> It was heartening for us to collaborate with so many
organizations and institutions that generously shared
their resources--despite troubled economic times--to help
low-income adults become more financially secure and
independent. The benefits of their generosity extended far
beyond the AARP Foundation initiatives they supported. Our
gratitude, and that of the more than five million people who
received much-needed help, knows no boundaries.
Research
Research is pivotal to understanding what has
worked in the past, and why particular efforts
succeed or fail. Failure to undertake solid research
is like building a house without a foundation.
A $500,000 grant from The Atlantic
Philanthropies in support of the AARP
Foundation’s new center on poverty and aging
will illuminate the financial security needs of
low- and moderate-income older people and how
they can best be met. Given that the number of
U.S. residents aged 50 and older is projected to
double by 2050, the grant will provide research
insights to guide development of policies that will
ensure that older people’s needs are met without
bankrupting younger generations or the federal
government.
In the same vein, the Bill & Melinda Gates
Foundation—in its first grant to AARP
Foundation—committed $374,000 to support
in-depth research for our Preparing for a
Workforce without Boomers initiative. Findings
and recommendations from this study on the
approaching demographic shifts and their
impact on the U.S. workforce will be published in
October 2010.
Education and Jobs
When it comes to living in poverty, women
have an unfortunate edge—especially during
their retirement years. While working, women
typically earn only 77 cents for every dollar that
men earn and devote far more unpaid time to
raising a family or caring for older relatives.
Women also live longer, stretching their meager
nest eggs even thinner.
One solution to this multi-faceted problem,
the AARP Foundation Women’s Scholarship
Program, has blossomed since its introduction in
2007. Supported in part by generous donations
from members of the Foundation’s Women’s
Leadership Circle, the scholarships have allowed
almost 300 remarkable women to get the
education and training they need to obtain better
jobs today and a financially secure retirement
tomorrow.
Although more than 2,400 women applied for
our 2009 scholarships, funding was adequate
to support only 63 scholarship awards. A
much-needed shot in the arm arrived later
in 2009, when the first installment of the
Walmart Foundation’s $1.5 million grant to
the Women’s Scholarship Program arrived.
Thanks to this foundation’s generosity, an
additional 45 promising women age 40+ received
scholarships—including assistance with college-level tuition, books and fees—this year.
