Tag Archives for NORC at the University of Chicago

AARP survey: Close link for women between discrimination and mental health

Published in RINewstoday on Sept. 5, 2022

The Washington, DC-based AARP recently reported the results of its annual survey, Mirror/Mirror: Women’s Reflections on Beauty, Age and Media™. The survey findings indicate that discrimination is a real and common occurrence. Nearly two out of three (63%) women 50-plus say they feel discriminated against regularly. For most American women who experience discrimination, they regularly rate their current mental health lower, on average, than those who do not, and that age, race, ethnicity and/or skin tone, as well as weight, are the most common types of discrimination reported. 

AARP partnered with the NORC at the University of Chicago to conduct a national survey last fall. As to methodology, AARP’s study included a national survey of 6,643 women ages 18 and older from all 50 states and the District of Columbia. The interviews were conducted in English and Spanish; most were online, while about 100 were via telephone. The survey was weighted to be representative of the segment it represents. 

The survey findings indicate that bias occurring in everyday encounters take their toll on women’s mental and physical health, as well as their finances, and career opportunities.

According to the findings of AARP’s survey, in addition to suffering other forms of discrimination, women 50+ also experience age discrimination, as many appear to be deemed “too old.” The study’s data, released on June 22, 2022, found that ageism seems to be the most frequently reported type of discrimination (48%) among women 50+ who experience discrimination regularly. Among these women, discrimination based on weight appears to have the greatest impact on their mental health, say the researchers.

AARP’s Mirror/Mirror™ survey also reflects the pressure working women feel to look or act a certain way. In fact, more than half (57%) of women 50+ surveyed feel pressured to wear professional clothing at work, while 47% feel they should wear age-appropriate clothing; 43% feel pressured to wear gender-appropriate clothing, and 43% feel pressured to behave a certain way at work.

AARP’s survey findings also found that 67% of working women aged 18-plus reported experiencing discrimination at work that impacted their earnings. Additionally, 87% say they have been overlooked, or devalued; have been passed over for a raise, promotion (42%); been told to behave a certain way at work (38%); were excluded from projects or meetings (29%;) or been unfairly fired from a job (23%).

The survey shows that while experiences of discrimination may vary, women who experience discrimination regularly adapt to it in similar ways. For example, 74% closely observe their surroundings, 58% carefully watch what they say and how they say it, and 51% consider feelings of safety and comfort in their everyday interactions.  

“Every day, the mental health of countless numbers of women is affected by acts of discrimination. Irrespective of their age, ethnicity, or any other factor, women should not have to adapt their behavior to lessen the incidence of discrimination against them,” said Yvette Peña, AARP Vice President of Multicultural markets, announcing the study’s findings.

The survey, key elements of which appeared in a digital and print content collaboration with Allure in their June/July issue, also reveals that younger women are more likely than older women to experience discrimination; they experience more types of discrimination; and they’re more likely to say that discrimination impacts their mental health. However, age discrimination impacts women of all ages. Around 1 in 3 women (30%) experience age discrimination “at least sometimes,” and women age 50+ experience age discrimination at roughly the same rate as women ages 18-49.

To see AARP’s annotated questionnaire: https://www.aarp.org/content/dam/aarp/research/surveys_statistics/life-leisure/2022/mirror-mirror-2022-womens-reflections-beauty-age-media-annotated-questionnaire.doi.10.26419-2Fres.00539.007.pdf/

For details about this study:  https://www.aarp.org/health/conditions-treatments/info-2022/women-discrimination-and-mental-health/?cmp=RDRCT-MIRRORMIRROR-06222022

Tips on Shopping for a Financial Advisor

Published in the Pawtucket Times on February 8, 2021

As a result of living in times of economic uncertainty resulting from the ongoing COVID-19 pandemic, retirees are worried about how they can protect their hard-earned egg nest from the volatility of the stock market.  It is even now more important to be working with a financial planner who is watching your back and not putting their interest first.   

