Banks Team With MVES To Support Financial Stability; Donations Total $55,000

Local banks are helping to address one of the most difficult challenges facing our community: financial management.

The Money Management Program at Mystic Valley Elder Services (MVES) assists older adults and people with disabilities with budgeting, bill paying and keeping track of financial matters. MVES recently accepted generous donations and sponsorships from the following:

• Brookline Bank

• Eagle Bank

• East Cambridge Savings Bank

• Eastern Bank Charitable Foundation

• EverettBank

• Metro Credit Union

• M&T Bank Foundation/People’s United Community Foundation of Eastern MA

• Northern Bank & Trust Company

• Patriot Community Bank

• Salem Five Charitable Foundation

• StonehamBank

• The Savings Bank/TSB Charitable Foundation, Inc.

• Wakefield Co-operative Bank

• Winchester Savings Bank

• Winchester Co-operative Bank

These banks have already contributed a combined total of $55,000 this year to support the Money Management Program.

“Without the support of these banks, the Money Management Program could not accomplish its goal of helping people stay in the community and stay independent,” said Lisa Gurgone, MVES Chief Executive Officer. “We are truly grateful for our partners in the business community.”

Financial challenges are a growing problem for older adults. The average debt of households aged 65 and up nearly tripled from 1989 to 2016, according to a 2021 report by the Congressional Research Service. The percentage of households aged 65 and up that held any debt increased from 37.8% to 61.1% in that time. In addition, the report found that in 2019, 4.9 million people aged 65 and older lived in poverty.

Since 1990, the Money Management Program has assisted older adults and people with disabilities throughout the MVES service area. The program’s trained and insured volunteers help prevent evictions and loss of utilities and safeguard residents from financial exploitation and abuse.

“We are grateful that providing financial education opportunities is a core value for these banks,” said Larry Poirier, longtime Money Management Program Manager for MVES. “With their generosity, our volunteers make an immediate and meaningful impact in the community.”

Please call 781-324-7705 or email [email protected] if you are interested in sponsoring the Money Management Program, becoming a volunteer, or know someone who could benefit from the program.