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Protecting Our Seniors on World Elder Abuse Awareness Day
From a LinkedIn editorial published on 5/15/16.
By Jim Nussle, President & CEO at America’s Credit Unions; CUNA Credit Union National Association
Protecting Our Seniors on World Elder Abuse Awareness Day
Today advocates from around the globe will meet in Washington, DC for the third Global Summit on World Elder Abuse Awareness Day. Elder abuse, including financial exploitation, is such a global problem that June 15 has been named World Elder Abuse Awareness Day by the International Network for the Prevention of Elder Abuse and the World Health Organization at the United Nations since 2006. It is unfortunate that we need such a day but inspiring that there are so many willing to advocate with, and on behalf of seniors who may vulnerable to abuse.
Serving Seniors in Their Communities is an Important Part of the Mission of Credit Unions
America’s credit unions are dedicated to meeting the financial needs of all consumers, and serving the seniors in their communities is an important part of their mission.* At today’s summit, staff from North Carolina’s State Employees Credit Union will be on the agenda to discuss financial abuse issues plaguing older adults and the legislation that could address the issues affecting our seniors. I applaud State Employees Credit Union for dedicating their time to advocate on this important matter.
Regrettably, there are people who take advantage of the elderly, which is why it is important for all of us to make sure we are doing everything we can to identify and address elder abuse whether it happens online, over the phone, in person by fraudsters, or even by trusted individuals such as caretakers or family members.
Credit union employees, like those at State Employees Credit Union, often know the senior members they serve in their local community personally and can be an invaluable resource in planning for all the joys, as well as the challenges, associated with growing older.
More That Can Be Done
While credit unions can serve as the first line of defense in recognizing the signs and signals associated with this abuse, on the Federal level there’s more that could be done to enhance their ability to notify the proper authorities. The Senior$afe Act (S. 223), introduced by Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), would be an important step toward improving the ability of credit unions to protect seniors from unscrupulous activity by providing legal immunity for properly trained financial services employees who disclose concerns about potential financial exploitation of senior citizens.
This common-sense legislation would allow for enhanced safety measures for some of our most vulnerable citizens and would be instrumental in providing even more opportunity for credit unions and other financial institutions to protect our nation’s seniors. CUNA strongly supports this legislation and is actively working with its supporters in Congress to secure its enactment.
* On Thursday, June 22, Mid Oregon Credit Union will be presenting a free workshop, “How to Avoid Scams that Target Seniors”, at our East Bend branch at 1386 NE Cushing Drive. Sgt. Dan Ritchie, City of Bend Police Department, Cyber Crime Recognition and Prevention Program will be the presenter.
Teens Lack Basic Financial Literacy Skills
One in five U.S. Teens Lack Basic Financial Literacy Skills
6/8/2017 Post by: NEFE (National Endowment for Financial Education)
American Students Struggle to Demonstrate Financial Capability on International Stage
One in five U.S. teenagers (22 percent) lack basic financial literacy skills according to the Program for International Student Assessment (PISA) findings released last month. Among 15 participating countries and economies, U.S. 15-year-olds ranked 7th in aptitude for understanding essential financial concepts, products and risks.
The average scores among U.S. teens were unchanged from results of a similar assessment in 2012. PISA is coordinated by the Organization for Economic Cooperation and Development (OECD), an assembly of governments from 35 member countries.
About PISA
The Program for International Student Assessment (PISA) is a triennial international survey which aims to evaluate education systems worldwide by testing the skills and knowledge of 15-year-old students in science, reading, mathematics and financial literacy. Around 53,000 students were assessed in financial literacy, representing about 12 million 15-year-olds in the schools of the 15 participating countries.
The 2015 assessment covers 15 countries and economies: Australia, the Flemish Community of Belgium, Brazil, seven provinces in Canada (British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario and Prince Edward Island), Chile, four provinces in China (Beijing, Shanghai, Jiangsu and Guangdong), Italy, Lithuania, the Netherlands, Poland, Peru, the Russian Federation, the Slovak Republic, Spain and the United States.
For more information, visit http://www.oecd.org/pisa/aboutpisa/.
