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News Release

New Jersey Department of
Banking and Insurance

Acting Commissioner Richard J. Badolato

For Immediate Release:
June 8, 2016

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

Department Talks to Senior Citizens in Roosevelt About Financial Issues

ROOSEVELT —As part of the Department’s ongoing Financial Literacy program, Assistant Commissioner for Life and Health Brendan Peppard discussed financial products such as long-term care, reverse mortgages, life insurance and a broad range of other topics with a group of senior citizens on June 6. 

“There are many complex financial products today that are specifically marketed to senior citizens. Unfortunately, senior citizens are a major target for frauds and scams. If seniors understand these products and use them properly, they can be very beneficial,” said Assistant Commissioner Peppard.  “However if consumers purchase these products without fully understanding them they can be victimized and lose money. What we are hoping to do through this program today is provide you with information to help you make financial decisions.”

Assistant Commissioner Peppard addressed the group and then took questions for about half an hour.  

“This audience was already well informed on some of these financial issues, and was very engaged and interested in the topics.  They had a lot of very good questions” Assistant Commissioner Peppard said following the event.

The program was part of the Department’s Financial Literacy program. For the last 10 years, the Department has been conducting educational sessions on various financial issues in high schools, community colleges libraries, town halls and senior centers across the State. Since 2006, the Department has held Financial Literacy programs in every county of the state and has reached tens of thousands of students with presentations for high school students. In 2012, the Department expanded the program to include senior citizens. In 2013, the Department refined the program even further and launched a financial literacy program specifically for college students who are dealing with such things as college-issued debit cards, health insurance, renters insurance and student loans.

  At left, Geraldine Millar, Roosevelt Seniors Program Coordinator, with Assistant Commissioner for Life and Health Brendan Peppard.
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