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Investor Education & Protection: Starting The Critical Conversation about Retirement in Your Community

October 25, 2017

Did you know that:

  • 17% of Ohioans reported that over the past year, their household spent more than their income*
  • 27% of Ohioans reported having medical bills past due*
  • Nearly 60% of Ohioans do not have an emergency fund to cover three months, which means that individuals who are not balancing monthly income and expenses are not saving and may be struggling to make ends meet.*
  • 31% of Ohioans reported using one or more non-bank borrowing methods, such as payday loans, in the past five years.*
  • Only 2 in 5 Ohioans have a financial plan because of a lack of knowledge, low wages, or a lack of trust in the profession.**

While these statistics are specific to Ohioans, we know that the trend is consistent, and sometimes even worse, in states throughout the country.

In May, AFCPE launched the “Building the Bridge to Ohio Investor Education Program” in collaboration with the Ohio Department of Commerce - Division of Securities, the Investor Protection Trust (IPT), and Detroit Public Television (DPTV) - to bring together a network of professionals, organizations, and resources to build a more effective continuum of care at the local level. The statewide campaign featured the airing on Ohio public television stations of the DPTV documentary “When I’m 65,” three community events (Columbus in May, Cleveland in July, and Cincinnati/Dayton in September) and pro bono financial counseling and planning. When I’m 65 is a groundbreaking national documentary and engagement program focusing on the realities of retirement in the 21st century and the financial choices that all Americans need to make to plan for a financially secure future: www.wi65.org.

Participants in the three-city event, reported the events to be an invaluable opportunity to engage with experts, learn new information, and gain new resources to use in professional work or to improve personal financial well-being. As part of the program, we designed a community discussion guide to help more individuals, families and communities begin talking about money, addressing the barriers and opportunities to retirement planning, and connect more people to trusted resources. In addition, we created a model that can be replicated in other states to address the lack of financial literacy across the nation.

As an organization, AFCPE is dedicated to building the bridge to a more comprehensive and integrated continuum of care for financial services to ensure that all people – regardless of age, income or background – can plan for a secure future.

So what can you do to help?

Facilitate the Conversation! Download our discussion guide to host a When I'm 65 screening in your community. We make the process easy - outlining what you need, how to prepare, and discussion questions to ask to drive conversation and a call to action. This guide can be used in an informal setting with friends, family, or neighbors, or in a financial education setting through your organization.

Bring the Program to Your State. If you are interested in bringing this program to your state, please contact me at rwiggins@afcpe.org.

 

*2015 FINRA National Financial Capability Study
**AFCPE 2017 Ohio Consumer Survey

 


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