By Katie Bryan, America Saves Communications Manager

The numbers are shocking.

• In 2012, the average credit card debt among adults aged 65+ was $9,283 (Demos).
• One-third of senior households has no money left over each month or is in debt after meeting essential expenses (Institute on Assets and Social Policy).
• The share of Americans 65 and older in the labor force went from 12.1 percent in 1990 to 16.1 percent in 2010 (Census).
• 60 percent of women over 65 across the country lack the incomes to meet basic expenses (Wider Opportunities for Women).

As part of Older Americans Month, America Saves is stressing the need for all Americans to save for their future. With Americans, especially women, living longer – the reality is that Americas need to save more money for retirement or to work longer.

Tips to Prepare to Live Debt Free in Retirement

1. Start saving, keep saving, and stick to your goals
2. Know how much you will need for retirement
3. Save at work and/or through a Roth IRA
4. Find places to cut back so you can save more

Already Retired and Need Help: You Gave, Now Save

Millions of low-income seniors continue to miss out on nearly $1.2 billion in benefits (PDF) that can help them pay for their health care, prescriptions, food, utilities, and more. These aren’t handouts—by working hard their whole lives, older adults have paid into the programs that can now provide them support needed to remain healthy and independent.

• BenefitsCheckUp —a service of the National Council on Aging (NCOA)—is the nation’s most comprehensive web-based service offering information on benefits programs, specifically programs for people with Medicare and limited income and resources.
• The Eldercare Locator, a public service of AoA and administered by n4a, is a nationwide service that connects older adults and their caregivers with information on senior services. The Locator is available both online Eldercare.gov and as a toll-free hotline at 1-800-677-1116.

About Older Americans Month

Older Americans Month is a proud tradition that shows our commitment to honoring the value that elders contribute to our communities. This year’s Older Americans Month theme—“Unleash the Power of Age!”— highlights the significant contributions made by thousands of older Americans across our nation. The event is organized by the Administration for Community Living and the Administration on Aging.

While Financial Capability Month reminds us all that we could do a little bit more to be in charge of our finances, it is also a good time to talk to your kids about how they too can begin to understand finances and how it affects your family. Kids.gov has smart money sections for kids of all ages, and tips for parents and teachers on how to teach kids about understanding money.

Useful tips include:

• Get your kids to write down where they spend their money or allowance so they can see how it adds up

• Talk to your kids about “used” versus “new” and how borrowing a book from the library, or a game from a friend, is smarter than buying something new every time

• Teach your kids to take good care of their games, books, DVDs and other purchases because it costs money to replace these items

Kids.gov also has a series of comic strips to teach younger and older children about how they can help their parents save money. Children can follow along in a fun and engaging way to learn simple tips such as turning off lights or helping clip coupons to help save money in the long run.

View the comic strips here.

By Gail Cunningham, National Foundation for Credit Counseling

April is Financial Capability Month. You probably won’t find any greeting cards celebrating that fact, but don’t let that stop you from taking a closer look at your personal economic situation.

It’s always fun to see how we stack up against our peers, and the NFCC’s hot-off-the-press 2013 Financial Literacy Survey is a great way to do that.

This year’s survey results provided somewhat of a mixed message. More than one in four respondents indicated they are spending more than last year, yet 77 percent admitted to having financial worries, listing insufficient savings as their top financial concern. Yes, you read that correctly. Americans (that means you) are spending more, but at the same time are worried about a lack of savings.

Taking a closer look at consumers’ top financial concerns, check out the following. (Respondents were allowed multiple responses, so don’t worry about the percentages not adding up to 100.)

1. Not enough savings – Overall, 57 percent of Americans indicated they are worried over a lack of savings, including 43 percent who are concerned about not having enough “rainy day” savings for an emergency, and 38 percent concerned about retiring without having enough money set aside. Although fairly evenly divided, the data suggest that having enough money to resolve daily emergencies takes precedence over the longer term retirement planning.
2. Not being able to pay financial obligations – A total of 26 percent of those responding, or roughly 61 million people, were worried about servicing their debt commitments, including concerns around paying credit card debt (13 percent), repaying student loan debt (8 percent), an inability to make monthly vehicle payments (7 percent), and not being able to pay off existing medical debt (6 percent).
3. Health insurance – One in four (25 percent) are worried about health insurance – either not being able to afford it (19 percent) and/or not having any (17 percent).
4. Credit – While 19 percent were worried about their credit score and/or lack of access of credit overall, 16 percent were anxious about their score, with 9 percent concerned over their lack of access to credit, suggesting that consumers continue to realize the importance of credit in their lives. However, most adults have neglected to review their credit report (65 percent) or score (60 percent) in the past year.
5. Job loss – Eighteen percent, or more than 42 million Americans indicated fear of job loss as a major concern, a number that is disturbingly high.
6. Foreclosure – As the least of consumers’ concerns (among those listed), a comparatively small 4 percent of Americans are worried over losing their home to foreclosure, undoubtedly a positive signal for the housing industry and the economy as a whole.

The good news is that 20 percent of U.S. adults indicated they do not have any financial worries, a strong sign of consumer confidence.

Remaining stubbornly consistent over the past three years, 40 percent of adults gave themselves a grade of C, D, or F on their knowledge of personal finance. How would you grade yourself? Should you put yourself in financial time-out?

Based on this poor report card, it is not surprising that nearly four in five (78 percent) agree that they could benefit from additional advice and answers to everyday financial questions from a professional.

Know that there is ample opportunity for you to improve your level of financial literacy and take steps to resolve any financial problems. Not surprisingly, most adults indicated that if they were having financial problems related to debt, they would first turn to their friends and family for assistance (28 percent). A similar number (27 percent) also said they would reach out to a professional nonprofit credit counseling agency for help, demonstrating a high level of confidence in the value of credit counseling.

So, how did you fare? If any of this data hits too close to home, take action. Ignoring a financial problem rarely solves it, and looking the other way only makes the problem harder to solve. To get started, consider renaming April My Financial Capability Month and resolve to make positive changes that will move you into a more stable financial future. Then start planning your Financial Capability Month 2014 party!

By Katie Bryan, America Saves Communications Manager

America Saves Week, February 25 – March 2, 2013, is chance for individuals to assess their own saving status and take financial action. Studies reveal that having a savings plan with specific goals can have beneficial financial effects, even for lower-income families.

Here are 5 easy ways to get involved in America Saves Week:

1. Take the America Saves Pledge

Those with a savings plan are twice as likely to save for emergencies and retirement than those without a plan. Join over 310,000 people who have already committed to save. Pledge or re-pledge today!

2. Share Your Savings Goal

People save more successfully when they have a goal in mind. That’s why we’ve created posters so you can put your savings goal into perspective and, share it.

3. Assess Your Savings

Find out if you are saving in all the right places with this 12 step savings assessment.

4. Test Your Savings Knowledge

Take this savings quiz to reveal how much you understand about the realities of savings in America.

5. Share Savings Tips and Advice with Family and Friends

On Twitter and Facebook? Share these social media posts (Word) with your friends and followers to encourage them to save.

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

AnnualCreditReport.com is the only website authorized to give you the free annual credit report you’re entitled to each year. Checking your credit report regularly will help you spot any problems or may alert you if you’ve been the victim of identity theft.