High Anxiety: New York City Gen X and Boomers Struggle ... · AARP New York presents, “High Anxiety: New York City’s Gen X and Boomers Struggle with Stress, Savings and Security,”

NEW YORK CITY GEN X AND BOOMERS STRUGGLE WITH STRESS, SAVINGS AND SECURITY 1

About AARP

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; www.aarp.org; 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 www.aarp.org.

Acknowledgements

AARP staff from the New York State Office; Community, State and National Affairs (CSN); and AARP Research

contributed to the design, implementation and reporting of this study.

Contributors include:

Beth Finkel, Bill Ferris, David McNally, Erik Kriss, Erin Mitchell, Donna Liquori and Kimberly Spell from the New

York State office; Sarah Mysiewicz and Reshma Mehta from CSN; Angela Houghton, Eowna Young Harrison,

Brittne Nelson, Kate Bridges, Rachelle Cummins, Darlene Matthews and Cheryl Barnes from AARP Research;

and Doris Gilliam, Office of General Counsel.

Special thanks to Precision Opinion for the collection and tabulation of these data.

Copyright © 2015 AARP

AARP Research

601 E Street NW Washington, DC 20049

www.aarp.org/research

For more information contact:

Angela Houghton, Senior Research Advisor

State Research

AARP Research

Tel. (202) 434-2261

[email protected]

http://research.aarp.org/

mailto:[email protected]


TABLE OF CONTENTS

Introduction ....................................................................................................................................................... 3

Key Survey Findings .......................................................................................................................................... 4

Executive Summary............................................................................................................................................ 5

About the Survey & Report Terms ..................................................................................................................... 7

Detailed Survey Findings .................................................................................................................................... 8

Current Financial Situation .............................................................................................................................. 8

Confidence In Retiring .................................................................................................................................... 10

Access to Retirement Plans (Among Employed) ...................................................................................... 13

Retirement Savings Behavior.................................................................................................................... 14

Retirement Income Expectations ............................................................................................................. 15

Debt and Other Barriers to Saving ................................................................................................................. 17

New York Affordability ................................................................................................................................... 19

Support for A State Facilitated Retirement Savings Option........................................................................... 22

Demographic Profile of Respondents .............................................................................................................. 24

Methodology ................................................................................................................................................... 26


INTRODUCTION

This year Generation X turned 50. With 2.5 million members across the state, AARP New York is

the state’s leading advocate for the 50+, and we believe now is the time for us to take stock of the

financial plans of Gen Xers and how prepared they are for their financial future. To that end,

AARP New York presents, “High Anxiety: New York City’s Gen X and Boomers Struggle with

Stress, Savings and Security,” a report detailing the findings behind a groundbreaking five

borough survey of New York City voters aged 35-69, Generation X and Baby Boomers together.

One insight we gained was that Gen Xers and Baby Boomers have more in common than one

might have guessed if they live in New York City. Neither generation thinks they can afford to

remain in the City as they get older.

Last year, we presented a voter survey that showed a majority of working New York City Baby

Boomers plan to leave the City for their retirement. This year, we found even more members of

Gen X intend to flee the City – 66 percent, compared to the Boomers’ 56 percent. With

unaffordability such a major issue, two thirds of voters aged 35-50 say they are concerned about

being able to pay for the cost of housing in the future. Our City dubiously boasts a record-setting

cost of living, including the highest rent and apartment prices New York City has ever known.

New York City has an affordable housing crisis that is driving out the middle class, and now we

know that it is contributing to a feeling of insecurity among New Yorkers, leading them to believe

they will have to move. That would result in a “Gen-Xodus” from New York.

But it doesn’t have to be that way. At AARP New York we believe the critical insights into the

economic position of the voters of both generations contained in this “High Anxiety” report can

help serve as a roadmap for fostering better financial and retirement security and independence

including access to a new kind of retirement blueprint.

One solution that other states such as Illinois and Washington recently created is a state-

facilitated retirement plan for those with no workplace pension or 401k, which AARP believes

would ease Gen Xers’ and future generations’ worries. New York City’s elected officials and state

policymakers are in a position to lend working New Yorkers a helping hand by ensuring that all

who want to save for their retirement have a simple option for doing so.

AARP is committed to ensuring New Yorkers are able to live their best lives as they age, and we

believe financial and retirement security are key to that goal. In the long run, helping our citizens

plan for their future and help themselves helps us all.

Sincerely,

Beth Finkel

State Director, AARP New York


KEY SURVEY FINDINGS

The top personal finance concerns for both Gen X and Boomer voters are:

1) not saving enough; and 2) not preparing enough for retirement.

In both cohorts, a majority feels anxious about being able to have a

comfortable retirement and one-fourth does not expect to retire at all.

34 percent of Gen X and 42 percent of Boomers have neither personal nor

workplace retirement savings accounts.

Gen X indicates a strong likelihood to leave New York during retirement –

even stronger than Boomers: 66 percent of Gen X compared to 56 percent

of Boomers.

Housing affordability into the future is a concern for a majority of both

generations. Three-fourths want elected officials to support rent

stabilization.

Sixty-nine percent of Gen X is either a current or expected future holder of

student debt. Paying for education and student loan debt are barriers to

retirement saving for many.

Gen X has significantly lower expectations of Social Security than Boomers:

one-third does not expect any Social Security income at all.

There is widespread voter support to improve access to workplace

retirement plans with the state facilitating a savings option.

Responses from multicultural voters are very consistent with overall Gen X

and Boomers with some distinctions:

o African American voters are more likely to worry about affordability

and are most likely to currently have student loan debt.

o Hispanic voters are highly worried about their financial stability; are

more likely to experience obstacles to saving, especially due to

health needs and family caregiving; and report lower rates of

retirement savings: 46 percent of Gen X and 58 percent of Boomers

have none.

o Asian American and Pacific Islanders express relatively greater

anxiety about their earning potential and work security into older

age.

o Levels of concern for affordable housing and support of rent

stabilization are stronger among African Americans and Hispanics.


EXECUTIVE SUMMARY As the first members of Generation X turn 50 this year, survey results reveal that New York City’s

Gen X voters are even more anxious about their future financial security than their pre-retiree

Boomer counterparts. With low expectations of Social Security, lagging savings and widespread debt,

Gen X has reason to be worried.

