Asset rich cash poor in the economic downturn: the financial challenges facing retired older people

Older people are thought to be particularly vulnerable during times of economic downturn. Little is currently understood of the impact of the current economic downturn on the financial circumstances and wellbeing of retired people and the nature of the services and support needed to enable them to cope financially and maintain their wellbeing and quality of life. Retired people are not a homogenous group. Therefore, this study explores the impact of the downturn on a specific group: house owners over the age of 65, not in receipt of means tested state benefits and living on modest incomes. This group may be described as “asset rich cash poor” (ARCPs). It is thought that this group is particularly vulnerable as they are not eligible for state support but are insufficiently well off to be living comfortably. Findings from this research, although focused on retired people with specific circumstances, may have wider relevance in relation to retired people with different financial circumstances. The purpose of this study is to investigate the experiences of asset rich cash poor older people in the economic downturn, in order to establish: • how they manage their financial circumstances in these times; • the impact of the downturn on their wellbeing and quality of life; and • whether services and support available to this group and other older people could be improved. The study comprised two phases. In phase one, the perspectives of older people were explored by carrying out 28 semi-structured interviews with older people in the asset rich cash poor category, permanently resident in Dorset, some of whom lived in a conurbation and others in rural areas. In phase two, the study explored perspectives of key financial advice/information/service providers through four focus groups comprising: health and social care professionals; financial advisors from the private sector; and professionals from the third (not for profit) sector. 6 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN The study has shown that the economic downturn is having a marked impact on the financial, social, mental and physical wellbeing of this sample of asset rich cash poor older people in Dorset. For many, the level of income that they had expected when planning for retirement had not come to fruition and they feel poor in relation to their previous lifestyle and retirement expectations. The key findings and policy implications of the study are: Key finding 1: Many ARCP older people particularly women, had done little retirement planning. Many ARCP older people had insufficiently planned for their retirement. In particular some women had relied on their husbands to manage all finances and had not provided for their own pensions. This reflects the findings of earlier studies on the older generation. Policy implications The independent Money Advice Service (formerly the FSA Consumer Financial Education Board) should commit greater financial resource to the awareness raising and skill development of future generations to help people plan more carefully for their retirement. Although the findings of this study show a widespread need among older people for information and advice, resources should be targeted particularly at women, especially those who have had extended periods out of workplace. Private, public and voluntary sector services should respond to this increased investment through developing and testing out models of financial capability training, with an emphasis on financial planning, as well as its mode of delivery. There may be potential in raising awareness of the need for retirement planning and associated training to non-working women through health visiting or child care services. For older people who have planned ahead, pensions and savings have been traditionally seen as a key way to plan responsibly for one’s retirement future. But these are not risk free as has been played out in the recent years of economic downturn, with the associated low interest rates and return on investment. People planning ahead for retirement need to be reminded of the impact of any future recession and the risks of this if it coincides with their planned retirement date. ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN 7 Key finding 2: Older people, in the ARCP category, tended to manage the money they had very carefully, despite the economic downturn, and had an aversion to debt. This finding mirrors the quantitative study of Atkinson et al. (2006) who found older people to be better at managing money than the younger generations. In discussion of the financial pressures placed upon them in term of escalating essential and non-essential expenditure, no interviewees referred to having resorted to unsecured debt. Policy implications Managing money is identified in this study and earlier studies as a strength within older people. Therefore, financial capability training for this age group should focus on the other dimensions of financial capability where older people are less skilled, for example choosing financial products and staying informed. Older people should be considered an asset in society and their strong skills in managing money should be utilised. Those organisations wishing to develop and deliver financial capability curricula for younger people could consider intergenerational programmes in which older people participate as guest speakers, sharing their experiences in managing money with younger generations. These educators could be encouraged to work together with the Money Advice Service and the Department of Health and financial advice and information providers to bring various age groups together. Key finding 3: The combination of reduced income from investments, increases in pensions which do not keep pace with inflation, combined with increases in costs for essential and non-essential expenditure, is having an impact on social, physical and mental wellbeing and is causing noticeable life style changes. The effects of the economic downturn on ARCP older people’s wellbeing was highlighted by both older people themselves and service providers. In both phases of the research, reference is made to feelings of anxiety, worry, fear, depression and concern. 8 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN Policy implications Reduced wellbeing during the economic downturn in this age group is likely to put an increased demand on health and social care services. Policy makers in the Department of Health have a vested interest therefore in developing strategies to counter this negative impact. One recommendation to enhance social wellbeing is that the Money Advice Service, the Department of Health and local councils fund national and local initiatives to further support and develop social clubs or other groups for older people, with an emphasis on financial planning and management. This would help sustain wellbeing and provide a network of peers with whom older people might exchange financial experiences and information. Third and private sector organisations such as care homes and age related charities are well-placed to contribute to the development of these programmes. Key finding 4: The economic downturn is impacting on older people indirectly though cuts to public and third sector services. The economic downturn has been associated with cuts in funding to many services previously