Consumers demand financial protection

• 96% — Percentage of survey respondents over 50 who say banks should be required to “explain the terms and conditions of loans, including mortgages and credit card debt, in plain language people can understand.”
• 93% — Percentage of respondents who say 401(k) plan sponsors should be required to explain and clearly state fees on participants’ annual statements.
• 93% — Percentage of respondents who favor enabling consumers to be able to check an investment advisor’s background for professional misconduct.
• 92% – Percentage of survey respondents who say investment companies should be required to disclose costs, risks and benefits of financial products they market, as well as adopt a plain-language, user-friendly format.
• 90% – Percentage of survey respondents who want deceptive salespeople held accountable.
• 89% – Percentage of survey respondents who want protection from predatory lending practices like excessive fees on mortgages and credit cards.
• 66% – Percentage of survey respondents who say states should be able to enact consumer protection laws that are stronger than federal laws.
• 59% – Percentage of survey respondents who doubt banks and salespeople practice due diligence to ensure a product is suitable before selling it.

Source: AARP