The Elder Financial Safety Center of The Senior Source is a leader in the nation working against financial uncertainty and exploitation of adults age 50 and over. Established in May 2014, the collaborative partnership made up of The Senior Source, Dallas County Probate Courts, and District Attorney’s Office offers prevention, protection and prosecution services focusing on all aspects of older adults’ financial security.
78% of our country’s older adults are facing financial insecurity for many reasons, including poor financial preparation for retirement, exploitation, or declining health causing income to become inadequate, or in some cases, older adults are outliving their money.
Additionally, $36 billion dollars each year is lost to elder financial abuse, affecting 37% of seniors in any five year period (The True Link Report on Elder Financial Abuse, 2015).
We are at the forefront of a cultural shift in our country with 75 million boomers now over the age of 65 and nearly 10,000 joining their ranks every day until 2030. Financial security is the gateway issue that affects every area of individuals’ and the community’s well-being.
The Elder Financial Safety Center model is scalable to all communities across the nation. In this example, the prevention services of the Elder Financial Safety Center adapts into the Working Families Success Model developed by the Annie E. Casey Foundation with the addition of distinct direct service practices applied to older adults specifically. We use a thorough approach to confronting financial insecurity among older adults who have the added threat of financial exploitation. Financial insecurity is met head on through three core services of the Working Family Success Model: financial security through employment, financial stability through income support, and longer term financial wellness through coaching and counseling.
To view the complete integration of the Elder Financial Safety Center into the Working Families Success Model, click here.
The Working Families Success model (WFSM) provides a framework for nonprofits to deliver key services and financial support to low-income families using an integrated approach of services specifically designed to make it easier for families to obtain critically needed support. The WFSM is built on the concept that nonprofits offering integrated services in an intentional and thoughtful way help clients overcome barriers and advance economically.
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