relied on by older people for their physical, social and mental wellbeing. Library closures were a cause of concern and a particular worry was the risk of withdrawal of bus passes. Policy implications Private sector service providers will need to fill the gap in services that currently support the health and wellbeing of older people, a gap left by the increased withdrawal of public and third sector services. A reduction of these services in particular will have a strong impact on the social, mental and physical wellbeing of older people. Key finding 5: Older people, in the ARCP category, do not always access enough or appropriate financial information. Many choose to seek financial information from trusted health and social care providers, their family and/or friends rather than from financial professionals. Older people, and professionals that support them, reported that older people are not always accessing the sound financial information which they may need, whether it be on financial products, forward financial planning or how to obtain the benefits they are entitled to. Lack of trust in financial advisors was widespread. Independent financial advisors indicated that older people on lower incomes were using their services less frequently. Some were either self-reliant by researching ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN 9 on the internet or using the media, or tapped into sources of social capital found within their social networks. Policy implications More effort and resource needs to be put in place to address these very serious concerns about access to advice and support by older people. Older people are approaching health professionals for financial advice, despite the fact that these professionals may not be best placed to provide this. Health professionals need to be able to direct these queries to trained financial service providers. Financial services within the private sector should therefore form interagency partnerships with more trusted public and third sector services in order to improve access to the services they provide. There is a very significant concern about lack of trust in advisors and banks. The need to rebuild reputation must be addressed by regulators, the advisors and banks themselves, with an increased emphasis being placed on the value systems of financial services and the role they can play in promoting community and individual wellbeing. The strength of the social networks of older people should also be harnessed, suggesting again that there is potential in targeting or developing social clubs for older people as locations to enhance financial capability. Key finding 6: In order to make ends meet, some older people in the ARCP category may take greater financial risks or be more vulnerable to abuse in an economic downturn. The professionals that support older people expressed concerns that the economic downturn may push older people towards riskier behaviours without them fully understanding the implications of the risks. There is also a risk of older people becoming more vulnerable to financial abuse. Policy implications Policy makers need to ensure that older people are made aware of the risks of financial abuse. As older people are often turning to more trusted health and social care providers for advice on financial matters, health/social care providers as well as financial service providers should both develop means to keep their older clients regularly informed of potential financial risk within the current economic climate. As financial support is not the remit of many of the health care providers and financial services is a regulated activity, it is advisable they form partnerships with the finance sector, in order to better inform their patients/clients of current financial risks or to be able to refer them on to qualified support. Service providers may also 10 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN offer a helpline in which older people feel safe to disclose, anonymously if need be, any concerns of financial abuse they may be exposed to. Charities already offering these services (e.g. Age UK and Action on Elder Abuse-AEA) should be supported in these endeavours through encouraging partnerships between financial service providers on the one hand and health/social care providers on the other in order that the latter can provide accurate and up to date information on financial risk to its partners. A recent partnership between local financial advisors and the charity Age UK is an excellent example of this (Age UK, 2012). It is also essential that the Money Advice Service raises awareness of this risk. As the provision of financial services is a regulated activity, it is important to ensure that any activities undertaken by health/social care providers are not in breach of financial services regulations. Key finding 7: Older people made no reference to the Money Advice Service or the Financial Services Authority (FSA) as a source of help or advice. At the time of this study none of the interviewees of the focus groups made any reference to the role of the Financial Service Authority (FSA) or the Money Advice Service in providing information or advice about financial matters to older people. Policy implications Although the Money Advice Service is now independent of the FSA, and is endeavoring to target a wider population, it is not clear why our interviewees never referred to it. It may either be due to a lack of awareness of the service, a serious indictment of the outreach of the FSA, or alternatively a lack of IT expertise in older people, demonstrated also by their very limited use of online banking. In either event, older people may be denied access to key forms of help and advice on financial matters. Resources need to be devoted to either increasing IT literacy among older people, or alternatively providing help and support using traditional forms of communication and/or increasing the reach of the Money Advice Service by targeting this age group specifically. In conclusion, therefore, older people in this study reported being affected markedly by the current economic downturn. Members of the financial sector, including accountants, and the Money Advice Service have a responsibility to support older people during this and future downturns. They must reflect on ways in which they might tailor their support towards this group. One way of doing so is by actively seeking collaborative interagency partnerships with third and public sector health and social care professionals to improve their access and understanding of older ASSET RICH CASH POOR IN THE ECONOMIC DOWNTURN 11 clients. These more trusted professionals will be able to direct financial enquiries to accountants and financial advisors who older people may otherwise not have had the confidence, knowledge or trust to approach directly. Accountants and other financial services should also be aware of the particular challenges facing asset rich but cash older people and adapt their advice accordingly when dealing with this group. They should reflect in their consultations that many older people are fully capable of managing their money but are in greater need of advice on how to invest their money and plan ahead for their future. They should also think outside of the box in providing support, considering ways, for example, in which the power of existing social networks might be harnessed. 12 ASSET RICH CASH POOR IN THE ECONOMIC DOWNTUR

