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Americans 50+ Demand Protections from Financial Abuse

Submitted by on February 22, 2010 – 1:33 pm

AARP recently commissioned a nationwide survey to understand public opinion on consumer financial protection issues. The results show nearly unanimous support for numerous consumer financial protections.  Click here to read the report.

Here’s an excerpt from the AARP press release regarding this survey:

The survey revealed broad agreement among Republicans, Democrats and
Independents for a number of initiatives, including:

  • Requiring banks to use plain language to explain the terms and conditions of loans, including mortgages, and credit card debt. (Republicans (98%), Democrats (95%), and Independents (96%).)
  • Requiring companies that manage 401(k) retirement plans to explain the fees they charge to participants. (Republicans (93%), Democrats (94%), and Independents (92%).)
  • Enabling consumers to check an investment advisor’s record to see whether they have had any prior violations or been charged with  professional misconduct. (Republicans (95%), Democrats (89%), and Independents (95%).)
  • Requiring investment companies to disclose the costs, risks and benefits of all the financial products they market and sell using plain language. (Republicans (91%), Democrats (91%), and Independents (95%).)
  • Allowing states to enact consumer protection laws that are stronger than federal laws. (Republicans (68%), Democrats (67%), and  Independents (66%).)
  • Holding financial salespeople who engage in deceptive marketing practices accountable. (Republicans (92%), Democrats (89%), and Independents (90%).)

Click here for survey results (pdf).

AFR was quoted in a Huffington Post article about this survey.  Click here to read the story.