Mortgage industry spared at 11th hour by junk fax act

Mortgage industry spared at 11th hour by junk fax act

January 5, 2006

Survey details seniors' perceptions of lifestyle, financial securityMortgagePress.comSenior lifestyle
Financial Freedom has released the findings of its Second Annual
Senior Sentiment Survey. These findings present an ongoing study of
seniors to track their attitudes and behaviors and identify any
significant changes. The survey, conceived and underwritten by
Financial Freedom, explores the financial, social and quality of
life aspects of older Americans aged 62-75.
Survey highlights
The Senior Sentiment Survey measured the opinions of senior
citizens in the United States on a variety of topics in their
lives, including personal and financial security, retirement
planning, reverse mortgages and general lifestyle.
The findings presented in this report are based on an online
survey of 1,140 U.S. seniors, aged 62-75, conducted from March
24-28 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. The results have a
statistical precision within three percentage points of what they
would be if the entire U.S. senior population (aged 62-75) had been
polled with complete accuracy.
Perceptions of personal security and national
Fifty-one percent of seniors don't think this period in American
history is any better or worse than other periods in terms of
personal security and national affairs. A higher percentage of
seniors this year, 49 percent, versus 36 percent from last year,
expect economic conditions to worsen.
Thoughts on personal financial security
A higher percentage of seniors this year, 49 percent, are
comfortable with their own financial circumstances, compared with
43 percent from last year. Sixty-four percent indicated that the
biggest influence on their financial comfort is the cost of
Thoughts on retirement living space.
Seventy-six percent of seniors live in a single-family home and
eight percent live in a planned retirement community. Eighty-one
percent of seniors feel that their home is appropriate for
Perceptions of reverse mortgages.
This year, 35 percent of seniors are familiar with reverse
mortgages, up from 31 percent last year.
Concerns and thoughts on general
Fifty-nine percent of seniors use a credit or debit/ATM card for
day-to-day living expenses, while 21 percent use cash. Sixty-two
percent would prefer to live in the country. If seniors were to
suddenly come into $100,000, 64 percent would invest the money,
while 30 percent would donate to a charity.
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.
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