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News Release

New Jersey Department of
Banking and Insurance

Commissioner Ken Kobylowski

For Immediate Release:
July 10, 2013

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

Christie Administration Urges Seniors in Elizabeth To Be Careful and Make Informed Choices When Purchasing Financial Products

ELIZABETH — As part of the Department’s ongoing financial literacy program, Department of Banking and Insurance Commissioner Ken Kobylowski recently spoke to a group of more than100 senior citizens at the O’Donnell Dempsey Senior Center in Elizabeth about financial products which are often marketed to senior citizens, such as life insurance, reverse mortgages, annuities and long term care. 

Commissioner Kobylowski stressed to the audience that all of the financial products he was discussing can fulfill an important financial need for seniors when used properly, but can cause problems if they are misunderstood or abused. He urged the group to ask questions until they are satisfied they understand any financial product they are buying. 

The Department began the financial literacy program for seniors last summer.

Senior Financial Literacy program in Elizabeth
Commissioner Ken Kobylowski speaks at the O'Donnell Dempsey Senior Center in Elizabeth with center director Jessica Martinez (right).

The program for seniors complements the Department’s Financial Literacy program for high school students.

For the last seven years, the Department has conducted financial literacy programs for high school students and spoken to thousands of students in school across the State about topics including basic personal finance, the importance of credit and how to manage credit cards.

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