Disappearing pensions, increasing longevity, a culture of spending versus saving and the impact of

the Great Recession on wealth and security all contribute to what many economists agree is

America’s looming retirement crisis.1 While Boomers are at the forefront of this course, Gen X is the

first generation that will fully come into retirement age with a new playbook, having lived the

entirety of their working years during the rise of 401k plans and a shift away from traditional

pension plans. Generation X is also saddled with debt unlike generations before them, including

student loan debt, which impedes their ability to save and puts them at risk of becoming the first

generation in recent history that is less economically secure than their parents.2

In New York City, one-fourth of the Gen X and Boomer aged labor force is not confident they will

ever be able to retire and no longer work for money. Even larger proportions are anxious about being

able to live comfortably in retirement: two-thirds of Gen X and nearly six in ten Boomers. On the

other hand, there is worry about having employment opportunities at older ages for those who want

to continue working, particulary among Asian American and Pacific Islanders.

One notable difference between Gen X and Boomer generations regarding retirement relates to

their Social Security expectations. More of Gen X is working without the security of knowing their

Social Security benefit will be there in the future. One-third of Gen X expect to receive nothing

from Social Security in retirement, which is 2.5 times the share of equally pessimistic Boomers.

Moreover, the majority of Gen X who expect to receive any Social Security benefit thinks it will be

only a minor share of their retirement income.

In spite of weaker expectations about Social Security, Gen X is only marginally more likely than

Boomers to participate in retirement savings. Forty-two percent of Gen X workers and 44 percent

of Boomer workers in New York City either do not have access to employer-sponsored retirement

plans or do not participate in currently available employer plans. Among all voters in each cohort

and taking into consideration personal savings in retirement accounts, 34 percent of Gen X and 42

percent of Boomers do not have any retirement savings account at all. Hispanics in our survey

have even lower rates of saving and larger proportions with no retirement account: nearly half of

Hispanic Gen X (46%) and almost six in ten Hispanic Boomers (58%) do not have a retirement

account.

For both Gen X and Boomers, a common obstacle to saving for retirement is not having enough

money after paying bills, which may contribute to the lower likelihood of self-funding an individual

retirement account outside of work. But AARP research shows that workers are 15 times more

1 For more discussion and economic analysis, see Are U.S. Workers Ready for Retirement? Schwartz Center for Economic Policy Analysis. 2014. 2 A New Financial Reality. The Balance Sheets and Economic Mobility of Generation X. The PEW Charitable Trusts, September 2014.

http://www.economicpolicyresearch.org/images/docs/research/retirement_security/Are_US_Workers_Ready_for_Retirement.pdf

http://www.pewtrusts.org/en/research-and-analysis/reports/2014/09/a-new-financial-reality


likely to save for retirement if their employer offers a plan.3 However, in New York State, 54% of

private sector workers, or 3,621,611 people, are not offered a workplace retirement plan through

their employer.4

A legislative proposal for a state-facilitated retirement savings option that would be available to all

workers in New York garners strong support from a majority of all voters in both generational

cohorts, regardless of employment status or current access to workplace retirement plans. Gen X

and Boomer voters clearly want New York elected officials to support the creation of a state-

facilitated retirement savings option so that more New York workers have an opportunity to save

for retirement.

Paying for their own or children’s education is also an obstacle to saving for retirement,

particularly for Gen X. One-third (32%) of Gen X voters currently have student loan debt and

another 37% expect to acquire student loan debt in the future to pay for a college education for

themselves or their children. African American Gen X presents the highest levels of current

student debt holders among these New York City voters (39%). With two-thirds of student loan

borrowers saying these loans make it even harder to save for retirement, a significant number of

Gen X is at risk of further jeopardizing their retirement security due to student loan repayment.

The Schwartz Center for Economic Policy Analysis estimates that 32 percent of New York State’s

present day near retirees are at risk of retiring with incomes below poverty level. The next

generation of retirees has arguably less favorable retirement circumstances, and yet, the majority of

Gen X expects to retire by age 65. This disconnect suggests a retirement reality gap and

demonstrates the need for more public financial literacy as well as new solutions.

Without a drastic change in their current retirement preparedness, Gen X will be forced to make

tougher choices than their parents’ generation for their retirement years. Retirement options for

many may include resorting to working longer, relying on family and public assistance or

significantly reducing their standard of living.5 Faced with the reality today of financial insecurity

in the future, concern about housing affordability in New York may contribute to a pre-meditated

intention to leave the state. Gen X indicates even stronger likelihood than Boomers to leave New

York State during retirement – 66 percent of Gen X compared to 56 percent of Boomers, with one-

fifth of Gen X saying they are extremely likely to leave. For African American and Hispanic Gen X,

likelihood to leave is expressed by seven in ten. At the same time, a strong majority overall (three-

fourths of voters in each generation) want elected officials to support rent stabilization.

3 Data compiled by AARP’s Public Policy Institute from unpublished estimates from the Employee Benefit Research Institute of the 2004 Survey of income and Program Participation Wave 7 Topical Module (2006 data). 4 http://www.aarp.org/politics-society/advocacy/financial-security/info-2014/americans-without-retirement-plan.html 5 The Reality of the Retirement Crisis, January 2015. Center for American Progress. https://www.americanprogress.org/issues/economy/report/2015/01/26/105394/the-reality-of-the-retirement-crisis/

http://www.aarp.org/politics-society/advocacy/financial-security/info-2014/americans-without-retirement-plan.html

https://www.americanprogress.org/issues/economy/report/2015/01/26/105394/the-reality-of-the-retirement-crisis/


64%

86%

75%

25%

2%

14%

10%

12%

11%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

Total

Employment Status of Survey Respondents

Base: New York City Voters Age 35 to 69

In Labor Force Retired Other Out of Labor Force

7%

14%

24%

43%

64%

7%

15%

28%

64%

86%

7%

15%

26%

53%

75%

0% 20% 40% 60% 80% 100%

Looking for Work

Self Employed

Small BusinessOwner/Employee

Employed

In Labor Force(NET)

Type of Labor Force Partricipation among Survey Respondents


Total

Gen X

Boomers

ABOUT THE SURVEY & REPORT TERMS Except where otherwise noted, data in this report is from a

telephone survey of registered voters in the five boroughs of

New York City aged 35 to 69. For analysis purposes, the

survey sample was sub-divided into two generational

cohorts: Gen X, age 35 to 50; and Boomers, age 51 to 69.

