MORRISTOWN, NJ – As part of National Financial Literacy Month, Department of Banking and Insurance Banking Division Assistant Director for Consumer Finance Patrick Mullen on April 18 spoke to a senior luncheon group about how to carefully buy financial products such as life insurance, reverse mortgages annuities, and long term care.

“These can be effective tools fitting a senior citizen’s financial needs,” Assistant Director Mullen said, addressing a group of seniors at the St. Peter’s Episcopal Church on Thursday. “But these often complex products can also create serious pitfalls for seniors when abused.”

Mullen addressed the group 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.