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 Fraud Tops Health Crises and Terrorism
on Rankings of Seniors’ Greatest Concerns, Finds Financial Freedom Study
NEWS RELEASE May 20, 2004 FOR IMMEDIATE RELEASE
Fraud Tops Health Crises and Terrorism
on Rankings of Seniors’ Greatest Concerns, Finds Financial Freedom Study
Irvine, CA, (May 20, 2004) – A new study commissioned by Financial Freedom, the nation’s largest lender and servicer of reverse mortgages, found that when asked to rank a list of fears, Americans aged 62 –75 ranked Fraud ahead of a Health Crises and Terrorism. While Getting Struck by a Bolt of Lightning, was at the bottom of the list of fears, interestingly, 9% of those surveyed still indicated that it is a concern. These findings come from the Senior Sentiment Survey, a new study from Financial Freedom that explores the financial, social and quality of life aspects of older Americans. “Since our market is exclusively older Americans, it’s crucial for us to continually seek to gain a better understanding of the issues that are important to them,” said James Mahoney, CEO of Financial Freedom. “Armed with fresh information, our team will be better positioned to help seniors make informed decisions about their retirement and life planning.” The results from the survey indicated that 37% of seniors say they are afraid or at risk of fraud such as a con or identity theft. A higher percentage of females -- 40% vs. 34% of males -- indicated a fear of fraud. In addition, 46% of those who have not developed a specific plan indicated a concern about fraud versus 36% who used the help of a financial advisor to plan for retirement. Of the seniors interviewed, 33% said they were afraid of fraud when they planned their future themselves; while 28% of the seniors indicated a fear of fraud when they had help from a friend or relative. Following fraud, 28% of those surveyed indicated that they feel unsafe from a health crisis such as a stroke or a heart attack. Again, more women reported concern about a health crisis than men, 33% and 24% respectively. The study also revealed that the less seniors planned for retirement the more likely they are to be concerned about a health crisis; 42% of those who have not planned for retirement said they were afraid of a health crisis. By contrast, only 25% of the seniors who indicated they had a retirement plan in place were concerned about a health issue. In addition, seniors were also asked if they felt there was a general threat of attack on Americans and the United States due to the increased attention surrounding terrorism. Despite all the attention given to terrorism by the media, seniors ranked it third with 27% of the group surveyed indicating it is a fear. A higher percentage of females -- 31% vs. 22% of males -- indicated terrorism was a worry. In addition, of the seniors surveyed in late March, 57% believed a terrorist attack on Americans outside of the United States was very likely within the next three months. By contrast, 18% of the seniors said an attack on American soil is very likely during the same time while only 1% believed such an attack would occur in their communities. When asked to identify locations where they felt the least safe from a terrorist attack, 47% of seniors said large tourist locations during a major holiday and 45% said major transportation hubs. By contrast, 61% of seniors felt safe visiting their local church, 53% felt safe at their local shopping mall and 46% felt safe at community gatherings. The findings presented in this report are based on an online survey of 1,370 U.S. seniors aged 62-75 conducted from March 15-19, 2004 by Harris Interactive. Figures for age, sex, race/ethnicity, education, region and income were weighted where necessary to align them with population proportions. Propensity weighting was done to adjust for respondents’ propensity to be online. In theory, with probability samples of this size, one could say with 95% certainty that the results have a statistical precision of ±3 percentage points of what they would be if the entire U.S. senior population (aged 62-75) had been polled with complete accuracy. This online sample was not a probability sample. The survey also assessed seniors’ attitudes about the U.S. economy, measured their views about their own financial situation, and considered their level of satisfaction with their personal lives, work, children and communities. More data will be released in the coming months. If you’re interested in reviewing the entire Senior Sentiment Survey, please contact Frank Piemonte at 914.591.5599. About Financial Freedom™ Financial Freedom™ is a founding member of the National Reverse Mortgage Lenders Association. NRMLA is a nonprofit trade association, based in Washington, DC, whose mission is to support the continued evolution of reverse mortgages as an important financial option for senior homeowners while educating both its members and consumers about the varied applications of this unique loan. For more information, visit the Financial Freedom Web site at www.financialfreedom.com. Members sign a Code of Conduct pledging to abide by guidelines that assure fair, ethical, and respectful practices in offering and making reverse mortgages to seniors. For more information, visit the NRMLA Web site at www.reversemortgage.org. Financial Freedom™, based in Irvine, California, is the largest originator of reverse mortgages in the United States. Financial Freedom™ originated $1 billion of home value in reverse mortgages in 2002 and has made more than 30,000 reverse mortgage loans totaling more than $5 billion in home value. Financial Freedom™ is now the largest servicer of reverse mortgages with a servicing portfolio of approximately 32,000 loans. Lehman Brothers Bank, FSB is a subsidiary of Lehman Brothers, the global investment bank. The Bank provides a full range of community banking services to individuals in Delaware, as well as consumer financial services and products, such as mortgage and deposit products, to high-net-worth clients. Headquartered in Delaware, the Bank is expanding its capabilities through the Internet to provide banking services nationally, and plans to offer its products through strategic partnerships with retail and financial organizations throughout the country. Additional information on Lehman Brothers Bank and its services can be found by visiting its website at www.lehmanbank.com. The flag logo, “Financial Freedom,” “The Reverse Mortgage Specialist,” “Cash Account” and “Zero Point Cash Account” are Trademarks of Financial Freedom Senior Funding Corporation, Irvine, California. About Harris Interactive® Harris Interactive® (www.harrisinteractive.com) is a worldwide market research and consulting firm best known for TThe Harris Poll®, and for pioneering the Internet method to conduct scientifically accurate market research. Headquartered in Rochester, New York, Harris Interactive combines proprietary methodologies and technology with expertise in predictive, custom and strategic research. The Company conducts international research from its U.S. offices and through wholly owned subsidiaries—London-based HI Europe (www.hieurope.com), Paris-based Novatris and Tokyo-based Harris Interactive Japan—as well as through the Harris Interactive Global Network of independent market- and opinion-research firms. # # #
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