AARP study shows Seniors favor a good life, over a lengthy one

Published in RINewsToday on September 26, 2022, 

Even with many older adults facing health challenges in their later years, they maintain an optimistic view of their aging and expect their lives to improve as they grow older, according to new research findings from AARP in collaboration with National Geographic Partners. The study found that three-quarters or more of those age 60 and over have at least one serious health condition, nearly half rate their health as very good or excellent.  

“The insights in this [57 page] study demand that we reexamine our assumptions about aging, especially outdated stereotypes around growing older,” said Jo Ann Jenkins, CEO of AARP in a statement released on June 1, 2022, announcing the findings of the study. “Far from being dragged down by worries about their health and finances, adults in their 70s and beyond are optimistic and positive about their lives.

They have a clear-eyed view of what it means to age, and they want their final decades of life to be independent and healthy – as they define the terms!” she says. 

According to the Second Half of Life Research study, Americans are doing more to stay healthy as they move into their later years.  They are more likely to take control of their health by getting health screenings, eating more produce and monitoring their sugar intake. And having more healthy years matters more than simply living longer – most respondents say that they were interested in a hypothetical pill that could slow down aging, but far fewer would take a pill to extend their life by a decade. 

The AARP study also found that the oldest Americans are also some of the happiest people: about one in three people aged 80 and older said they were very happy with their life, compared to just 16% of those ages 40-49. The researchers paired a national survey of adults 18 and older with in-depth interviews to paint a detailed picture of Americans’ outlook on life in the years from 40 to 100, and how those perceptions evolve with each decade. They found that relations with families and friends become an important feature and a source of purpose and joy as we age. Retirement allows one to control their lives and they choose to spend it with loved ones and having hobbies. Travel is expected but falls off as the person ages.  

The AARP study’s findings indicate that as people move into their later years, they don’t seem concerned about the length of their life, and as they live longer it becomes even less of a concern. “Fear of dying is low and drops as you age; feeling the need to prepare grows as you age,” notes the researchers.

On the financial front, just over half of adults 70 and older say their financial situation is excellent or very good – but responses vary widely by household income. More than half of those with an income of less than $30,000 per year rate their financial situation as fair or poor, while 60% of those with an income over $100,000 rate their finances as excellent or very good.

Among adults who are still working, most want to retire at a younger age than they think they will be able to – a gap that gets smaller with age. 

Most Americans want and expect to live independently as they age; only in their 80s did more respondents say they would need support to do so. Living in “my home” is also preferred over living in a retirement community, but this desire declines in the later decades, says the study’s findings.

The AARP Study also found that brain health, independence, and relationships were the top concerns of the respondents. The study’s findings indicate that memory loss was a top concern, too. For the respondents, memory and strength becomes a top concern as the person reached age 50 and over, while fear of cancer became less of a concern.

The study’s respondents expressed fear of becoming incontinent and have diminished hearing in their later years, but fear of diabetes and sexual performance loss declined after their 60s. 

For older study respondents, reliance on Social Security becomes a certainty. Hopefully this finding will reach the ears of Congressional lawmakers as they debate the merits of strengthening and expanding the nation’s Social Security program.

The study’s findings note that researchers also say that fears about the ability to live independently steadily increase over the decades.  Assistance from family and friends are more preferable to respondents when living at home, than hiring help. This preference increases as they age.

AARP’s Second Half of Life study, conducted in collaboration with National Geographic Partners with Heart+Mind Strategies, included an online and telephone survey of 2,580 US adults ages 18 and older, conducted January 7-28, 2022, and 25 in-depth, individual 30-minute interviews conducted virtually from February 22 to March 4, 2022.  Final data have been weighted to the U.S. Census for analysis by age group, gender, census division, ethnicity, and education.

To view the Second Half of Life Study’s report, go to:  https://www.aarp.org/content/dam/aarp/research/surveys_statistics/life-leisure/2022/second-half-life-desires-concerns-report.doi.10.26419-2Fres.00538.001.pdf.

For more information, please contact Vicki Levy, AARP’s Senior Research Advisor, at vlevy@aarp.org.

Fraud Victimization is a Chronic, Escalating Problem for Seniors

Published in the Pawtucket Times on March 8, 2021

Everyone has heard of the ago old proverb, “Fool me once, shame on you, fool me twice, shame on me.”  After being tricked once, hopefully a person learns from one’s mistakes and avoids being tricked in the same way again.   But for many victims of financial fraud, this is not the case.

Last week, AARP, the FINRA Investor Education Foundation (FINRA Foundation) and Heart+Mind Strategies released a four-phase study that identifies evidence-based ways to help repeat victims of financial fraud and their families to avoid being tricked again.

