The National Federation of Community Development Credit Unions has received a grant to put a program into place that will help senior citizens attain financial security.
The National Federation reported that the grant from the Atlantic Philanthropies will lead to eight CDCUs receiving money to work with older adults struggling with debt and reduced financial resources. The amount was not announced.
Dubbed the “Creating a Path to Economic Security” program, the effort will also include the eight CDCUs partnering with the National Council on Aging and their nationwide network of Economic Security Service Centers, as well as other organizations that provide one-on-one counseling to help seniors regain their economic footing, the National Federation said.
“Many older Americans who are struggling do not believe it’s possible to gain a measure of financial well being at their age,” said Federation Senior Program Officer Melanie Stern, who leads the Federation program.
“Some have been battered by debt, while others have been pummeled by rising prices, or preyed upon by so-called ‘payday’ lenders and unscrupulous debt consolidation scammers. Our emphasis on economic security, offered at the local level by well-established, federally-regulated, and consumer-friendly credit unions, could be a real ray of hope,” she explained.
Federation President/CEO Clifford Rosenthal said, “The Atlantic Philanthropies recognizes the value of credit unions to their communities. Their generous grant will allow us to help CDCUs serve older members in their communities who may be at risk of slipping further into poverty, but may not know there are resources available to help them.”