2015 AARP SURVEY OF NORTH CAROLINA REGISTERED VOTERS AGE 45 AND OLDER ON FINANCIAL SECURITY

Transcription

1 2015 AARP SURVEY OF NORTH CAROLINA REGISTERED VOTERS AGE 45 AND OLDER ON FINANCIAL SECURITY Report Prepared by Cassandra Burton February 2015 Copyright 2015 AARP AARP Research 601 E Street NW Washington, DC Reprinting with Permission 2014 AARP LEGISLATIVE ISSUES SURVEY OF WEST VIRGINIA RESIDENTS AGE 45 AND OLDER 1

2 2015 AARP SURVEY OF NORTH CAROLINA REGISTERED VOTERS AGE 45 AND OLDER ON FINANCIAL SECURITY Retirement Savings Eighty-six percent of North Carolina registered voters wish they had more money saved for their retirement years. Forty-five percent of North Carolina registered voters age 45 and older that were surveyed are still employed either through traditional means or through selfemployment. Of respondents still employed, ninety percent of these workers say they wish they had more money saved for their retirement years. Wished They Had More Saved For Retirement (n=800) Wished They Had More Saved For Retirement (n=350 employed respondents) Yes 85% Yes 90% No 13% No 8% Not sure/ Refused 2% Not sure/ Refused 1% Of those North Carolina registered voters age 45 and older who are employed full or part time, one in five works for employers that do not offer a way to save for retirement. About thirty percent who work state their employers offers a traditional pension plan, and sixty-four percent work for employers who offer a defined contribution plan. Type Of Retirement Offered By Employer (n=347 employed respondents) A defined contribution 64% A defined benefit plan 31% Employer does not offer a plan 21% DK/RF 6% 2015 AARP Survey of North Carolina Registered Voters Age 45 And Older On Financial Security 1

3 For those respondents whose employers did not offer a plan, about more than three-quarters say they would be likely to join if the opportunity presented itself. Would Take Advantage of a Way to Save for Retirement if Offered by Employer (n=74 Employed & Not Offered DC Plan) Extremely/ Very/ Somewhat likely 76% Not too/ Not at all likely 18% Not sure/ Refused 6% Retirement Plan Set Up By The State And Run By The Private Sector Six in ten North Carolina registered voters age 45-plus would support a retirement savings plan that was set up by the state and run by the private sector. This would be a savings plan for people who do not have access to a retirement plan at work. It would be voluntary, flexible and professionally managed. Support increases for this plan if the plan worked similar to a 529 college savings plan where people contribute into a retirement savings account that is professionally managed. Support a Retirement Savings Plan Set Up by the State and Run by the Private Sector (n=800) Support a Retirement Savings Plan Similar to a 529 College Savings Plan (n=800) Strongly support 31% Strongly support 35% Somewhat support 29% Somewhat support 31% Neither support or oppose 13% Somewhat oppose 9% Strongly oppose 12% NS/RF 7% Neither support or oppose 9% Somewhat oppose 6% Strongly oppose 11% NS/RF 8% 2015 AARP Survey of North Carolina Registered Voters Age 45 And Older On Financial Security 2

4 When asked if a list of features for a state retirement savings plan would be important, more than eighty percent said yes, each feature would be important. About nine in ten said the plan being voluntary, portable, accessible, and being of low cost to tax payers and participants are important features to have in the plan. Of those who were still employed, nine in ten said the use of payroll deduction and professional money management was important to them. Important Features In State Retirement Savings Plan (n=576 respondents who did not oppose the plan) Portablility Accessiblity to all in the state Voluntary Low cost to taxpayers Low cost to participants Professional money management option Payroll deductions 97% 93% 92% 91% 90% 86% 85% 2015 AARP Survey of North Carolina Registered Voters Age 45 And Older On Financial Security 3

5 Methodology The AARP 2014 North Carolina Caregiving Survey was conducted as a telephone survey among registered voters age 45 or older in North Carolina. The survey collected the opinions of North Carolina residents on issues related to providing unpaid care to a loved one, proposals to provide support for family caregivers, and issues regarding financial security and pensions. The survey was approximately 14 minutes in length. The interviews were conducted in English by Precision Opinion from November 10th to November 19th, The sample utilized a voter list. The margin of sampling error for the sample of 800 for North Carolina is +/-3.5%. The sample utilized on this project was a registered voter list. The voter list sample age targeted 45-plus based on the census division information from the state of North Carolina. The telephone sample was obtained from L2 (Labels & Lists). The questionnaire was developed by AARP staff. Prior to this project s launch, testing was completed internally at Precision Opinion and additionally by AARP staff. Further, Precision Opinion ran a simulated data set and conducted a full review of said data prior to commencing field work. Precision Opinion asked to speak with the registered voter listed on file. If that person was unavailable, Precision Opinion asked to speak with another member of the household aged 45- plus. The sample was weighted by age and gender to reflect the population of registered voters in the state of North Carolina age 45+. The response rate for this study was measured using AAPOR s response rate 3 method. The cooperation rate was measured using AAPOR s cooperation rate 3 method. The refusal rate was measured using AAPOR s refusal rate 3 method. The table below contains these rates. Response Rate Cooperation Rate Refusal Rate 22% 89% 8% *Source: AAPOR Outcome Rate Calculator Version 2.1 May AARP Survey of North Carolina Registered Voters Age 45 And Older On Financial Security 4

6 AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 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 North Carolina State Office, Campaigns, State Advocacy and Strategy Integration, and State Research contributed to the design, implementation, and reporting of this study. Special thanks go to AARP staff including Charmaine Fuller Cooper and Mary Bethel, AARP North Carolina; Campaigns, Reshma Mehta; State Advocacy and Strategy Integration, Sarah Gill Mysiewicz, and Rachelle Cummins, Aisha Bonner, Brittne Nelson, Darlene Matthews, and Cheryl Barnes, State Research. Please contact Cassandra Burton at for more information regarding this survey. The survey annotation will be posted at AARP Research Center For more information, please contact Cassandra Burton at: or ccantave@aarp.org 2015 AARP Survey of North Carolina Registered Voters Age 45 And Older On Financial Security 1