February is National Senior Independence Month. Independence, aging in place, and solo aging are all words you may hear in the conversation around aging. Ideally, if someone wants to age in place in their home and remain independent, that’s a great goal, but what are the obstacles that come between an older adult and independence? This month on the blog we’re going to focus on topics and resources that can help older adults lead the independent lives they envision.
When you think about local resources to help seniors stay independent, you may think of resources that are talked about a lot, such as senior centers, food pantries, or pharmacies. Today we’re going to kick off Senior Independent Month by talking about a resource and skill that are integral to staying independent- financial empowerment.
What is Financial Empowerment?
- Financial Empowerment combines basic financial knowledge and skills and focuses on building a person’s ability to manage money, using financial services, building confidence, and helping people meet their financial goals.
Why is it Important?
- Basic financial education may be confusing or overwhelming.
- Financial empowerment goes beyond basic financial education and equips people with the understanding to be able to reach out to other resources they could benefit from.
- Financial empowerment allows people to feel secure and become active players in their finances.
Local Resources
- Washtenaw County Financial Empowerment Center
- This partnership between Engage @ EMU, Jewish Family Services, and Faith in Action offers professional, one-on-one financial counseling as a free public service to enable Washtenaw County residents to address their financial challenges, needs, and plan for their futures.
- Accepts appointments online (click here to view form).
Other Financial Resources
- Friends In Deed’s Circles Program (734) 340-9042
- Pairs individuals who want to move out of poverty with middle and high-income volunteers who offer guidance and support on their financial journey. Also includes financial education.
- GreenPath Financial (844) 456-4503
- Offers professional counselors to advise with debt counseling, debt management, and housing counseling.
- While they don’t have an office in Washtenaw County, GreenPath offers counseling via phone and internet.
- Women’s Center of Southeastern Michigan (734) 973-6779
- Offers private one-hour sessions with an experienced financial coach.
- Cost: $15/session (sliding scale also available)
- Chat with your local bank or credit union. Many will have a financial advisor or financial classes available for members.
Online Resources
- Financial Counseling Association of America
- Offers free credit counseling with a certified credit counselor.
- Cost: Most counseling is free; bankruptcy-related services may have a fee.
- MSU Extension Money Management Classes
- Offers a variety of online classes, ranging from home purchasing to surviving on a fixed income. Visit the website for the list of upcoming webinars.
- Cost: Free