The sampling methodology was designed to ensure that

survey respondents are representative of the New York

City’s diverse voter population. In addition to the overall

citywide sample, the study included additional interviews

among African American, Hispanic and Asian American and

Pacific Islander voters in order to obtain large enough

samples to report survey results for these groups. (Asian

American and Pacific Islanders were interviewed in English

only.) 6

The majority (75%) of survey respondents is currently in the

labor force based on stated employment status, which is

defined in this report as either currently employed or

unemployed and looking for work. Eighty-six percent of Gen

X voters are currently in the labor force; and while

comparatively fewer Boomers are working or looking for

work, it remains a majority of them (64%). About one-fourth (26%) of all survey respondents, or a

third of all in the labor force, is an owner or employee of a small business. “Small business” was not

defined for survey participants.7

6 Additional details on the research methodology can be found in the Method section of this report. 7 The fully annotated questionnaire can be found at www.aarp.org/nygenxandboomers.

Terms In This Report

Gen X: Age 35 to 50

Boomer: Age 51 to 69

In Labor Force: Currently

employed or unemployed and looking for work

Workers: Currently employed

With Access to

Retirement Plans:

Currently employed and have access to an employer-sponsored retirement plan

Without Access to

Retirement Plans:

Currently employed and do not have access to an employer-sponsored retirement plan

http://www.aarp.org/nygenxandboomers


DETAILED SURVEY FINDINGS

CURRENT FINANCIAL SITUATION

According to the Bureau of Labor Statistics, the Great Recession ended in June 2009 after a 19-

month economic decline8. Since its end, the unemployment rate has decreased, the stock market

has returned to pre-recession levels and home values are increasing. Despite these economic

improvements, many still feel financially insecure. Nationally, as many as 35 percent of Gen X

workers and 40 percent of Boomer workers believe the Great Recession has not yet ended and only

one-fourth of either cohort say the economy is recovering or has fully recovered.9

In this 2015 survey of New York City voters age 35 to 69, many expressed worry about their own

personal financial situations. From a list of personal financial concerns that include saving, debt,

expenses and employment opportunity into older age, the two things both Gen X and Boomers

worry about most are saving and planning for retirement.

More than three-fourths (78%) of New York City’s Gen X worry about not saving enough and 70

percent worry about not planning enough for retirement. Among Boomers, two-thirds (66%) worry

about not saving enough and 61 percent worry about not planning enough for retirement.

8 http://www.bls.gov/opub/mlr/2014/article/consumer-spending-and-us-employment-from-the-recession-through-2022.htm

9 The Retirement Readiness of Three Unique Generations: Baby Boomers, Generation X, and Millennials. 15th Annual Transamerica Retirement Survey of Workers, April 2014, Transamerica Center for Retirement Studies (TCRS) https://www.transamericacenter.org/docs/default-source/resources/center-research/tcrs2014_sr_three_unique_generations.pdf

http://www.bls.gov/opub/mlr/2014/article/consumer-spending-and-us-employment-from-the-recession-through-2022.htm

https://www.transamericacenter.org/docs/default-source/resources/center-research/tcrs2014_sr_three_unique_generations.pdf



10%

27%

23%

24%

34%

47%

16%

26%

32%

33%

36%

31%

0% 20% 40% 60% 80% 100%

Not being able to keep or find a jobbecause of age

Having or taking on too much debt

Not being able to pay your bills

Having an unexpected emergency that you won’t be able to pay for

Not planning enough for retirement

Not saving enough

How frequently do you worry about ... when it comes to your personal financial situation?

Base: New York City Gen X Voters

Often Sometimes

17%

22%

22%

25%

31%

39%

15%

24%

27%

31%

30%

27%

0% 20% 40% 60% 80% 100%

Not being able to keep or find a jobbecause of age

Having or taking on too much debt

Not being able to pay your bills

Having an unexpected emergency that you won’t be able to pay for

Not planning enough for retirement

Not saving enough

How frequently do you worry about ... when it comes to your personal financial situation?

Base: New York City Boomer Voters

Often Sometimes

Despite Gen X’s theoretically longer time to plan for retirement compared to Boomers, worry about

saving and retirement planning holds a top of mind presence for a larger share of Gen X. The

younger generation is also more likely than their Boomer counterparts to worry about not being

able to pay bills and having too much debt. The two generational cohorts are equally likely to

worry about unexpected emergencies that they cannot afford (57%). The possibility of diminishing

work opportunities because of age is the one item that Boomers tend to worry about more than

Gen X (32% versus 26%).

66%

61%

57%

49%

46%

32%

73%

67%

58%

55%

47%

24%

Gen X:

Boomer:

78%

70%

57%

55%

53%

26%

African American

and Hispanic groups

present higher levels of worry about affording emergencies (about two-thirds each) and bills (approximately six in ten). A larger share of

Hispanics worry often

about taking on too much debt (33% often, 56% total).

Asian American &

Pacific Islander Gen

X and Boomers are more likely to worry about job security of older workers (41%) relative to other financial concerns.


15%

15%

23%

20%

31%

38%

16%

14%

13%

9%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

How confident are you that you will be able to retire at some point and no longer work for money?

Base: New York City Voters in the Labor Force Age 35 to 69

Extremely Very Somewhat Not too Not at all

23% Not Confident

29% Not Confident

13%

22% 20% 20%

45%

36%

22% 21%

0%

20%

40%

60%

80%

Gen X Boomer

How anxious do you feel about having enough money to live comfortably through your retirement

years? Base: New York City Voters Age 35 to 69

Not anxious at all Not very anxious Somewhat anxious Very anxious

67% Anxious 57% Anxious

CONFIDENCE IN RETIRING

As further confirmation that a lack of sufficient retirement planning and saving is a significant

source of insecurity, there is a substantial share of voters in both the Gen X and Boomer cohorts

lacking confidence that they will ever be able to stop working (23% and 29%, respectively). Even

larger majorities of each generation express anxiety about having enough money to live

comfortably through their retirement years.

It is noteworthy that Gen X is significantly more likely than Boomers to report feelings of anxiety

about having enough money to live comfortably in retirement: 67 percent of Gen X versus 57

percent of Boomers. The fact that anxiety levels among Gen X are equal to or worse than Boomers

suggests that retirement circumstances on the whole are not looking up for this younger

generation.

