ROSE Miller, head of the JN Foundation’s BeWi$e Financial Empowerment Programme, is calling for greater attention to be placed on providing seniors with financial literacy training and education.

It is Financial Literacy Month and Miller believes it is a good time for Government and organisations, in both the public and private sectors, to implement programmes geared towards assisting seniors, and those nearing retirement, to plan and manage their financial affairs.

Miller, who is also grants manager at the JN Foundation, noted that older Jamaicans face difficult financial decisions and unique challenges related to managing their money, including transitioning from work to full or partial retirement, which often result in a significant reduction in their income.

She pointed out that seniors who accumulated savings must decide how best to turn those savings into income that will last for their lifetime, at a time when people are living longer and will more than likely be in retirement for much longer.

“In addition to day-to-day money management, older adults must also consider the financial implications of potential life transitions, such as starting a new business or another career, changing housing and care needs, the onset of chronic disease or disability and loss of independence,” she said. “They may even face age discrimination and faulty assumptions by their friends and family that they have limited ability or are unable to manage their own finances.”

Miller noted that seniors face many financial challenges and decisions as they grow older, and it is important that they receive the guidance and education necessary to help them make the right decisions and plan accordingly.

“As we are starting a new business or another career, changing housing and care needs, the onset of chronic disease or disability and loss of independence,” she said. “They may even face age discrimination and faulty assumptions by their friends and family, that they have limited ability or are unable to manage their own finances.”

The JN Foundation manager also noted that for many seniors, the shift to an increasingly digital world, in which the Internet is a key channel for accessing financial services and information, is also a significant challenge.

She said that financial literacy programmes can support seniors in planning for these life events and noted that there is a need for more organisations to provide opportunities for current and future seniors to prepare for and adapt to life changes and to manage their financial affairs effectively.

Miller informed that the JN Foundation continues to implement initiatives to encourage and strengthen financial literacy among all groups in Jamaica through its BeWi$e Financial Empowerment programme.

The initiative, which was started in 2014, aims to influence adults and young people to improve their financial awareness, and provide them with tools to make wise monetary decisions to achieve their financial goals and become financially independent.

Over the years, thousands of individuals of all ages and from all walks of life, have been trained in areas such as budgeting, effective use of credit and how to control debt, wealth creation through building assets, retirement planning, as well as using insurance to manage the risks of life.

“We offer a compact, life-transforming, two-hour workshop where we expose participants to a wide range of topics aimed at improving their financial IQ. The goal is that people will leave our sessions feeling enlightened and empowered to take charge of their finances, as well as embrace the idea of taking responsibility for improving their financial education,” Miller said.