Company Website:
http://www.aboutschwab.com/community
SAN FRANCISCO -- (Business Wire)
A recent study conducted by AARP Foundation and Charles Schwab
Foundation followed the changes in financial behavior of individuals who
participated in workshops delivered by community-based organizations
using the AARP Foundation Finances 50+℠ curriculum. The study, which
evaluated participants’ behavior before, three months after and six
months after the program, suggests the workshops made a positive impact
on various aspects of individuals’ financial attitudes and behavior.
Participants reported decreased anxiety about personal finance,
increases in “positive” financial behaviors such as saving, and
decreases in “negative” financial behaviors such as overspending,
mismanaging debt and paying unnecessary fees.
In 2011, AARP Foundation collaborated with Charles Schwab Foundation in
developing AARP Foundation Finances 50+ -- a three-part financial
capability program designed with older Americans in mind. One of AARP
Foundation’s top priorities is to assist Americans over the age of 50
who are struggling financially. Debt, inadequate savings, bad spending
habits and other demands like family support and medical bills all
contribute to a lack of confidence in one’s financial future and a poor
prognosis for a financially stable retirement.
In the report, the following “positive” financial behaviors increased
significantly six months after the class:
-
calculating net worth increased by 43 percent
-
reducing financial fees increased by 29 percent
-
reducing spending and/or increasing earnings increased by 22 percent
-
prioritizing debt payment increased by 23 percent
Also, the study saw significant decreases in negative behaviors
including overdrawing accounts and taking out payday loans.
“The AARP Foundation Finances 50+ program is designed to help people 50
and older set financial goals, take action and sustain the changes that
can help them to achieve those goals,” said Lisa Marsh Ryerson,
president of AARP Foundation. “Our data show that nearly 20 million
people over age 50 are struggling to make ends meet. We are committed to
making sure older adults have the resources they need to take control of
their finances, regardless of their circumstances.”
“The financial challenges of older Americans are too often overlooked.
But in light of the numbers of older Americans living on the brink of
financial disaster, and the expected growth of this population in the
coming years, we wanted to do something to make a difference,” said
Carrie Schwab-Pomerantz, president of Charles Schwab Foundation.
The reported positive changes in financial behavior following the AARP
Foundation Finances 50+ workshops indicate a more confident and
empowered generation of older Americans. To date, more than 3,500 people
have participated in Finances 50+ workshops. The study followed 427
participants from a pool of 2,775 who completed a baseline, three-month
follow-up and six-month follow-up survey. Results will aid in expanding
the program to organizations and practitioners that serve individuals
and families who are interested in improving their current financial
situation.
More information about Finances 50+ is available online at www.aarp.org/finances50plus
and the study is available at www.aarp.org/finances50plusevaluation.
About AARP Foundation
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. By coordinating
responses to these issues on all four fronts at once, and supporting
them with vigorous legal advocacy, the Foundation serves the unique
needs of those 50+ while working with local organizations nationwide to
reach more people, strengthen communities, work more efficiently and
make resources go further. AARP Foundation is AARP’s affiliated charity.
Learn more at aarpfoundation.org.
About Charles Schwab Foundation
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. More
information is available at www.aboutschwab.com/community.
The Charles Schwab Foundation is classified by the IRS as a charity
under section 501(c)(3) of the Internal Revenue Code. The Foundation is
neither a part of Charles Schwab & Co., Inc. (member SIPC) nor its
parent company, The Charles Schwab Corporation.
Charles Schwab Foundation and AARP Foundation are unaffiliated entities.
(0714-4398)
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Contacts:
AARP Media Relations
202-434-2560
Media@aarp.org
or
Charles
Schwab Foundation
Sarah Bulgatz, 415-667-0328
Sarah.bulgatz@schwab.com
Source: Charles Schwab Foundation
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