AARP Foundation and Charles Schwab Foundation have launched a new financial capability program to address the needs of low-income workers and job seekers age 50 and older.
AARP research has found more than 20 million people over the age of 50 are struggling to make ends meet. AARP Foundation Finances 50+ consists of three educational modules divided into topics: assessing financial standing, budgeting and goal setting; taking control of credit and debt; and building and protecting assets.
Each topic is delivered in a 90-minute workshop to give participants a solid background in the subject, while teaching them how to make improvements to their own lives.
“This is really a financial intervention program, designed to help people before they fall deeper into instability,” said Jo Ann Jenkins, president of AARP Foundation. “We know that stabilizing a person’s financial situation and increasing their financial capability can be a prerequisite for success in finding and retaining a job. This program is about empowering individuals to take control of their finances regardless of their circumstances.”
The program combines the strengths of AARP Foundation -- with its deep knowledge of the 50-plus population and an active volunteer base -- and Charles Schwab Foundation, which funds and promotes financial education, volunteerism and advocacy for financial fitness. The program aims to give low-income older workers and jobseekers not only the skills and tools to reduce debt, repair credit and build savings, but also the encouragement and motivation to overcome emotional obstacles and put their lives back on track.
The program will be launched in Austin, Baltimore, Denver, New Orleans, Phoenix, San Francisco and Washington, D.C.
The program would like to reach 6,000 people in its first year.
Evaluation of the program will consist of assessing financial practices of participants before and after the program. A sample of participants will be tracked at three- and six-month intervals to determine the behavioral changes and impact resulting from program participation.
For those who do not reside in any of the seven pilot cities, Finances 50+ materials, including a participant workbook and volunteer guide, are available online at aarp.org/finances50plus.
AARP Foundation is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation.
Charles Schwab Foundation is a private, nonprofit organization funded by The Charles Schwab Corporation. Its mission is to create positive change through financial education, philanthropy, and volunteerism.