Archive for the ‘age and aging’ Category

Improved Interactions Drive Gen Y Increase in Auto Insurance Satisfaction

July 17, 2015 Comments off

Improved Interactions Drive Gen Y Increase in Auto Insurance Satisfaction
Source: J.D. Power

Gen Y[1] customers are the driving force behind an increase in overall auto insurance satisfaction due to improvement across all customer service interaction channels, the largest contributor to the customer experience, according to the J.D. Power 2015 U.S. Auto Insurance StudySM released today.

The study examines customer satisfaction in five factors: interaction; price; policy offerings; billing and payment; and claims. Satisfaction is measured on a 1,000-point scale.

Customer interaction preferences are changing. Gen Y’s preference to interact exclusively through digital self-service (Web or mobile) has increased to 27 percent in 2015 from 21 percent in 2011. A similar pattern of preference is found in other generational groups (Gen X: 23% vs. 19% in 2011; Boomers: 12% vs. 10%; and Pre-Boomers: 6% vs. 4%). Among the interaction channels, satisfaction with the website experience receives the lowest average score, most notably among Gen Y customers (816, compared with 826 for Gen X, 841 for Boomers and 861 for Pre-Boomers).

Building Millennials’ Financial Health Via Financial Capability

July 17, 2015 Comments off

Building Millennials’ Financial Health Via Financial Capability (PDF)
Source: University of Kansas School of Social Welfare

Today’s young adults, referred to as Millennials born between the early 1980’s and 2000’s, are coming of age in an economy unlike any other. 1 The macroeconomic conditions of the Great Recession from approximately 2007 to 2011 systematically undermined Millennials’ financial health by limiting employment opportunities, stagnating income growth, reducing net worth, and increasing reliance on debt. Millennials entered a labor market with limited opportunities and saw higher unemployment rates than the rest of the population.2 Fewer Millennials entered the labor market than young adults from any preceding generation and their unemployment rate was roughly 15 to 17 percent at the height of the recession—5 to 7 percentage points higher than the average unemployment rate for the rest of the population. They also experienced diminishing returns for participating in the labor market, earning 6 percent less per paycheck than in previous years.

Fewer employment opportunities and reduced paychecks translated into less money to save and invest. The average Millennial has about $1,000 in savings,4 suggesting that many may struggle to afford necessary expenses in the face of unemployment and to become financially independent.5 Millennials also delayed investing in homes and those who did invest experienced substantial wealth losses that were driven by declining home equity. 6 These losses are reflected in the value of Millennials’ accumulated net worth compared to that of previous generations.7 Millennials’ net worth is valued at $10,000, which is 41 percent less than the values of net worth held by Baby Boomers and Generation X’ers two decades ago.8

“They’re blowing up my phone”: Group Messaging Practices Among Adolescents

July 13, 2015 Comments off

“They’re blowing up my phone”: Group Messaging Practices Among Adolescents
Source: Microsoft Research

While group messaging has become popular, particularly among adolescents, it has not yet been explored in the HCI literature. We interviewed 48 adolescents, aged 15-24, who use group messaging regularly. We present a framework for understanding the types of groups they communicate with according to three dimensions: focus, membership, and duration. We also present findings about factors influencing their choice of group messaging tools and the problems they have managing multiple group threads using multiple tools. We explore the problem of notification overload and users’ strategies for managing frequent notifications. We describe one approach of “social alerting, ” when group members notify one another directly, rather than rely on app notifications. We relate our findings to prior work and offer design suggestions to address the challenges our participants faced in managing frequent group notifications.

