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News Release

New Jersey Department of
Banking and Insurance


Commissioner Ken Kobylowski

For Immediate Release:
January 15, 2014

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


Christie Administration Presents Financial Literacy Program to Seniors in Manville

MANVILLE BOROUGH — Department of Banking and Insurance Commissioner Ken Kobylowski brought the Department’s Financial Literacy program to the Manville Senior Center on Jan. 9 and urged senior citizens to be careful when purchasing complex financial products such as life insurance, annuities, reverse mortgages and long term care.  The Commissioner said these products are manageable, sound investments if consumers understand them, however if consumers purchase these products without taking the time to fully learn about them, they may fall victim to fraud or other scams.    

“Unfortunately seniors are a top target for fraud,” Commissioner Kobylowski said. “So I urge you when purchasing these kinds of products, consult someone you trust before making the purchase; keep asking questions until you are satisfied that you understand the product, and always keep in mind, if someone is making you an offer that sounds too good to be true, it probably is.”

 
Commissioner Kobylowski speaks to seniors at the Manville Senior Center.

“Through this program,” the Commissioner said, “We are bringing you, the consumers, important financial information to help you make informed choices about the products you purchase and avoid fraud.”

Commissioner Kobylowski spoke to the group at part of the Department’s ongoing Financial Literacy Program for Seniors.  In the program, which was launched in 2012, the Commissioner and other Department staff speak to seniors about the many financial products geared toward them.

The program for seniors complements the Department’s ongoing Financial Literacy program for high school students. For the last eight 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. The Department also initiated a Financial Literacy program for college students this year.

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