Although Gen X has more

time to accelerate savings

and planning before a

hoped-for retirement age,

they are not any more

optimistic than their

Boomer counterparts.

Sizeable portions of both

Gen X and Boomer

generations face a future

of either working

indefinitely and/or having

to reduce their standard

of living to below what is

currently considered

comfortable.


For African American/Black labor force participants in New York City there is a particularly

strong generational skew in expressions of retirement confidence. Relative to other Boomers in the

labor force, Black Boomers tend to be more confident about their ability to achieve retirement. At

the same time, Black Gen X is slightly less confident they will ever be able to retire. As a result,

Black Gen X appears to exhibit overall weaker retirement confidence and heightened anxiety

compared to their Boomer counterparts.

Among Hispanics in the labor force, about a third of each generation is not confident they will ever

be able to stop working for money.

Asian American and Pacific Islander Gen X is most likely to express middling retirement

confidence, with 51 percent somewhat confident they will ever be able to retire and stop working

for money.

How confident you will ever be able to retire and no longer work for money?

Base: New York City voters in the labor force, age 35 to 69

African American/Black

Hispanic/ Latino

Asian American & Pacific Islander

Gen X Boomer Gen X Boomer Gen X Boomer

CONFIDENT 69% 78% 66% 69% 73% 67%

Extremely 18% 15% 13% 12% 9% 14%

Very 17% 24% 16% 24% 13% 22%

Somewhat 34% 39% 37% 33% 51% 31%

NOT CONFIDENT 29% 21% 32% 30% 28% 29%


Among the 72 percent of voters age 35 to 69 currently in the New York City labor force who expect

to retire, the average age of expected retirement is 65 for both Gen X and Boomers. However, six in

ten Gen Xers expect to retire at age 65 or before, whereas a larger percentage of working Boomers

report an expected retirement at older ages.10 Although Gen X has more time to build up savings,

their expectations may be unrealistic and suggest a perceptual gap considering nearly one-third of

New York State’s present day near retirees are at risk of retiring with incomes below poverty

level.11

Having access to an employer-sponsored retirement savings plan makes a significant difference in

worker expectations about working into later life. Thirty-six percent of those with access to

workplace retirement plans expect to retire under age 65 compared to only 17 percent of those

without access. On the other end of the spectrum, 23 percent of those without access to a

workplace retirement are unsure at what age they will retire, versus 7 percent of those with access

to a plan saying the same.

10 Similar results reported nationally: Gen X workers are significantly more likely than Boomer workers to expect to retire at age 65 (36% vs 18%). https://www.transamericacenter.org/docs/default-source/resources/center-research/tcrs2014_sr_three_unique_generations.pdf 11 Are U.S. Workers Ready for Retirement? Schwartz Center for Economic Policy Analysis. 2014. http://www.economicpolicyresearch.org/images/docs/research/retirement_security/Are_US_Workers_Ready_for_Retirement.pdf

33% 27%

6%

22%

12%

25% 21%

18%

26%

9%

0%

20%

40%

60%

Under 65 65 66 to 69 70 and over Don't know

Expected Retirement Age Base: New York City Voters in the Labor Force Age 35 to 69,

At Least Somewhat Confident They Will Retire

Gen X Boomer

36%

23%

12%

21%

7%

17% 23%

7%

27% 23%

0%

20%

40%

60%

Under 65 65 66 to 69 70 and over Don't know

Expected Retirement Age by Access to Workplace Retirement Plan

Base: New York City Voters in the Labor Force Age 35 to 69, At Least Somewhat Confident They Will Retire

With Access Without Access


http://www.economicpolicyresearch.org/images/docs/research/retirement_security/Are_US_Workers_Ready_for_Retirement.pdf


ACCESS TO RETIREMENT PLANS (AMONG EMPLOYED12)

While many workers in both generations have access to both Defined Contribution and Defined

Benefit plans, 25 percent of Gen X workers and 27 percent of Boomer workers in New York City

have no access to a workplace retirement savings plan. Among owners and employees of small

businesses, half (52%) have no access at all to a workplace retirement savings plan – a share

similar to that of all private sector workers in New York State without access to savings through

their employer (54%).13

12 Survey data includes both public and private sector workers. 13 Fifty-four percent of private sector employees or 3,621,611 New York workers had no access to retirement plans through their employer (average 2010-2012). http://www.aarp.org/politics-society/advocacy/financial-security/info-2014/americans-without-retirement-plan.html

NET PLAN

ACCESS

Defined Contribution (such as 401k, 403b)

Total = 62% Gen X = 65% Boomer = 60% Small Business = 38%

Defined Benefit (traditional pension plan)

Total = 50% Gen X = 49% Boomer = 52% Small Business = 27%

21%

43%

41%

41%

17%

17%

24%

21%

6%

9%

8%

9%

52%

27%

25%

26%

0% 20% 40% 60% 80% 100%

Small BusinessOwner or…

Boomer

Gen X

Total

Which of the following ways to save for retirement does your current employer provide?

Base: Currently Employed New York City Voters Age 35 to 69

Both Defined Benefit and Defined Contribution DC Only DB Only None

http://www.aarp.org/politics-society/advocacy/financial-security/info-2014/americans-without-retirement-plan.html


RETIREMENT SAVINGS BEHAVIOR

Taking into account plan participation,

active retirement saving at work is even

less common than access alone. Forty-two

percent of Gen X workers and 44 percent

of Boomer workers are not saving through

a workplace retirement plan. Largely due

to the limited availability of plans for

small business owners and employees, as

many as 70 percent of this group of

workers are not actively saving for

retirement through a workplace plan.

Without workplace retirement plans, it is

even more important to build up personal

savings through an IRA or other

retirement savings plan. However, just 42

percent of surveyed New York City voters

age 35 to 69 have done so.

When taken together and on net, 34

percent of Gen X voters in New York City

and 42 percent of Boomers are not

actively saving for retirement - either

through a work sponsored or a personal

retirement savings plan. Though nearly

half (48%) of small business owners and

employees are saving in personal

retirement savings accounts outside of

work, 38 percent still have no retirement

savings account at all.

*Note: Survey data include both public and private workers.

