building a financially resilient oregon. naifa... · 2018-05-10 · only 20% of oregonians could...
TRANSCRIPT
Presenter: Kevin Jeffries,
Consumer Liaison.
Building a Financially Resilient
Oregon.
Division of Financial RegulationDepartment of Consumer and Business Services
▪ Oregon OSHA
▪ Building Codes Division
▪ Division of Financial Regulation
▪ Workers’ Compensation Board
▪ Workers’ Compensation Division
▪ Oregon Health Insurance Marketplace
The Department of
Consumer and Business
Services (DCBS) includes:
▪ Banks and credit unions
▪ Check cashing
▪ Debt management services
▪ Financial & investment advisors
▪ Insurance industry
▪ Mortgage industry
▪ Money transmitters
▪ Pawnshops
▪ Payday and title lenders
▪ Securities
We regulate:
Protecting Oregonians’ access to
fair products and services through education,
regulation, and consumer assistance.
▪ Assist in resolving complaints
▪ Investigate violations of insurance and financial law
▪ Education and outreach
www.dfr.oregon.gov
888-877-4894 (toll-free)
Division of Financial Regulation:
• Helped 14,805 Oregonians with
their insurance
• Resolved 3,970 complaints
• Recovered $3,990,954 for
Oregonians
$417,161
$134,345$211,022
$846,943
$2,131,037
$250,446
BusinessAuto Health Home Life & Annuity
Other
An ability to recover from or adjust
easily to misfortune or change.
Where are we?
Qualified respondents
• 546 qualified household financial decision makers
• Margin of error: +/-4.2% margin of error
Telephone survey
• 146 completed interviews
• Targeted rural residents, Spanish and Native American
• Interviews conducted in English and Spanish
Online survey
• Statewide random sample
• 400 qualified responses
Demographics generally consistent with Oregon residents
Online poll skews younger // Telephone poll skews older
Targeted minority/under-representative audiences reached by
telephone:
‒ 92 interviews with Hispanic households
‒ 27 with Asian households
‒ 20 Native American/Alaskan households
‒ 18 Hawaiian/Pacific Islander households
‒ 14 African American households
▪ Most Oregonians have health insurance 87%
▪ Auto insurance 84%
▪ Homeowners insurance 56%
▪ Renters insurance 23%
▪ Just 8% has long-term care insurance
▪ 2% said they have no insurance at all
+/- 4%
▪ Most have a checking account 93%
▪ Savings account 75%
▪ A credit card 72%
▪ Retirement account 42%
▪ Retail store charge card 33%
+/- 4%
▪ About a third of those surveyed have an auto loan 31%
▪ 30% have a home mortgage.
▪ 5% have used payday loans
▪ 4% have purchased rent-to-own furniture or appliances
+/- 4%
▪ Credit cards (32%)
▪ Visiting bank or credit union (20% or 15%)
▪ Use online application at a bank or credit union (17% or
10%)
▪ Use payday lenders (3%)
+/- 4%
▪ Only 20% of Oregonians could name the state agency
that can help them with a Financial Service problem
(DFR)
▪ 60% of Oregonians said they have been a victim fraud or
ID Theft.
▪ 82% said they had been contacted by Phone, 74% by
email.
‒Only 31% of people said they ever reported attempted
scams
How confident are you in your ability to pay or save for:
1= No confidence 5=somewhat confident 10=very confident
Current expenses? 8
Unexpected expenses? 6
Paying for retirement? 5
Large purchases (house, tuition)? 5
Managing debt? 7
Overall financial stability? 6 ?
Home owners Insurance
Statewide: 56% (90% where homeowners)
‒Black/African American 14%
‒American Indian/Alaskan Native: 35%
Renters Insurance
Statewide average: 23% (52% were Renters)
‒Hawaiian/Pacific Islanders: 17%
‒Coastal: 6%
How well do you feel you understand your Renters
Policy?
Average: 7.4
‒Hawaiian/Pacific Islander: 5.3
How Well do you understand your Health Insurance?
Average: 7.2
‒ Hawaiian/Pacific Islander: 6.9
‒ American Indian/Alaska Native: 6.9
‒Under $20k: 6.7
Have use Pay Day Lender in past 12 months
State Average: 5%
‒18-34: 7%
‒Renter: 7%
‒Hawaiian/Pacific Islander: 19%
‒Central Eastern Oregon: 9%
‒Coastal: 9%
Are you saving money?
Statewide Average: 18% NO
‒32% of those with high school or lower said NO
‒31% of those at the coast said NO
‒36% of those how earn less than $20k
How Confident are you to pay for current needs
Statewide average: 8
‒ Hawaiian/Pacific Islanders:7.1
‒ Less than $20K: 7.3
‒ $20-$40k: 7.5
Able to pay for an unexpected expense
Statewide Average: 6.2
‒ Hawaiian/Pacific Islanders: 5
‒ Less than $20k:4.7
‒ $20-$40k: 5.5
Paying or saving for large purchases, such as a car, house,
or college tuition
Statewide Average: 5.6
‒ Less than $20k: 3.8
‒ $20k-$40k: 4.8
‒ Those who Rent: 4.5
Managing your debt
Statewide Average: 7.1
‒ Hawaiian/Pacific Islanders: 4.9
▪ 59 % used their debt card to get “Cash Back”
▪ 33 % said they had a secure mail box
▪ Financial Stability ranked at 6.6
18yrs to 49ys are less optimistic @ 6
those with advanced education: 7.5
Males: 7.1 vs. Female: 6.3
Reduce Negative Financial
Behaviors
‒ Use of Pay-day loans
‒ Unbanked
‒ Low Savings
‒ Uninsured/underinsured
Reduce Risky Behaviors
with personal information
‒ Debt cards
‒ Mail boxes
‒ Phone and email
‒ Social media
▪ Consumer Education
▪ Consumer Advocacy
▪ Industry Training
▪ Community Partners
We Can’t Get There Alone
Questions?
Consumer Advocacy
▪ Insurance help‒ 888-877-4894 (toll-free)
▪ Financial services help‒ 866-814-9710 (toll-free)
Licensing
▪ 503-947-7981
Mailing address
▪ Oregon Division of Financial Regulation
P.O. Box 14480
Salem, OR 97309-0405
