Financial problems arise in almost every demographic in the country, but some groups are more susceptible than others. In order to combat this, the U.S. Department
of Labor has created a two-day program to be held Nov. 16 and 17 to help groups that suffer most from lack of financial stability.
“Why Go Broke” is targeting undergraduate and graduate students, people near retirement age and low-income workers, with a goal of equipping people with the necessary tools to learn how to save and invest. The workshops will be held in Houston Hall at the University
of Pennsylvania.
“People need to talk to financial planners and get information of what their options are, and then they can come up with a plan that is specific to their needs,” Leni Uddyback-Fortson, a spokesperson for the Labor Department, said.
“It’s important to know the laws, know what protects them.” The first day of the workshop will consist of a retirement planning hotline which people can call to speak to financial consultants from 11 a.m. to 2 p.m. On Nov. 17, there will be a “Retirement Fair” with financial experts giving advice.
Dr. Bob Yantorno, a professor in the electrical and computing department in the College of Engineering, said that the programs may give people the necessary resources to become financially stable.
However, if people do not change their attitudes toward investing and saving, the programs will be ineffective.
“The Department of Labor did this for people in terms of retirement and it wasn’t very effective,” Dr. Bob Yantorno said. Yantorno will also teach the new Investing for the Future course at Temple as part of the new General Education courses.
“You have to change people’s attitudes about investing. Before you can change people’s behavior you have to change their attitude,” Yantorno said. Uddyback-Fortson said the workshops on social security, tax issues, financial planning and legal issues will give Philadelphians the necessary resources they need to begin building financial wellness. With the burden of financing retirement falling more on employees, the Department of Labor plans for the workshops to increase awareness about saving and motivate people to do so.
Renita Burns can be reached at renita.burns@temple.edu.
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