Virginia registered voters age 50+ are more likely to vote for a candidate who prohibits lenders from charging interest rates above 36 percent.

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1 2013 AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Virginia registered voters age 50+ are more likely to vote for a candidate who prohibits lenders from charging interest rates above 36 percent. Many (48%) Virginia registered voters age 50+ support prohibiting lenders of open-ended loans from charging interest rates above 36 percent. Open-ended consumer loans are loans that do not have to be paid back within a certain period of time. The loan recipient can take as long as they want to repay the loan. In Virginia, lenders of open-ended loans are allowed to charge interest rates as high as 300 percent. Nearly half strongly supports (43%) prohibiting lenders of open-ended loans from charging consumers interest rates above 36 percent, and another five percent somewhat support this action. On the other hand, almost two in five strongly oppose (38%) prohibiting these lenders from charging rates above 36 percent, and six percent somewhat oppose this. Although Virginia registered voters age 50+ are split in their opinion on interest rates lenders can charge, many (58%) say they would be more likely to vote for a state office candidate who prohibits lenders from charging interest rates above 36 percent on open-ended loans. More than four times as many say they would be more likely (58%) to vote for a state office candidate who prohibits lenders of open-ended loans to charge interest rates above 36 percent compared to those who say they would be less likely (14%) to vote for such a candidate. Support for or Opposition to Prohibiting Lenders from Charging Interest Rates Above 36 Percent (n=795) Not sure/no answer, 3% Support, 48% Neither support nor oppose, 5% Likelihood of Voting for a Candidate Who Prohibits Lenders from Charging Interest Rates Above 36 Percent (n=795) More likely, 58% Makes no difference, 25% Oppose, 44% Not sure/no answer, 3% Less likely, 14% This AARP survey on consumer loans was conducted as a telephone survey among Virginia registered voters age 50 and older. The survey was conducted from June 25 to June 29, A total of 800 interviews were completed and the sample was weighted to reflect the age and gender of registered voters age 50 and older in Virginia. This report is based on 795 weighted responses. The margin of sampling error for this sample is ±3.5 percent. An annotated survey of the weighted responses to the survey questions begins on page 2 followed by a description of the methodology AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Page 1

2 2013 Virginia Elections Survey (Survey Sample: 50+ Registered Voters in Virginia) (Weighted N=795, sampling error = ±3.5%) Q1. Open-ended consumer loans are loans that do not have to be paid back within a certain period of time. The loan recipient can take as long as they want to repay the loan. In Virginia, lenders of open-ended loans are allowed to charge interest rates as high as 300%. Frequently, these lenders target older and more vulnerable people or people with bad credit or other financial issues that make it difficult for them to obtain loans with more reasonable interest rates. How strongly do you support or oppose prohibiting lenders of open-ended loans from charging interest rates above 36 percent? Do you strongly support, somewhat support, neither support nor oppose, somewhat oppose or strongly oppose? 43% Strongly support 5% Somewhat support 5% Neither support nor oppose 6% Somewhat oppose 38% Strongly oppose 3% Not sure [DO NOT READ] <.5% Refused [DO NOT READ] Q2. Would you be more or less likely to vote for a state office candidate in Virginia who prohibits lenders from charging greater than a 36 percent interest rate on openended consumer loans or would it make no difference in your voting behavior? 58% More likely 25% Make no difference 14% Less likely 3% Not sure [DO NOT READ] <.5% Refused [DO NOT READ] Demographics The following questions are for classification purposes only and will be kept entirely confidential. D1. [RECORD RESPONDENT S GENDER. ASK ONLY IF ABSOLUTELY NECESSARY:] To ensure it is recorded accurately, could you please state your gender? 46% Male 54% Female - Refused [DO NOT READ] D2. What is your current marital status? Are you [INSERT AND READ EACH ANSWER CATEGORY]? 71% Married 2% Not married, living with your partner or significant other 1% Separated 7% Divorced 9% Widowed 7% Or are you currently single and never married 2013 AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Page 2

3 D3. [IF D2 = 1 ASK: Are you or your spouse currently a member of A-A-R-P? IF D2 = 2 ASK: Are you or your partner currently a member of AARP? OTHERWISE ASK Are you currently a member of AARP? ] 43% Yes 54% No 1% Not sure [DO NOT READ] D4. [IF D2 = 1 ASK: Does any disability, handicap, or chronic disease keep you or your spouse from participating fully in work, school, housework, or other activities? IF D2 = 2 ASK: Does any disability, handicap, or chronic disease keep you or your partner from participating fully in work, school, housework, or other activities? OTHERWISE ASK Does any disability, handicap, or chronic disease keep you from participating fully in work, school, housework, or other activities? ] 21% Yes 77% No 1% Not sure [DO NOT READ] D5. Do you have any kind of health care insurance coverage, including employerprovided health insurance, private health insurance, or government plans such as Medicare or Medicaid? 95% Yes 4% No - Not sure [DO NOT READ] D6. Thinking about who lives in your household, do you currently [INSERT AND READ ITEMS A THROUGH C BELOW]? a. Have any children under age 18 living with you 11% Yes 87% No - Not sure [DO NOT READ] b. Have any children over age 18 living with you 21% Yes 77% No c. Have any children away at college 9% Yes 89% No 2013 AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Page 3

