MANALAPAN/TOMS RIVER — As part of National Financial Literacy Month, Department of Banking and Insurance Banking Division Assistant Director for Consumer Finance Patrick Mullen spoke to two groups of senior citizens last week, advising them to be cautious and ask many questions when purchasing financial products such as life insurance, reverse mortgages annuities, and long term care.

 “We are talking about products that can be used effectively but can also be abused when improperly applied to a senior citizen’s financial needs,” Assistant Director Mullen said, addressing a group of seniors at the Manalapan/Englishtown Senior Center II in Manalapan last Thursday and at the Ocean County Library in Toms River on Friday.  “This program aims to help seniors avoid pitfalls with these often complex products.” 

Mullen addressed the groups as part of the Department’s ongoing Senior Financial Literacy Program, now in its second year. In that program, Commissioner Ken Kobylowski and Department staff speak to senior citizens about such topics as life insurance, long term care, annuities, reverse mortgages and savings.

The program for seniors complements the Department’s ongoing 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.

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.