January 9th, 2014 | by Alyssa GeracePublished inReverse Mortgage
The National Council on Aging recently released its third toolkit aimed at senior financial education, this one focusing on helping seniors protect and manage their government-issued electronic benefit cards, prepaid debit cards, and gift cards.
The It’s in the Cards toolkit is the latest in the NCOA’s Savvy Saving Seniors series and was introduced in light of the wide use of these types of cards as an alternative to traditional checking accounts and credit and debit cards.
Often, though, government-issued EBT cards, prepaid debit cards, and gift cards come with different features, benefits, fees, and protections, says the organization, and It’s in the Cards educates older adults about those differences, how to manage them, and how to avoid scams.
“Government-issued and prepaid cards are popular with lower-income households, because they can sometimes appear cheaper and easier than traditional bank or credit union accounts,” said Ramsey Alwin, NCOA’s vice president of economic security, in a statement. “However, there are many fraudulent financial products on the market, and it’s important that seniors have the knowledge to know which card is right for them and how to safeguard their money.”
NCOA developed the Savvy Saving Seniors series in partnership with Money Management International, with support from the Bank of America Charitable Foundation. Previous toolkits focused on avoiding scams and maximizing personal recourses by budgeting and utilizing benefits.
Click here to access the toolkits.
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