26% 25% 27%

52% 43% 42% 44%

70%

0%

20%

40%

60%

80%

Total Gen X Boomer Small BusinessOwner/

Employee

Workplace Retirement Plans (Among Workers)*

Base: Currently Employed New York City Voters Age 35 to 69

No Access to Workplace Retirement Plan

Do Not Participate in Workplace Retirement Plan

29%

32%

46%

39%

48%

42%

43%

42%

38%

42%

34%

38%

0% 20% 40% 60% 80%

Small BusinessOwner orEmployee

Boomer

Gen X

Total

Total Retirement Savings Base: New York City Voters Age 35 to 69

None

Personal

Employersponsored

African American/Black Gen X is most likely to be saving through workplace plans (52%).

Hispanic/Latino Gen X and Boomers are least likely to be saving in any kind of retirement accounts (46% of

Gen X and 58% of Boomers are not saving).

Asian American & Pacific Islander Gen X and Boomers have higher reported participation in personal

retirement accounts (47%) than workplace accounts (37%).


RETIREMENT INCOME EXPECTATIONS

In spite of lagging participation in retirement plans or savings accounts, both Gen X and Boomers

are most likely to expect their largest share of retirement income to come from a retirement

savings plan. But, when it comes to expectations of Social Security, there are significant

differences between the generations.

Three-fourths of Gen X says their savings will provide the largest share of their income in

retirement – either from a retirement plan (56%) or their own personal savings outside of a

retirement plan or account (21%). Just 16 percent of Gen X says that Social Security will be their

largest share of income and one-

third does not expect to receive any

Social Security income at all.

Among Boomers, twice as many

(33%) say Social Security will be

their largest share of income in

retirement and just 14 percent do

not expect to receive any Social

Security income at all in retirement.

Generational expectations about the

role of Social Security are fairly

consistent across multicultural

voter groups. Hispanic Boomers are

most likely to expect Social Security

to be their sole source of income in

retirement (28%) which is not

surprising given their lower rates of

retirement saving.

Among workers without access to

workplace retirement plans, nearly

half have personal retirement plan

accounts such as an IRA (46%) and

just under one-third (31%) expect

their personal retirement plan to be

their major source of income.

Roughly equal portions expect

personal savings outside of

retirement accounts (31%) or Social

Security (28%) to provide their

largest share of income, but a fairly

sizeable portion (24 percent) do not

expect to receive any Social Security

income at all.

13%

17%

5%

15%

16%

11%

49%

53%

50%

24%

14%

33%

0% 20% 40% 60% 80% 100%

No Access toWorkplace

Retirement Plan

Boomer

Gen X

Role or Expected Role of Social Security in Retirement Income


Only Source Major Source Minor Source None

67% Any SS Income

86% Any SS Income

76% Any SS Income

9%

31%

28%

31%

6%

17%

33%

44%

6%

21%

16%

56%

0% 20% 40% 60% 80% 100%

Other/Don't Know

Personal savings orinvestments not in a

retirement plan

Social Security

A retirement savings plan,like a pension, 401k or IRA

Percent Expecting Each Source to Provide the Largest Share of Retirement Income Base: New York City Voters Age 35 to 69

Gen X

Boomer

No Access toWorkplaceRetirement Plan


Workers currently without access to retirement plans at work see the value of such plans. More

than three-fourths (78%) positively affirm they would participate in a way to save for retirement at

work if their employer offered it. Gen X workers in particular are even more likely to take

advantage of employer-offered plans to save (82% likely) with a large majority indicating the

strongest degree of likelihood. Seventy-four percent of Boomer workers in New York City without

access to a workplace retirement savings plan would participate in a plan at work if one became

available. A similar majority of small business owners and employees (73%) also would take

advantage of a plan to save for retirement if one were available to them through work.

51%

71%

62%

23%

11%

16%

4%

8%

6%

16%

4%

10%

5%

5%

5%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

Total

If your employer offered a way to save for retirement, how likely would you be to take advantage of it?

Base: Currently Employed New York City Voters Age 35 to 69 Without Access to Workplace Retirement Plan

Very Somewhat Not very Not at all Not sure/Don’t know

78% Likely

82% Likely

74% Likely


DEBT AND OTHER BARRIERS TO SAVING

Many New York City voters age 35 to 69 consider current expenses a financial barrier to saving for

retirement. In fact, in both generational cohorts, not having enough money left after paying bills is

the most reported obstacle to saving for retirement years, with 62 percent overall reporting this as

a barrier to saving.

Just one hurdle identified in the survey is significantly more likely to be experienced by Boomers

than Gen X: facing a major health issue. For their part, Gen X is significantly more likely than

Boomers to cite two barriers to

saving for retirement: paying

for their children’s education

(52%) and having to pay off

debt (49%). Although a larger

share of Gen X names these as

major obstacles, there are also

significant portions of Boomers

affected by both – at least four

in ten each.

Hispanic Gen X and Boomer

voters are more likely to

experience all of the listed

obstacles to retirement, with an

especially high skew on facing a

major health need (60% overall).

Family caregiving is an

economic barrier to retirement

mentioned by approximately

half of each multicultural group

–a significantly larger share

than the overall population.

In its ongoing Retirement

Confidence Survey, the

Employee Benefit Research

Institute (EBRI) has

consistently found the level of

debt among workers negatively

impacts retirement

confidence.14 In New York City,

the majority of Gen X and

Boomer aged voters (75%) have

some form of debt. Credit cards

14 2015 Retirement Confidence Survey, Employee Benefit Research Institute. http://www.ebri.org/surveys/rcs/2015/

8%

20%

16%

35%

51%

70%

10%

27%

32%

42%

53%

81%

9%

23%

24%

38%

52%

75%

0% 20% 40% 60% 80% 100%

Any other type ofloan or debt

Auto loan

Student loan

Home loan

Credit card

Any Loan/Debt(NET)

Types of Loans or Debt Currently Held Base: New York City Voters Age 35 to 69

Total

Gen X

Boomer

25%

36%

36%

44%

50%

44%

43%

59%

24%

37%

42%

49%

41%

49%

52%

65%

0% 20% 40% 60% 80%

Decreased home value

Caring for an elderly parent orrelative

New home purchase or move

Having a lot of debt to pay off

Facing a major health need

Losing a job or taking a big pay cut

Paying for children’s education

No money left after paying bills

Major Obstacles to Saving For Retirement Years Base: New York City Voters Age 35 to 69

Gen X

Boomer

http://www.ebri.org/surveys/rcs/2015/


53%

64%

70%

0% 20% 40% 60% 80% 100%

Harder to afford a home

Harder to pay other billsor make ends meet

Harder to save forretirement

In What Ways Do You Worry that Paying Off Student Loan Debt Will Affect You?

