Supporting Our Communities
Helping students become financially astute will pay dividends for the rest of their lives. For most students, graduating from high school represents the first time they are on their own. Unfortunately, errors in money management can impact them long after graduation.
Bank of Labor is committed to strengthening the communities in which we do business. We accomplish this by offering financial literacy programs to students and provide services to help fight fraud abuse with the elderly.
Our bank’s team draws upon the resources and expertise of EVERFI, Senior Crimestoppers, and the CRA partners. Bank of Labor participated in McKinley Technology High School’s Career Day in Washington, D.C. This was the first time the bank participated in a student career event in the D.C. area and plans to participate in more events. Bank of Labor and EVERFI are committed to delivering high-quality, unbiased financial education to schools in the highest need communities at no cost to the students, schools, or taxpayers.
The courses students receive align with state, national, and JumpStart Coalition financial literacy standards and are recognized by the Consumer Financial Protection Bureau (CFPB) as being a trusted resource for financial education. “EVERFI is powering a national movement to use technology to help students learn about financial literacy and we are pleased to now start reaching students in Washington, D.C. with this first bank partnership,” said EVERFI Executive Vice President, Mike Fee.
A survey of 15-year-olds found that 18 percent of respondents did not learn fundamental financial skills that are often applied in everyday situations, according to Youth.gov. “This was an event to talk with students about financial education, unions, and apprenticeship programs that may help them in their careers,” said Bank of Labor Senior Vice President Bridget Martin.
With such financial illiteracy, youths can fall victim later as adults to scams, high-interest rate loans, and increasing debt. Bank of Labor, is also funding the Senior Crimestoppers program, and co-sponsored two Washington, D.C. events with CRA Partners.
The program includes cash rewards up to $1,000 for anonymous information about suspected wrong-doing and provides personal lockboxes for residents and has reduced all aspects of crime in similar participating facilities by 94 percent. The bank plans to host future programs that will be open to the public, based on consumer demand. According to MetLife Mature Market Institute, each year, more than 2 million senior citizens are taken advantage of in financial scams. The impact is estimated at approximately $2.9 billion.
“Society has had a longstanding battle fighting crimes against the elderly,” said Martin.“Our goal is to ensure senior community members are safe and empowered to not only avoid becoming scam victims, but also to be proactive crime fighters.”
90 percent of perpetrators of fraud are known to their victims. Only 1 in 44 cases of elder financial abuse get reported, according to the National Adult Protective Services Association. Why? Victims are embarassed. People doubt money will be recovered. They also fear the perpetrator.
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