Effect of Changing Demographics on Young Adult Homeownership Rates

July 7, 2015 Comments off

Effect of Changing Demographics on Young Adult Homeownership Rates
Source: Joint Center for Housing Studies, Harvard University

Changing socio-demographic characteristics of young adult households (those with householders ages 25 to 34) are having an impact on their propensities for homeownership. Increases in the share of minority and unmarried householders are placing downward pressure on homeownership rates for this group, while at the same time higher levels of income and educational attainment are providing a boost. But events in housing markets over the last twenty years have masked these effects, first by making homeownership more attractive and attainable in the years leading up to the Great Recession, thus pushing homeownership rates up, then by lowering them after 2005 as constraints on credit and increasingly poor economic conditions inhibited home purchases by young adults. Untangling the combined effect of these trends requires analyses that can decompose demographic trends from macro and micro market conditions, to isolate the effects that specific changes in characteristics have had on young adult homeownership rates over time. This paper describes such an analysis based on econometric methods that estimate the expected change in homeownership over time due to socio-demographic factors, and finds that absent the boom and bust in housing markets over the last two decades young adults would likely have lowered their homeownership rates by over 5 percentage points, with much of that decline caused by changes in marital and family status. It concludes with some commentary on the implications of these findings for the homeownership tendencies of young adults going forward.

Cognitive Aging: Progress in Understanding and Opportunities for Action (2015)

July 6, 2015 Comments off

Cognitive Aging: Progress in Understanding and Opportunities for Action (2015)
Source: Institute of Medicine

For most Americans, staying “mentally sharp” as they age is a very high priority. Declines in memory and decision-making abilities may trigger fears of Alzheimer’s disease or other neurodegenerative diseases. However, cognitive aging is a natural process that can have both positive and negative effects on cognitive function in older adults – effects that vary widely among individuals. At this point in time, when the older population is rapidly growing in the United States and across the globe, it is important to examine what is known about cognitive aging and to identify and promote actions that individuals, organizations, communities, and society can take to help older adults maintain and improve their cognitive health.

Cognitive Aging assesses the public health dimensions of cognitive aging with an emphasis on definitions and terminology, epidemiology and surveillance, prevention and intervention, education of health professionals, and public awareness and education. This report makes specific recommendations for individuals to reduce the risks of cognitive decline with aging. Aging is inevitable, but there are actions that can be taken by individuals, families, communities, and society that may help to prevent or ameliorate the impact of aging on the brain, understand more about its impact, and help older adults live more fully and independent lives. Cognitive aging is not just an individual or a family or a health care system challenge. It is an issue that affects the fabric of society and requires actions by many and varied stakeholders. Cognitive Aging offers clear steps that individuals, families, communities, health care providers and systems, financial organizations, community groups, public health agencies, and others can take to promote cognitive health and to help older adults live fuller and more independent lives. Ultimately, this report calls for a societal commitment to cognitive aging as a public health issue that requires prompt action across many sectors.

Few teens use the most effective types of birth control

July 4, 2015 Comments off

Few teens use the most effective types of birth control
Source: Centers for Disease Control and Prevention

Teen births continue to decline in the U.S., but still more than 273,000 infants were born to teens ages 15 to 19 in 2013. Childbearing during the teen years can carry health, economic, and social costs for mothers and their children.

The good news is that more teens are waiting to have sex, and of those who are sexually active, nearly 90 percent used birth control the last time they had sex. Data show that teens most often use condoms and birth control pills which, when not used consistently and correctly, are less effective for preventing pregnancy. According to this month’s Vital Signs report from the Centers for Disease Control and Prevention, increasing access to Long-Acting Reversible Contraception (LARC) is one way to further reduce teen pregnancy.

T. Rowe Price: Millennial 401(K) Savers Have Better Financial Habits Than Baby Boomers

June 25, 2015 Comments off

T. Rowe Price: Millennial 401(K) Savers Have Better Financial Habits Than Baby Boomers
Source: T. Rowe Price

T. Rowe Price’s Retirement Saving & Spending Study revealed that a national sample of 1,505 millennials with 401(k)s have relatively good financial habits, particularly when compared with a national sample of 514 baby boomers with 401(k)s. While millennials are not saving at least 15% of their annual salary for retirement, as T. Rowe Price recommends, they recognize that saving for retirement is important and are interested in saving more.

More millennials than baby boomers track expenses carefully (75% vs. 64%) and stick to a budget (67% vs. 55%). And while baby boomers on average are saving a slightly higher percentage of their salary for retirement than millennials are saving, more millennials have increased their retirement savings within the past 12 months (40% vs. 21%). This suggests that they are acting in accordance with their financial priorities, as millennials ranked contributing to a 401(k) but below the match and paying down debt equally as their top priority.


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