The AARP and Charles Schwab Foundation have begun working on basic financial literacy and education courses for people 50+. The program involves three separate group classes that are 90 minutes each. The classes include the topics of budgeting, debt control, and saving. The classes are followed up by one-on-one sessions to further educate the individuals taking the course. The sessions are staffed by volunteers from sponsors or local organizations, and program volunteers received training while agreeing to a code of ethics that prohibited the selling of any products or service.
Director of credentialing and professional development for the American Association of Family and Consumer Sciences, Gay McGinnis, said, “It’s important to learn financial concepts at any age, but when you’re over 50 there’s very little margin for error anymore. That is about the age where a lot of people begin to panic and fall into risky investment ideas, and then they really are in trouble.”
Some cities included in the program include:
- Austin: El Buen Samaritano Episcopal Mission
- Baltimore: Baltimore CASH Campaign
- Denver: Seniors’ Resource Center
- New Orleans: United Way of Southeast Louisiana
- Phoenix: Banner Olive Branch Senior Center
- San Francisco: Self-Help for the Elderly
- Washington, D.C.: The Greater Washington Urban
It’s never to late to learn more about financial literacy and education! Start educating your self today.
To read more about this article check out the Chicago Tribune.