AARP Foundation Touts Free Savings Platform for Older Adults

AARP Foundation has launched MySavingsJar, a free online resource that it said was designed to help low-income older adults and their families take small, achievable steps to save money for unanticipated expenses.

About 7,000 people have joined the platform since its beta launch in May 2019, Paolo Narciso, AARP Foundation vice president, said Tuesday. The general release followed this week. Of the 7,000 or so current users, “our member base is predominantly women, with female members making up 85%” of it, while about 2,800 members are low-income older adults (age 50+) and 4,000 members are 50 and older, Narciso told ThinkAdvisor.

People can sign up at www.mysavingsjar.org to join an online community, set up their personal online savings jar, complete community challenges and build short-term savings, according to the organization.

There’s a video explaining MySavingsJar at the site, where visitors are told the “Free Savings Club” will help them take small steps to save “even if you’re on a tight budget.” Users can also “get access to practical tips and local resources to help manage (and do more) with what you have,” according to the site.

Participants can use the platform to help them set aside cash to “deal with life’s financial challenges — like car repairs, high utility bills or emergency medical treatment,” the organization noted. The free program also offers social support, resources and expert coaching to help people save and achieve more control over their expenses, it said.

“More than 37 million older adults are only one unanticipated expense away from serious financial hardship,” according to Lisa Marsh Ryerson, president of AARP Foundation. “Many have no cash set aside to cover emergencies,” she said in a statement, adding AARP Foundation MySavingsJar “offers practical tips and local resources to support a savings habit and help older adults start building up financial reserves.”