Survey: Massachusetts Residents Should Be More Aware Of Finances

July 25, 2012 12:00 AM
Survey: Massachusetts Residents Should Be More Aware Of Finances
" BOSTON (CBS) – The Office of Consumer Affairs’ survey found many Massachusetts residents don’t do enough to protect their finances.

WBZ NewsRadio 1030′s Mark Katic reports:

Download: katic-consumer-survey-2.mp3

Most people know they get a free annual credit report, but not everyone knows Massachusetts residents can get two.

“We found out that only 52% of Massachusetts consumers, or say 1 out of 2, actually check their credit report at least once a year,” said Undersecretary Barbara Anthony.

The lack of awareness spans across the economic spectrum.

Only 32% making less than $25,000 check their credit, and only 37% of people making over $150,000 per year do it, according to the survey.

Seniors also need to do their homework.

“Only 54% of consumers are familiar with reverse mortgages,” said Anthony.

Banking commissioner David Cotney says seniors don’t take advantage of other bank services.

“About 4 out of 10 seniors are unaware of the availability of the 1865 account,” said Cotney.

The 1865 account, which is free checking, is also available for minors "

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