Impact of Finances 50+ Training Classes on Individuals' Financial Behaviors
Thursday, November 12, 2015 : 10:55 AM
Brickell Prefunction (Hyatt Regency Miami)
*Names in bold indicate Presenter
AARP Foundation, in collaboration with Charles Schwab Foundation, designed and disseminated a financial capability curriculum targeted to the 50+ age group to approximately 11 organizations nationwide. The 11 organizations administered the financial capability training through classes offered on site at their organizations starting in September 2012 and running through December 2013. Approximately 2,775 people participated in these classes over this period. A pre-test post-test evaluation was designed by AARP to measure financial behaviors, including spending, saving, budgeting, investing, and handling debt. Data were collected prior to training (baseline) and 3- and 6-months post training. Overall the study showed positive and statistically significant changes in financial behavior and attitudes over the 6-month time period. The results are consistent with the goal of the program, namely to help a targeted population of vulnerable households improve their financial management practices.