Retirement News for Senior Citizens
Retirement News for Seniors
How seniors can keep unexpected expense from becoming a crisis
Ideation Challenge on April 16 to spark financial product and service ideas
Nearly half of Americans (47 percent) lack the ability to pay for an unexpected $400 expense, according to the Federal Reserve Board. Retired Americans and those nearing retirement age often are particularly financially vulnerable. Help is now available for seniors from AARP and Georgetown University.
The Global Social Enterprise Initiative (GSEI) at Georgetown University’s McDonough School of Business and AARP Foundation will collaborate to find ways for older Americans to better manage their finances and reduce their debt, starting with a day-long event in April. The initiative also will explore financial product ideas and solutions to assist low-income, older Americans increase their financial cushion and avert potential financial crises.
To launch the initiative, GSEI and AARP Foundation will host an Ideation Challenge on Saturday, April 16, to spark financial product and service ideas. At the challenge, teams of students and innovators from universities and organizations across the country will come together at AARP’s innovation lab in D.C. to brainstorm actionable solutions for the financial challenges facing older Americans.
The winner of the Ideation Challenge will have the opportunity to work with AARP Foundation staff to further develop the product through the innovation pipeline process and will receive a $2,500 cash prize.
Building on the ideas generated from the challenge, GSEI will convene an expert roundtable with business, government, and nonprofit leaders, as well as entrepreneurs and academics. It also will create a report with a summary of the discussions.
“When business, nonprofits, and academia come together, better thinking and different solutions can result than if any one of these groups worked alone,” said Ladan Manteghi, executive director of GSEI.
“We are bringing the market knowledge of business leaders and the creativity of students together with AARP’s expertise of the 50+ to tackle how we mitigate financial crisis for vulnerable older Americans.”
“AARP Foundation is committed to winning back opportunity for our most vulnerable populations,” said AARP Foundation Senior Vice President Emily Allen.
“Through this new collaboration we will be able to foster innovation around specific financial products and services that meet the unique needs of low-income older consumers to ensure that they can reduce debt, build savings, and increase their overall financial stability.”
>> To learn more about the project or to register for the challenge
>> Federal Reserve Board’s Report on the Economic Well-Being of U.S. Households in 2014