4 D7. What is the highest level of education that you completed? [READ EACH ANSWER CATEGORY] 6% 0 to 12 th grade, but with no diploma 22% High school graduate or equivalent 10% Post high school education, but with no degree 13% 2 year degree 24% 4 year degree 6% Post graduate study, but with no degree 17% Graduate or professional degree D8. Which of the following best describes your current employment status? [READ EACH ANSWER CATEGORY] 6% Self-employed full-time 3% Self-employed part-time 26% Employed full-time 6% Employed part-time 49% Retired and not working at all 3% Unemployed and looking for work 5% Or are you not in the labor force for other reasons D9. Do you own or rent your primary residence? 89% Own 7% Rent 1% Not sure [DO NOT READ] D10. What type of home is your primary residence? [READ EACH ANSWER CATEGORY]? 82% Single family home 3% Mobile home 5% Town home or duplex 4% Apartment 2% Condominium or coop 1% Something else [DO NOT READ] D11. Are you of Hispanic, Spanish, or Latino origin or descent? 3% Yes 93% No 4% Refused [DO NOT READ] 2013 AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Page 4

5 D12. What is your race? Are you [INSERT AND READ EACH ANSWER CATEGORY]? 80% White or Caucasian 12% Black or African American 1% Native American or Alaskan Native 1% Asian <.5% Native Hawaiian or other Pacific Islander 2% Or are you some other race? [Please specify: ] 5% Refused [DO NOT READ] D13. Thinking about your state elections for [INSERT CORRECT STATE] Governor and Legislators in the last 10 years, which of the following best describes your voting behavior? Would you say you vote always, most of the time, about half of the time, seldom, or would you say you never vote? 70% Always 21% Most of the time 3% About half of the time 3% Seldom <.5% Never D14. Do you consider yourself to be a [INSERT, READ, AND RANDOMIZE ITEMS A, B, C, and D.]? 28% Democrat 27% Republican 28% Independent 3% Tea Party member 4% Other [DO NOT READ] 2% Not sure [DO NOT READ] 8% Refused [DO NOT READ] D15. How would you characterize your political views? Would you say you are [INSERT, READ, AND RANDOMIZE ITEMS A, B, and C. ]? 42% Conservative 33% Moderate 14% Liberal 3% None of these [DO NOT READ] 3% Not sure [DO NOT READ] 5% Refused [DO NOT READ] 2013 AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Page 5

6 D16. We realize income is a private matter and so rather than ask you anything specific about your income, I d like to ask you to please stop me when I get to the category that includes your household s income before taxes in Was it [INSERT AND READ EACH ANSWER CATEGORY]? 3% Less than $10,000 6% $10,000 to less than $20,000 7% $20,000 to less than $30,000 10% $30,000 to less than $40,000 7% $40,000 to less than $50,000 7% $50,000 to less than $60,000 7% $60,000 to less than $75,000 12% $75,000 to less than $100,000 9% $100,000 to less than $125,000 4% $125,000 to less than $150,000 3% $150,000 to less than $200,000 4% $200,000 or more 3% Not sure [DO NOT READ] 18% Refused [DO NOT READ] D17. What is your 5-digit zip code? 2013 AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Page 6

7 Full Methodology The 2013 AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans was conducted through telephone interviews with a sample of 800 respondents ages 50 and older drawn from a registered voter list from the state of Virginia. The interviews were conducted in English by RDD Field Services from June 25 through June 29, The results from the study were weighted by age and gender for the registered voter population age 50 and older in Virginia. The margin of error for the complete set of 800 interviews is ±3.5 percent. The report is based on 795 weighted responses. Respondents were screened to insure that they were residents of Virginia, age 50 or older and registered to vote in the state of Virginia. The questionnaire was developed by AARP staff. In order to improve the quality of the data, the questionnaire was pretested with a small number of respondents. The pretest interviews were monitored by RDD Field Services and AARP staff. The response rate for this study was 6.43 percent and was calculated using AAPOR s response rate 3 method. The cooperation rate was percent as calculated using AAPOR s cooperation rate 3 method. 1 Throughout the report, statistics representing survey responses are reported in percentages which may not add up to 100 due to rounding and non-response. Also due to rounding, the percentages reported in the text may vary slightly from those in the annotation or in graphs. 1 Calculated using AAPOR s Outcome Rate Calculator Version 2.1, May AARP Survey of Virginia Registered Voters Age 50+ on Consumer Loans Page 7

8 AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at State Research brings the right knowledge at the right time to our state and national partners in support of their efforts to improve the lives of people age 50+. State Research consultants provide strategic insights and actionable research to attain measurable state and national outcomes. The views expressed herein are for information, debate, and discussion, and do not necessarily represent official policies of AARP. AARP staff from the Virginia State Office, State and National Group and State Research contributed to the design, implementation and reporting of this study. Special thanks go to AARP staff including Peter Goldin, Associate State Director of Advocacy in Virginia and David DeBiasi, Associate State Director of Advocacy in Virginia; Khelan Bhatia, Janee Briesemeister, Glen Fewkes, Chryste Hall and Coralette Hannon, State and National Group; Cheryl Barnes, Kate Bridges, Rachelle Cummins and Darlene Matthews, State Research; and Michael Schuster, Office of General Counsel. Please contact Joanne Binette at for more information regarding this survey. AARP Research For more information about this survey, please contact Joanne Binette at: or jbinette@aarp.org