This study assesses the need for expanding the AARP Foundation Money Management Program in Connecticut. Using data collected from service providers who hear about or help individuals in need of assistance handling their personal finances on a day-to-day basis, money management service needs across the state - and the existence of services already in place to help meet these needs - were assessed. Key findings from the study include:
- Three-quarters of the programs or agencies surveyed report receiving calls from or about mid-to-low-income individuals - or have mid-to-low-income clients - who have problems managing their money because of mental, physical, or social incapability.
- On average, between 1,455 and 2,357+ individuals with money management needs are brought to the attention of 283 agencies each month.
- While threats of eviction and financial abuse are reported to many respondents, the most common concerns of individuals needing money management assistance are their inability to understand financial materials, such as bank statements, or pay bills because they need help writing checks.
- There is a moderate-to-major need for a money management program in Connecticut and confidence in using a volunteer-based Money Management Program.
There were two phases to the study; in Phase One, 403 organizations, agencies, and individuals completed mail surveys while 27 participated in phone interviews in Phase Two. The report was prepared by Katherine Bridges of AARP Knowledge Management who may be contacted at email@example.com or 202/434-6329 for further information. (55 pages)
Discounts & Benefits
Next ArticleRead This