Program Profile: The Money Management Program

As the hustle of the holiday season subsides, many of us will work to get our personal finances in order. We’ll have mail to sort, bills to pay, and we may create personal budgets for the new year. If we’re fortunate, we’ll handle this without too much trouble. However, many older adults may struggle to manage such tasks on their own and the Money Management Program can help. In January’s Program Profile, we’re featuring this program that helps elders manage their money.

The Money Management Program pairs trained, insured, and screened volunteers with older adults who need assistance with routine money management tasks like establishing a budget, writing checks, balancing checkbooks, interpreting bank statements, and sorting mail. The program is available to low-income elders or individuals with disabilities who are in danger of losing their independence due to an inability to manage their financial matters.

The Money Management Program is a state-wide program that is jointly sponsored by AARP, Mass Home Care, and the Executive Office of Elder Affairs. MVES is home to the program for our service area, which includes Everett, Malden, Medford, Melrose, North Reading, Reading, Stoneham, and Wakefield.

Participation in MVES’ Money Management Program has grown significantly over the past few years. Currently, MVES’ program serves 76 elders with the help of 69 volunteers. The program has been operating at MVES since 1991, but participation has nearly doubled over the past five years alone.

MVES’ Money Management Program strives to create a one-to-one match of volunteers and elders. Elders are referred to the program by MVES care managers, local banks, healthcare professionals, utility companies, or landlords. Elders also contact MVES directly for help.

Many of our volunteers have careers in banking or finance. Others are retired business professionals. Several of our newest volunteers are recent college graduates. “We’re lucky to have such an amazing, diverse group of volunteers,” said Money Management Program Director Larry Poirier. “So much of this program’s success is attributable to our volunteers’ dedication.”

To meet the growing needs of area elders, MVES continues to recruit Money Management volunteers. Volunteers are asked to visit the home of the elder they’re helping twice a month to assist with basic money management. New volunteers will undergo training and all will receive ongoing support from MVES’ Money Management Program Director.

If you’re interested in volunteering with the program or you know an elder or individual with disabilities who needs money management assistance, please contact MVES at 781-324-7705.