Regardless of whether they invest in financial securities or not, most AARP members in Hawai'i consider themselves less than highly knowledgeable about investing and are not highly confident in their own abilities to buy and sell stocks and to guard against loss or fraud while doing so.
By quantifying the experiences, perceptions and knowledge of members investing in securities and those who have been security fraud victims, the information from this survey will assist AARP Hawai'i and other community organizations in providing information and outreach to residents about financial fraud.
- While 68 percent of those surveyed are concerned about becoming an investment fraud victim, 15 percent know someone who has been a victim and only 4 percent have actually been victimized themselves.
- Of those investing, 46 percent get advice from a broker or financial advisor, but 71 percent have not checked the background of a stockbroker or financial planner/advisor.
- It is highly important to 81 percent that the state strengthen regulations to protect all residents from financial fraud, and 84 percent think Hawai'i should impose stronger penalties for investment fraud targeted at older adults.
The telephone survey of 700 AARP members living in Hawai'i was conducted for AARP by Alan Newman Research from December 14th through 27th, 2006. Further information about the survey may be obtained by contacting Jennifer H. Sauer, the report's author, at 202-434-6207. (24 pages)