Base: Expected Future Student Loan Holders Among New York City Voters Age 35 to 69

(52%) are the most commonly reported, followed by home loans (38%); student loans (24%); and

auto loans (23%). Gen X is more likely to have nearly all types of debt included in the survey

compared to Boomers – most notably

student loans (32% vs. 16%).

With regard to student loans

specifically, about one-fourth (24%) of

Gen X and Boomer voters currently

have student loan debt. Even more

(29%) expect to have student loans in

the future. One-third of Gen X voters

currently have student loans and

another 37 percent expect to become

student loan holders in the future.

Among Boomers, levels are relatively

lower but still four in ten overall are

either current or future expected

student loan borrowers.

At least two-thirds of current and

future student loan holders say

paying off such debt has made or will

make it harder to save for retirement.

Significant proportions also say it has

a negative impact on paying bills or

affording a home.

40%

54%

65%

0% 20% 40% 60% 80% 100%

Harder to afford a home

Harder to pay other billsor make ends meet

Harder to save forretirement

In What Ways Has Paying Off Student Loan Debt Affected You?

Base: Current Student Loan Holders Among New York City Voters Age 35 to 69

African American/Black

Gen X and Boomers are more likely to currently have student loan debt (39% and 23%, respectively).

Hispanic student loan holders are most likely to affirm that their student loans have made it hard to save for retirement (77%); make ends meet (67%); and afford a home (56%).

Hispanic and Asian

American & Pacific

Islander Gen Xers are most

likely to take student loans in the future (46% and 48% likely, respectively).

53%

69%

38%

24% 32%

16%

29% 37%

22%

0%

20%

40%

60%

80%

100%

Total Gen X Boomer

Current and Expected Future Student Loan Holders


Current or Future (Net) Current Future


NEW YORK AFFORDABILITY

As discussed above, having enough

money left after paying bills is the

most commonly cited obstacle to saving

for retirement among Gen X and

Boomers in New York City. Housing

expenses in particular are a concern for

a majority: half or more of each group

is at least somewhat concerned about

their ability to pay rent or mortgage,

property taxes or utility bills in the

coming years. Even larger shares of

African American and Hispanic

residents express the same concern

about affordable housing into the

future. (See box on following page.)

A larger share of Gen X cites concern

about paying for rent or mortgage

payments than taxes or utilities in the

coming years. Nearly two-thirds (64%)

of Gen X voters in New York City are

concerned about their ability to pay for

the rent or mortgage in the future.

Fifty-nine percent of Boomers are

equally concerned about affording this

primary monthly expense for housing.

Among home owners, 52 percent of Gen

X and 60 percent of Boomers are at

least somewhat concerned about

affording property taxes in the coming

years. Home energy bills are also a

worry to similar portions.

15%

17%

20%

22%

24%

25%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

How concerned are you about your ability to pay RENT/MORTGAGE in the future?


Extremely concerned Very concerned Somewhat concerned

59%

15%

12%

21%

15%

24%

25%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

How concerned are you about your ability to pay PROPERTY TAXES in the future?

Base: Home Owners among New York City Voters Age 35 to 69


52%

60%

13%

11%

22%

14%

21%

28%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

How concerned are you about your ability to pay UTILITY BILLS in the future? Base: New York City Voters Age 35 to 69


56%

53%

64%


With such large proportions sharing concern about housing affordability, it is not surprising that a

large majority want elected officials to support rent stabilization in New York City. More than

three-fourths of Gen X and Boomer voters agree that rent stabilization should be supported by

elected officials at the city and state levels. Moreover, most in agreement - fifty-five percent of Gen

X voters and sixty-one percent of Boomer voters - agree strongly with this statement. In African

American and Hispanic communities, comparatively larger proportions express support for rent

stabilization (89% and 88%, respectively).

61%

55%

58%

16%

21%

18%

9%

9%

9%

6%

7%

6%

7%

8%

7%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

Total

New York City and New York State Elected Officials Should Suport Rent Stabilization


Strongly agree Somewhat agree Neither Somewhat disagree Strongly disagree

76% Agree

76% Agree

77% Agree

African American and Hispanic voters are even more likely than overall Gen X and

Boomer aged New Yorkers to be concerned about housing affordability and

almost nine in ten agree officials should support rent stabilization.

Base: New York City voters 35 to 69 Total

African American/

Black Hispanic/

Latino

Asian & Pacific

Islander

Concerned about future affordability of:

RENT/MORTGAGE 62% 74% 70% 57%

PROPERTY TAXES 55% 65% 63% 59%

UTILITIES 55% 70% 68% 55%

Agree that elected officials should support rent stabilization 76% 89% 88% 68%


Three out of five (60%) New York City voters age 35 to 69 say they are at least somewhat likely to

leave New York in the future. A 2014 AARP survey of New York voters found that 60 percent of

future Baby Boomer retirees were likely to leave New York State after retiring, thus creating

economic implications for the state economy when retirees take their consumer expenditures

elsewhere. 15 Here again in this survey, a near similar proportion of Boomers age 51 to 69 is at

least somewhat likely to leave the state in the future (56%). Moreover, Gen X presents even

stronger intent to leave the state post-retirement. One-fifth (20%) of Gen X voters in New York

City can scarcely see themselves retiring in the state, reporting extreme likelihood of leaving. In

total, two-thirds of Gen X consider themselves at least somewhat likely to leave.

In all three multicultural populations included in this survey, Gen X is significantly more likely

than Boomers to intend to leave New York. Stated intent to leave New York State reaches seven in

ten among African American Gen X (70%) and Hispanic Gen X (71%).

15 2014 State of the 50+ in New York State, AARP Research. www.aarp.org/nystate50plus

15%

20%

17%

15%

16%

15%

26%

30%

29%

19%

17%

19%

24%

15%

19%

0% 20% 40% 60% 80% 100%

Boomer

Gen X

Total

How likely are you to leave New York State and live somewhere else once you retire/in the future? Base: New York City Voters Age 35 to 69

Extremely likely Very likely Somewhat likely Not very likely Not at all likely

61% Likely

66% Likely

56% Likely

http://www.aarp.org/nystate50plus


SUPPORT FOR A STATE FACILITATED RETIREMENT SAVINGS OPTION

In order to help close the gap in access to

retirement savings plans, New York City

voters age 35 to 69 support a state facilitated

retirement savings option for New York

State. Nearly eight in ten either strongly

(51%) or somewhat (25%) support such a

proposal.

