MONROE/TRENTON — As part of National Financial Literacy Month, Department of Banking and Insurance Acting Commissioner Richard J. Badolato conducted a Financial Literacy program for seniors citizens at the Greenbriar Center in Monroe on April 21. In a separate activity a week later as part of Take Your Children to Work Day, Junior Achievement (JA) of New Jersey President Catherine Milone spoke to children of Department staff about the importance of saving money and making smart financial decisions. 

Acting Commissioner Badolato, Banking Director Patrick Mullen and Assistant Commissioner for Life and Health Brendan Peppard spoke to about 50 seniors at the Greenbriar Center and advised them to be careful when purchasing financial products such as reverse mortgages, life insurance, annuities and long term care.

“Unscrupulous people, bad actors, fraudsters all know that seniors have money and they are always devising schemes to try and take it from them,” Acting Commissioner Badolato told the group. “Fortunately, if you follow some general guidelines, do some research on products you are purchasing, and consult with family members or a trusted financial professional, you can make informed financial decisions and avoid scams.”

For the last 10 years, the Department has been conducting educational sessions on various financial issues in high schools, community colleges, libraries, town halls and senior centers across the State. Since 2006, the Department has held Financial Literacy programs in every county of the state and has reached tens of thousands of students with presentations for high school students. In 2012, the Department expanded the program to include senior citizens. In 2013, the Department refined the program even further and launched a financial literacy program specifically for college students who are dealing with such things as college-issued debit cards, health insurance, renters insurance and student loans.

On April 28, as part of Department activities for Take Your Children to Work Day, Milone led about 35 children of DOBI staff in a game of “More Than Money,” a board game which takes children through fictional scenarios in which they make decisions on earning, saving and spending money. 

Junior Achievement of New Jersey, a non-profit organization dedicated to educating young people about business, economics and free enterprise, partners with the Department on many Financial Literacy programs. Through a volunteer network, JA offers in-school and after-school programs for students in grades K-12 including a Financial Program which it conducts with DOBI and the business community. 

April is National Financial Literacy Month, a national public awareness effort to help consumers establish and maintain healthy financial habits, take charge of their personal financial well-being and make smart financial decisions.