Oct. 27, 2009

CONTACTS:
AARP National: 202-434-2560 or media@aarp.org

AARP Washington : Jason Erskine, jerskine@aarp.org  

LEWIS PR for LifeTuner: Monica Appelbe, 415-992-4400 or lifetuner@lewispr.com

AARP sponsors new online personal finance community, LifeTuner, to engage young adults in financial conversations

AARP’s LifeTuner initiative released a new survey that demonstrates how financial concerns are pervasive in every aspect of young adults’ lives and suggests that a general reluctance to discuss money with friends and family could have a negative impact on their financial futures. The report, entitled “ Personal Finances: The Final Frontier of Social Media ,” is based on a national survey of 1002 young adults (aged 18-34). Specifically, the report revealed:

·          57% of young Americans consider their financial situation to be the biggest concern in their lives.

·          66% rate their own financial situation as fair to poor, and almost half (43%) expressed concerns about their ability to make sound financial decisions.

·          Nearly eight out of ten young people (78%) have debt of some kind. Credit card debt (36%) – considered “bad debt” by most financial experts – is by far the most prevalent form.

·          68% of respondents admit that finances have caused stress in a relationship or friendship.

·          While in many cases social media sites (e.g. Facebook) have lowered or eradicated the social boundaries around certain topics, finances remain a taboo subject. In fact, people are more likely to discuss relationship status (61%), politics (43%), their health (23%), and their weight (20%) than their financial situation.

·          Among those young adults who have sought advice online, 85% report being more confident about their ability to manage their finances.

These findings demonstrate the need for LifeTuner.org, a new online community. This venue offers unbiased, balanced resources, information and financial advice to young adults. By providing free expert advice alongside an interactive community of their peers, LifeTuner makes personal finance accessible and inclusive. LifeTuner provides a series of tools and calculators designed to help balance budgets, itemize spending and pay down debt. The site also includes “8 habits” for long-term financial health; simple, easy-to-follow rules that show how anyone can start building their financial future.

The creation of LifeTuner will also benefit existing AARP members in a multitude of ways. For example, the research also found that a majority (60%) of respondents view their parents as their primary source of financial advice.

Additionally, a prior survey of AARP members found that 69% were still providing some level of financial support to their adult children. Additionally, LifeTuner provides AARP members a way to give back by sharing their life lessons and experiences through LifeTuner’s “Been There” forum, which encourages an intergenerational dialogue around finances, career and other money-related life concerns.

“The findings of this report perfectly illustrate the reasons why LifeTuner was created,” said Diane Ty, AARP Senior Vice President. “We worked closely with over 400 young adults who helped us shape the vision and content of LifeTuner. Our aim is to demonstrate to young adults that many of the financial decisions made in their 20s and 30s, particularly those around saving for the future and avoiding harmful debt, can affect the rest of their lives.”

LifeTuner is working with The American Institute of Certified Public Accountants (AICPA) and the Certified Financial Planner Board of Standards (CFP Board), which are encouraging their members to join the LifeTuner community as volunteer experts.

“The AARP and the AICPA Feed the Pig campaign share an important goal: to remind tomorrow’s younger Americans that long-term financial security begins today, when they are busy establishing their place in the world,” said Jordan Amin, CPA and chair of the AICPA’s National CPA Financial Literacy Committee. “LifeTuner is a welcome addition to all of us working to increase all Americans’ financial literacy.”

“With the country still feeling the effects of the economic downturn, now is the time for everyone – regardless of financial status or acumen – to re-evaluate their approach to money management,” said Eleanor Blayney, CFP®, Consumer Advocate at CFP Board. “Young adults are a key factor of this equation and our membership is extremely excited about joining and supporting LifeTuner’s effort.”

LifeTuner, which is currently in open beta, is freely accessible to the public at www.LifeTuner.org .  Key findings and a full copy of the report are available here .

Survey Methodology
The survey was conducted by Greenberg Quinlan Rosner from August 29–September 10, 2009, using a multi-modal design that included cell phone, random-digit-dial landline, and online samples.

Voters in Washington and Maine are facing an important decision on Nov. 3 - And AARP is urging them to reject measures that could cause fiscal disaster in states already rocked by recession.  For more, check out the new article in today's AARP Bulletin.

And for more information about Initiative 1033, visit AARP's website.

AARP is urging our members and their families to vote against Tim Eyman's Initiative 1033, which would slow our state's economic recovery, prolong the recession, and force deep additional cuts to health care and education.

But before anyone can vote against I-1033, they have to find it on their ballot. And in King County, that's proving a bit difficult.

The mail ballots in King County have the I-1033 ballot question tucked beneath the instructions in the first of three columns, instead of with the other ballot questions in the second and third columns. 

There are already reports of voters who have received their ballots calling to ask where I-1033 is, so we're urging our members to spread the word among their family and friends in King County to find I-1033 -- and vote "no."

For more information, visit www.no1033.com

U.S. Senator Maria Cantwell spoke to thousands of AARP Washington members this morning about the future of national health care reform. 

For Immediate Release

October 13, 2009

Contact:  Jason Erskine / 206-517-9345

Legislation passed today is yet another milestone in the

long journey to health care reform

WASHINGTON —AARP Executive Vice President Nancy LeaMond released this statement following the Senate Finance Committee’s passage of the Affordable Health Choices Act:

“We applaud the Senate Finance Committee for taking another important step toward fixing what’s wrong with our health care system.  Under the leadership of Chairman Baucus, the legislation reported today moves us even closer to providing much-needed relief to millions of older Americans who still face challenges accessing affordable, quality health care services. 

“The Senate Finance Committee bill makes important improvements to the Medicare program by increasing preventive benefits, making sure Medicare’s doctors do not face a pay cut this year, and most notably for AARP members—by reducing  drug costs for seniors who fall into the dreaded Medicare doughnut hole, a costly gap in prescription drug coverage.   Too often, those who fall into this coverage gap stop taking their prescription drugs because they simply can’t afford to.  While we applaud this assistance with drug costs in the doughnut hole, we urge the Senate to go further to meet the President’s pledge to completely close the doughnut hole.  With the skyrocketing costs of prescription drugs, we believe this bill should be improved so that it can help millions of older Americans afford their needed medications and avoid more intensive and costly care later in life.

“The bill also makes some improvements on age-rating, a discriminatory practice that allows insurers to charge exorbitant, age-based premiums to older Americans.  Unfortunately, the bill will still allow insurance companies to charge older Americans premiums that are four times more than premiums for younger Americans, making it difficult for older Americans to afford health coverage.   We hope the final Senate bill will be improved in this area. 

“Finally, we strongly support provisions in the Senate Finance bill to expand home and community-based services (HCBS).  The vast majority of Americans age 50 and over want to live in their homes and communities as long as they can.  HCBS provisions are not only cost-effective, but can also help slow the growth in health care spending and keep millions of Americans out of nursing homes and in their own homes.

“The legislation passed today is yet another milestone in the long journey to health care reform.  We look forward to continuing our work with Chairman Baucus and his colleagues on both sides of the aisle to further strengthen the bill, and we will continue to fight for reform that protects benefits for people in Medicare, improves health care affordability, and improves the health of every American.”

FOR IMMEDIATE RELEASE