. The magnitude of these numbers has led some prominent experts to call elder financial exploitation “a burgeoning public health crisis” and “a virtual epidemic.”
LifePath and TD Bank will be launching a collaborative initiative, the LifePath Bill Management Assistance Program, with a Kick-off event on Friday, November 15, 2019 from 1:00 – 2:30 p.m. at the Cohoes Senior Center. A presentation by financial experts and LifePath staff will highlight the importance of financial literacy as we age, as well as providing information on the LifePath Bill Management Assistance Program which matches trained, volunteer coaches to older adults in the Capital District who have expressed a need for assistance in managing their day-to-day finances.
Among the diverse demographics of bank account holders across the country, older adults are the most likely to have significant savings, own their own homes, and have excellent credit. However, as older individuals age, it can become more difficult to navigate the day-to-day activities required to live independently. Challenges with managing incoming mail, dealing with creditors, budgeting, and paying bills, can lead to increased risk of financial exploitation. LifePath and TD Bank will provide program participants with the guidance they need to make good financial decisions, alert family members of any pending financial/legal issues, identify potential warning signs of financial exploitation, and if needed, connect them to appropriate services.
LifePath provides older adults in the Capital District with many vital services including Meals on Wheels, adult day programs, health insurance counseling, health and wellness programs, and so much more. We anticipate this new and important program will provide solutions for some of the challenges faced by older adults in the Capital District and will help them to remain safe and independent.