A state facilitated retirement savings option

would most directly benefit those without

access to a plan in their workplace, including

small business owners and employees who

tend to have lower levels of access currently.

These two sub-groups of New York City

workers present similarly strong levels of

support for such a solution. Seventy-seven

percent of workers without access to a

workplace retirement plan support a proposal for a state facilitated plan; and 76 percent of small

business owners and employees support it. Support is similarly strong across multicultural

segments of African American, Hispanic and Asian American and Pacific Islander Gen X and

Boomers.

53%

59%

52%

50%

51%

23%

18%

22%

28%

25%

9%

9%

10%

8%

9%

5%

7%

5%

4%

5%

8%

6%

7%

6%

6%

0% 20% 40% 60% 80% 100%

Small Business Owner orEmployee

Without Access toWorkplace Retirement

Plan

Boomer

Gen X

Total

How strongly do you support or oppose the proposal for a state facilitated retirement savings option?

Base: New York City Voters in the Labor Force Age 35 to 69

Strongly support Somewhat support Neither/nor Somewhat oppose Strongly oppose

76% Support

78% Support

74% Support

77% Support

76% Support

PROPOSED STATE FACILITATED

RETIREMENT SAVINGS OPTION FOR

WORKERS

One way to help more New Yorkers save would be for

the state to set up a retirement savings plan, similar to

a 529 college savings plan, where workers can

contribute to a private retirement account that is

professionally managed. Workers can choose whether

or not to participate, and the account would be

portable from job to job. The plan would have low fees

and not cost taxpayer dollars.


When asked about potential features in a state facilitated savings option for retirement, all

features are considered important. The top-ranked important feature is portability. Almost all

(92%) believe account funds should be portable so that the money travels with the owner. About

nine in ten also say it should be a low cost to taxpayers (92%); easy to use (92%); available to

everyone (91%); have a low cost to participants (91%); provide tax advantages to enrollees (89%);

and be voluntary (89%). Many (82%) also believe it is important for the money to be professionally

managed.

Most (82%) New York City voters age 35 to 69 agree that New York State elected officials should

support creating a state managed retirement savings plan so more workers have an opportunity to

save for retirement. Fifty-three percent strongly agree that this should be a concern of elected

officials.

A similarly large proportion (83%) is concerned that New Yorkers who have not saved enough for

retirement will become reliant on public assistance. Gen X and Boomers are comparably worried

about this outcome and the proportion of those concerned is consistently high across all

multicultural groups as well. However, among African American, Hispanic and Asian voters,

Boomers are more likely to express a more intense level of concern with at least six in ten very

concerned that retirees who are ill prepared will have to rely on public aid.

55%

67%

67%

72%

73%

74%

76%

85%

27%

22%

22%

19%

18%

18%

16%

7%

0% 20% 40% 60% 80% 100%

Professional money management

Voluntary enrollment

Tax advantages for enrollees

Low cost to participants

Available to everyone in the state

Easy to use

Low cost to taxpayers

Portability (account can move from job to job)

If New York were to implement such a (retirement savings) plan, how important would each feature be?


Very Important Somewhat Important


DEMOGRAPHIC PROFILE OF RESPONDENTS

62%

4%

12%

21%

25%

72%

23%

23%

25%

28%

54%

13%

19%

10%

21%

28%

29%

18%

14%

14%

15%

13%

14%

16%

14%

32%

16%

34%

19%

4%

17%

23%

46%

7%

12%

33%

22%

23%

10%

Married or living with a partner

Widowed

Divorced or separated

Never married

AARP Member

AARP Non-Member

High school graduate or less

Post high school or 2 year degree

4 year degree

Post graduate study or graduate degree

Democrat

Republican

Independent

Something else

Conservative

Moderate

Liberal

None of these

<$30K

$30K-<$50K

$50K-<$75K

$75K-<$100K

$100,000-<$150,000

$150,000+

Don't know/Refused

35-44

45-50

51-60

61-69

Asian

Black or African American

Hispanic or Latino

White or Caucasian

Other

Bronx

Brooklyn

Manhattan

Queens

Staten Island

CIV

IL S

TA

TUS

AA

RP

EDU

CA

TIO

NP

AR

TYA

FFIL

IATI

ON

PO

LITI

CA

LV

IEW

SIN

CO

ME

AG

ER

AC

EB

OR

OU

GH


Gen X Boomers

Civil Status

Married or living with a partner 65% 59%

Widowed 1% 7%

Divorced or separated 7% 17%

Never married 24% 17%

Membership

AARP 8% 41%

AARP Non-Member 90% 57%

Education

High school graduate or less 19% 27%

Post high school or 2 year degree 25% 22%

4 year degree 26% 23%

Post graduate or graduate degree 29% 26%

Party Affiliation

Democrat 51% 58%

Republican 13% 13%

Independent 19% 18%

Something else 12% 7%

Political Views

Conservative 18% 24%

Moderate 30% 26%

Liberal 30% 28%

None of these 18% 17%

Income

<$30K 11% 18%

$30K-<$50K 12% 16%

$50K-<$75K 14% 17%

$75K-<$100K 14% 11%

$100,000-<$150,000 13% 14%

$150,000+ 21% 12%

Don't know/Refused 15% 13%

Race/Ethnicity

Asian 2% 4%

Black or African American 17% 17%

Hispanic or Latino 23% 23%

White or Caucasian 48% 45%

Other 6% 8%

Borough

Bronx 13% 11%

Brooklyn 33% 32%

Manhattan 17% 27%

Queens 26% 21%

Staten Island 11% 9%


METHODOLOGY

AARP 2015 New York State Gen X-Boomer Survey (New York City Sample)

Prepared by Precision Opinion for AARP

June 2015

SUMMARY:

The AARP 2015 New York State Gen X-Boomer Survey was conducted as a telephone survey among

registered voters age 35 to 69 in the state of New York and with oversamples in seven targeted geographies,

including New York City. Survey results from the New York City specific sample are discussed in this report.