The study’s researchers note that over the years intervention strategies have generally remained the same, while the sophistication of the scammers continues to evolve.  This new study, “Addressing the Challenge of Chronic Fraud Victimization,” released on March 4, provides “new thinking” as to how to support victims of financial fraud and scams who are repeated targeted and fall victim to sophisticated scammers.

According to the study, some of the common tactics used savvy scammers include: playing upon fear, need, excitement, and urgency; making threats; creating a belief of scarcity; using the victim’s personal life and history to create trust; and using emotional stimuli, like hope of winning a prize or finding love, to lure in the victim. 

 The Chronic Fraud Victimization study, published during National Consumer Protection Week (NCPW), scheduled from February 28 to March 6, uses a behavior model to help illuminate factors that may contribute to repeat or chronic victimization by financial fraud schemes.

Looking at Chronic Fraud Victimization

According to AARP, “about one-in-ten U.S. adults are victims of fraud each year, losing billions of dollars annually to criminals through a variety of scams, including natural disaster scams, fake charities, fake prize promotions, and government imposter scams, such as Social Security and Medicare scams.”

“The drivers behind chronic fraud victimization have remained a mystery, so this study is an important step to being able to stop the cycle,” said Kathy Stokes, director of fraud prevention programs and leader of the AARP Fraud Watch Network in a statement announcing the release of the study findings on March 4. “Chronic fraud can give targets and their families a sense of helplessness. By gaining a better understanding of the target’s drivers, we are hopeful there can be more meaningful interventions to disrupt and end the cycle,” notes Stokes.

Last year, the FINRA Foundation and the AARP Fraud Watch Network engaged Heart+Mind Strategies to deploy a four-phased study of chronic fraud victimization to uncover evidence-based concepts for effective interventions. The study’s goal was to generate new ways of thinking as to how to best support the individuals and families repeatedly targeted and victimized by financial scams and fraud. The study’s researchers accomplished this goal by reviewing existing literature, interviewing subject matter experts, chronic victims of financial fraud, and family members of victims, and finally, hosting two expert roundtables as a part of the study.

“This research provides a new lens through which to identify key intervention strategies that could disrupt the cycle of chronic fraud victimization at one or more points along the path to victimization,” adds Gerri Walsh, President of the FINRA Foundation. “We hope it stimulates additional attention to the need for effective interventions that may reduce chronic fraud victimization,” she says.

The 13-page study found that chronic fraud victimization may be a consequence of chronic susceptibility due to certain situational factors that disrupt judgement and derail good intentions. The researchers say that one of the most effective ways to reduce chronic fraud victimization may be to reduce chronic susceptibility. However, they note that chronic susceptibility can be challenging to identify and address. The study offers ideas for managing other factors, such as triggers that elicit an emotional response and the ability to access funds, which may be more scalable ways to reduce fraud victimization rates or counteract the negative consequences associated with being a victim.

The study identified the importance of fraud education but acknowledged that victims or would-be victims do not consider themselves as such, and consequently may not seek out help or absorb anti-fraud messaging. So, creating more in-the-moment education and intervention opportunities could be more effective approach, say the researchers. Partnering with clergy and counselors, or locations such as hair salons and churches, could provide more powerful messages and tools for potential or repeat victims, they note.

The researchers concluded that preventing chronic fraud victimization is a challenging task in the absence of interventions and individualized support.  However, even after a person has been scammed,  intervention is possible to lessen chronic fraud victimization and its impact.

Tapping into Free Resources

Anyone who suspects a fraud or has a family member experiencing chronic fraud can call the free AARP Fraud Watch Network Helpline at 877-908-3360 or visit aarp.org/fraudwatchnetwork for more information. The AARP Fraud Watch Network is a free resource that equips consumers with up-to-date knowledge to spot and avoid scams, and connects those targeted by scams with fraud helpline specialists, who provide support and guidance on what to do next. The Fraud Watch Network also advocates at the federal, state and local levels to enact policy changes that protect consumers and enforce laws.

Investors with questions or concerns surrounding their brokerage accounts and investments can also contact the FINRA Securities Helpline for Seniors toll free at 844-57-HELPS (844-574-3577) Monday through Friday from 9 a.m. – 5 p.m. ET. FINRA staff can help investors with concerns about potential fraud or unsuitable or excessive trading; answer questions about account statements or basic investment concepts, and assist beneficiaries who are having trouble locating or transferring their deceased parents’ assets.

According to AARP, the Washington, DC-based aging group and FINRA Foundation have a long history of collaboration on research and programs that explore and combat financial fraud. Working together, the Foundation and AARP Fraud Watch Network’s fraud fighter call centers, have conducted outreach to more than 1.7 million consumers, enabling them to identify, avoid and report financial fraud.

National Consumer Protection Week is a time to help people understand their consumer rights and make well-informed financial decisions about money.