PISA Findings
“The initial release of PISA findings (2012) revealed American teens were completely average when it comes to demonstrating a strong knowledge of financial skills. That measurement gave us a baseline to see room for growth or decline. It’s concerning with these latest findings to see that we haven’t moved the needle, and we still have significant work to do to provide meaningful access to teaching youth about money,” says Billy Hensley, Ph.D., senior director of education with the National Endowment for Financial Education® (NEFE®).
The latest PISA release finds only about one in 10 students in the U.S. achieved the highest proficiency level as a top performer, defined by the report as students who can look ahead to solve financial problems or make the kinds of financial decisions that will be relevant to them in the future. The average score among U.S. teens was not different than the OECD average.
China, Belgium & Canada Top 3 Countries Surveyed
China ranked number one overall, followed by Belgium and Canada. Chile, Brazil and Peru ranked as the bottom three. Eight countries — including the U.S. — participated in the 2012 and 2015 PISA financial literacy assessment. The Russian Federation and Italy showed measurable gains in average scores, while Poland, the Slovak Republic, Australia and Spain showed measurable declines.
“It’s clear that we need a better national strategy to teach youth. There are random acts of success with states who are doing it well. But as a country, we need to have a clear set of standards for providing well-thought-out financial education that is relevant and establishes positive behaviors,” says Hensley. “Additionally we need to continue to train educators to effectively deliver financial education and ensure that we are meeting the needs of Americans from all socio-economic backgrounds.”
The PISA study reports just 3 percent of U.S. students from lower-income schools were high performers, compared to 45 percent of students from higher-income schools. Among the low performers, 38 percent of students were from lower-income schools, compared to 16 percent from higher-income schools.
Financial Education Taught In School?
“Parents shouldn’t assume kids are being afforded this education in schools. We need to have regular, meaningful interactions to teach our children the fundamentals of money,” adds Hensley. “A great starting place is to get your child involved with a bank or credit union by having an account and learning to manage it during their teenage years.”
Among students who participated in the PISA study, 53 percent report that they have a bank account, which is an important distinction, as students with a bank account scored on average 42 points higher than those students who do not have a bank account.
To view the complete PISA report, visit http://www.oecd.org/finance/launch-pisa-financial-literacy-students-2017.htm
Teens Learn to Manage Money With a Debit Card
Like many parents, you probably opened a savings account for your child when he or she was a baby. If you’ve already been teaching smart money management skills and your son or daughter has shown financial responsibility, a debit card/checking account from Mid Oregon Credit Union can be a great next step now that your child is a teen., and they can learn to manage money with a debit card.
Starting Small to Demonstrate Responsibility
As kids hit middle-school age they start spending more time with friends and you’re not always around when they’re using money. Some of these times when the stakes aren’t so high could be good opportunities for them to demonstrate responsibility and use a debit card. Movies or lunches out can be good activities to start with for kids to pay with an alternative to cash.
Though most teens, like most people, no longer write many checks, when the opportunity arises for your teen to write one, jump on it. For example, perhaps your teen pays part of the cell phone bill each month. Have your teen write a check to you for his or her part of the payment. It would be easier just to transfer money from your teen’s account to yours, but getting practice writing a check once in a while can be beneficial for your teen.
Monitoring Their Balance
Explain to your teen the importance of keeping track of the balance in his or her account either by writing each transaction in a check register or by closely monitoring accounts online, frequently. Also remind your kid that online balances might not portray the actual balance in the account if transactions haven’t posted or if checks haven’t been cashed.
Today’s Tools Make It Easy
With today’s mobile banking tools, your teen (and you!) can be up to speed on account balances, transactions and mobile alerts. With our Simply Free Checking, your teen doesn’t need a minimum balance or to pay a monthly maintenance fee, so it’s easy and cost-effective. And with Mobile Deposit, that check from the neighbor for mowing the lawn or walking their dog can be deposited from home.
Our Mid Oregon tool of CardNavSM by CO-OP gives real-time security and control over Mid Oregon debit cards through smartphones or tablets! It can use GPS to restrict transactions to businesses within a designated area. You can limit debit card use to specific merchant or purchase types. You can receive near real-time, in-app transaction alerts. and receive alerts when you’re getting close to any personal spending limits set. Visit MidOregon.com for information on downloading this free app.
The professionals at Mid Oregon are eager to help your teen take this next step financially. Stop by one of our seven convenient Central Oregon branches and we’ll show your teen just how awesome it is to go through life with your credit union by your side.