Just days ago, the Washington, DC-based AARP launched “AARP Interview an Advisor™,” free resource to help investors to assist investors in evaluating a financial advisor. This new financial tool enables older investors to better assess and understand the credentials of financial advisors and how they are compensated. SEC’s ‘Best Interest Fails to Put the Interests of the Investor First AARP says this online resource was created in response to a Securities and Exchange Commission’s (SEC) 2019 ruling that stopped a long-standing federal regulation requiring financial advisors to put their clients’ interest above their own. 

AARP and other critics of the Final Rule say that it fell short of defining exactly what that term means operationally. “The regulation explicitly states that it does not mean that financial advisors provide a fiduciary standard of care. Despite its name, ‘Regulation Best Interest’ does not require that financial advisors put their client’s interest above their own financial interests,” charges AARP.  The nation’s largest aging advocacy group warns that warns that sound financial advice from Fiduciaries won’t happen without a Code of Standard that requires the best interest of the client. AARP Interview an Advisor™ guides users through process of researching potential advisors and provides them with this valuable evaluation tools to help them evaluate their financial planner.     

Last year, AARP conducted a national survey to gauge investors’ awareness and views of the SEC’s Regulation Best Interest ruling and also their understanding of the fees and expenses they pay for investment products and financial advice.  

The survey findings, detailed in the recently released 27-page report, Should Financial Advisors Put Your Interests First, indicated a need to raise the awareness of the SEC’s new regulation and its impact on investing.  It also became very clear to the study’s researchers that investors require more assistance in vetting current and/or future financial advisors to ensure that their financial advisor puts their interests first and more education is needed requiring investment fees and expenses. 

AARP’s survey of 1,577 adults ages 25 and older who have money saved in retirement savings accounts and/or other investment accounts, conducted by NORC at the University of Chicago on behalf of AARP between Aug. 22, 2019 and Aug. 26, 2019 (prior to the COVID-19 pandemic), found more than 80 percent of American investors were not aware of the SEC ruling.  Upon learning about this regulatory change, four-in-five investors (83 percent) opposed the change. According to AARP’s survey findings, nearly 70 percent of investors have at least two investment accounts.

Among those having multiple accounts, 74 percent do not use the same financial institution to manage all of their accounts. The median amount that investors currently have in savings and investments ranges between $50,000 and $99,999. Additionally, 90 percent of investors either somewhat (52 percent) or completely (38 percent) trust the financial institutions or advisors who manage their investment accounts.  

Despite 68 percent of investors believing that they are somewhat (54 percent) or very (14 percent) knowledgeable about their investments, 41 percent mistakenly believe that they don’t pay any fees or expenses for their investment accounts. 

 Can You Trust Your Financial Planner? 

Yet the survey findings note that 58 percent of investors think financial advisors would choose to increase their earnings by selling their clients higher cost investment products even if similar lower cost products are available. “With millions of American families concerned about the financial uncertainty caused by the pandemic, it is crucial for them to be equipped with the best resources and information when selecting a financial advisor,” said Jean Setzfand, AARP Senior Vice President of Programming, in a Feb. 4, 2020 statement announcing the release of the new Financial Planning tool. “The new SEC regulation states that advisors must act in their client’s ‘best interest,’ but falls short of defining exactly what that term means,” she said. “

AARP Interview an Advisor™” is an online resource that provides guidance and a checklist for investors on how to assess the services and standards of financial advisors. Investors are invited to fill out a short survey that evaluates the potential advisor and compares them on a three-point scale. It also provides investors with advice on how to effectively communicate with a prospective advisor, assess their credentials and better understand how advisors are compensated.The COVID-19 pandemic has put many seniors off track in reaching their financial goal of building a big enough egg-nest to provide financial security in their later years.  Now its even more important for you to have a top-notch financial planner who has your back.

To view AARP’s Survey of retail investors about advisor-client relationships and fees, go to https://www.aarp.org/content/dam/aarp/research/surveys_statistics/econ/2019/retail-investor-survey-report.doi.10.26419-2Fres.00342.001.pdf.