The survey collected the opinions of registered voters on issues related to financial worries, retirement

security, affordable housing, and rent stabilization. The survey was approximately 15 minutes in length. The

interviews were conducted in English and Spanish by Precision Opinion from February 26th to May17th,

2015. Respondents were sampled from a voter list with a total of 800 interviews completed for the NYC

base sample: 401 among 35 to 50 year old voters (“Gen X”) and 399 among 51 to 69 year old voters

(“Boomer”). Oversample segments were also created in order to complete a total of 800 interviews among

self-identified African-American voters, 800 Hispanic voters, and 353 Asian American and Pacific Islander

voters. The samples were split into two strata by age (Gen X and Boomer) and targets were set in order to

achieve 400 interviews in each of these age cohorts. In addition, quotas were set by gender within age

group in order to maintain the proper representation of males and females. The margin of sampling error for

the New York City sample of 800, as well as the ethnic oversamples of 800, is +/-3.5%. The margin of

sampling error for the Gen X and Boomer samples of 400 each is +/-5.0%.

The New York City sample was one of the segments completed in a series of related segments that

comprised the overall project. Separate releases discuss each of the other segments. Details on the design

and execution of the survey are discussed below.

DESIGN AND DATA COLLECTION PROCEDURES:

Sample

The survey respondents were sampled from a registered voter list provided by L2 (Labels & Lists). The voter

list was age targeted to 35-69 based on L2’s database of registered voters in New York City. The sample list

was a blended landline and cell phone list. A total of 198,538 records were dialed. From this total, 43,937 cell

phone records were dialed, from which 265 surveys were completed. For multicultural oversamples, survey


respondents were sampled from a list of voters identified as likely African American, Hispanic and Asian

American and Pacific Islander. For analysis, respondents from the NYC base sample who self-identified as

African American, Hispanic or Asian American or Pacific Islander were combined with qualified respondents

from the targeted oversamples.

Questionnaire Development and Testing

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.

Contact Procedures

Precision Opinion asked to speak with the registered voter listed on file. If that person was unavailable,

Precision Opinion asked to speak with another registered voter in the household aged 35-69. Sample

records identified as likely Hispanic were dialed by bilingual interviewers. The respondent was able to

choose whether to continue the survey in Spanish or English.

WEIGHTING

For each segment, the sample was weighted by gender to reflect the population of registered voters in New

York City age 35-69. The sample was also weighted by gender within the Generation X and Baby Boomer

strata. The overall samples (totals for NYC base, African-American, Hispanic, and Asian) were weighted by

age as well. Finally, the NYC base sample was weighted by race/ethnicity. County proportions (distribution

of residence across the 5 counties/boroughs of NYC) were evaluated and a decision was made not to weight

on this variable. The distribution of interviews completed in each county is shown below.

Total NYC

(Base sample) African American Hispanic

Asian American &

Pacific Islander

Bronx 12% 16% 25% 6%

Kings (Brooklyn) 33% 44% 26% 21%

New York (Manhattan) 22% 12% 22% 16%

Queens 23% 27% 20% 50%

Richmond (Staten Island) 10% 1% 7% 7%

The following tables contain more information about the weighting factors for each sample.


Note: Universe proportions according to L2 database for all registered voters, New York City age 35-69

NYC Base

Gen X Boomer Total Gen X Boomer Total Gen X Boomer Total

Male 44% 44% 44% 44% 45% 44% 101% 99% 100%

Female 56% 56% 56% 56% 55% 56% 100% 101% 100%

TOTAL GENDER 100% 100% 100% 100% 100% 100%

African-American 17% 17% 17% 22% 22% 22% 0.7708 0.774664 0.77272727

Hispanic 23% 23% 23% 18% 21% 20% 1.29257 1.072461 1.17197452

Asian 2% 5% 4% 2% 5% 4% 0.88692 1.002607 1.03225806

NHW 58% 55% 56% 58% 52% 55% 1.00173 1.065478 1.02752294

TOTAL ETHNICITY 100% 100% 100% 100% 100% 100%

Gen X 47.5% 50.1% 0.00947536

Boomer 52.5% 49.9% 0.01052737

TOTAL AGE 100%

NYC African American


Male 39.6% 40.3% 40.0% 39.8% 40.3% 40.0% 0.99615 1.001938 0.999275

Female 60.4% 59.7% 60.0% 60.3% 59.8% 60.0% 1.00252 0.998678 1.00046667

TOTAL GENDER 100% 100% 100% 100% 100% 100%

Gen X 48.9% 50% 0.978

Boomer 51.1% 50% 1.022

TOTAL AGE 100%

NYC Hispanic


Male 42.8% 42.3% 42.6% 42.8% 42.3% 42.5% 1.00201 1.000734 1.00129412

Female 57.2% 57.7% 57.4% 57.3% 57.8% 57.5% 0.99848 0.999446 0.99902609

TOTAL GENDER 100% 100% 100% 100% 100% 100%

Gen X 49.4% 50% 0.9876

Boomer 50.6% 50% 1.0124

TOTAL AGE 100%


Male 43.71% 45.52% 44.58% 50.26% 50.00% 50.14% 0.86969 0.91030 0.88907

Female 56.29% 54.48% 55.42% 49.74% 50.00% 49.86% 1.13166 1.08968 1.11156

TOTAL GENDER 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Gen X 51.75% 55.24% 0.93682

Boomer 48.25% 44.76% 1.07797

TOTAL AGE 100.00%

NYC Asian and Pacific Islander

Universe Quotas Survey Actuals Weight Factors



Universe Survey Actuals Weight Factors


RESPONSE RATE/COOPERATION RATE/REFUSAL RATE

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

Total 10% 86% 7%

Gen X 11% 87% 6%

Boomer 10% 84% 8%

*Source: AAPOR Outcome Rate Calculator Version 2.1 May 2003

ANNOTATED QUESTIONNAIRE

A fully annotated questionnaire and more information about this survey can be found at:

www.aarp.org/nygenxandboomers.

http://www.aarp.org/nygenxandboomers


AARP New York

780 Third Ave 33rd Floor

New York, NY 10017

Phone: (866) 227-7442

Email: [email protected]

Website: http://www.aarp.org/ny

AARP Research

601 E Street NW

Washington, DC 20049

www.aarp.org/research

mailto:[email protected]

http://www.aarp.org/ny

Documents

High Anxiety: New York City Gen X and Boomers Struggle ... · AARP New York presents, “High Anxiety: New York City’s Gen X and Boomers Struggle with Stress, Savings and Security,”