Fracture Characterization of Rolled Sheet Alloys in Shear Loading: Studies of Specimen Geometry, Anisotropy, and Rate Sensitivity

The final publication is available at Springer via http://dx.doi.org/10.1007/s11340-016-0211-9Two different shear sample geometries were employed to investigate the failure behaviour of two automotive alloy rolled sheets; a highly anisotropic magnesium alloy (ZEK100) and a relatively isotropic dual phase steel (DP780) at room temperature. The performance of the butterfly type specimen (Mohr and Henn Exp Mech 47:805–820, 16; Dunand and Mohr Eng Fract Mech 78:2919-2934, 17) was evaluated at quasi-static conditions along with that of the shear geometry of Peirs et al Exp Mech 52:729-741, (27) using in situ digital image correlation (DIC) strain measurement techniques. It was shown that both test geometries resulted in similar strain-paths; however, the fracture strains obtained using the butterfly specimen were lower for both alloys. It is demonstrated that ZEK100 exhibits strong anisotropy in terms of failure strain. In addition, the strain rate sensitivity of fracture for ZEK100 was studied in shear tests with strain rates from quasi-static (0.01 s−1) to elevated strain rates of 10 and 100 s−1, for which a reduction in fracture strain was observed with increasing strain rate.Cosma International, Automotive Partnership CanadaOntario Research FundNatural Sciences and Engineering Research Council of CanadaCanada Research Chairs SecretariatCanada Foundation for Innovatio

Effects of Force Distribution and Rebound on Electromagnetically Formed Sheet Metal

Electromagnetic forming (EMF) is a high speed forming process that has been shown to increase the formability of aluminum alloys under certain conditions. Many authors have reported significant increases in formability; however, there is as of yet no complete understanding of the process. Obtaining a gain in formability is not the only factor that must be considered when studying EMF. The process rapidly generates significant forces which lead to the deformation of the material at very high rates. The applied forces depend on the shape of the electromagnetic coil used, which leads to force distributions that may not be ideal for forming a particular part. Once the sheet is accelerated it will travel at high speeds until it impacts the die. This high speed impact results in the sheet rebounding from the die. Both the force distribution and the rebound affect the final shape of the part. This paper presents the results of experimental and numerical study carried out to determine the effect of the force distribution and the rebound on samples of conical and "v-channel" geometry. It was found that both sample geometries are affected by the force distribution and the rebound, with the v-channel samples being considerably more affected. The results indicate that these effects must be carefully considered when EMF processes are designed

Diagnostic Medical Errors: Patient\u27s Perspectives on a Pervasive Problem

Introduction. The Institute of Medicine defines diagnostic error as the failure to establish an accurate or timely explanation for the patient\u27s health problem(s), or effectively communicate the explanation to the patient. To our knowledge, no studies exist characterizing diagnostic error from patient perspectives using this definition. Objective. We sought to characterize diagnostic errors experienced by patients and describe patient perspectives on causes, impacts, and prevention strategies. Methods. We screened 77 adult inpatients at University of Vermont Medical Center and conducted 27 structured interviews with patients who experienced diagnostic error in the past five years. We performed qualitative analysis using Grounded Theory. Results. In the past five years, 39% of interviewed patients experienced diagnostic error. The errors mapped to the following categories: accuracy (30%), communication (34%) and timeliness (36%). Poor communication (13 responses) and inadequate time with doctors (7) were the most identified causes of errors. Impacts of errors included emotional distress (17 responses), adverse health outcomes (7) and impaired activities of daily living (6). Patients suggested improved communication (11 responses), clinical management (7) and access to doctors (5) as prevention strategies. For communication, patients rated talk to your doctor highest (mean 8.4, on 1-10 Likert scale) and text message lowest (4.8). Conclusions/Recommendations. Diagnostic errors are common and have dramatic impact on patients\u27 well-being. We suggest routine surveillance to identify errors, support for patients who have experienced errors, and implementation of patient and provider checklists to enhance communication. Future studies should investigate strategies to allow care providers adequate time with patients.https://scholarworks.uvm.edu/comphp_gallery/1246/thumbnail.jp

Self Management and Telehealth: Lessons Learnt from the Evaluation of a Dorset Telehealth Program

Dorset Clinical Commissioning Group

Damage Evolution in Complex-Phase and Dual-Phase Steels during Edge Stretching

The role of microstructural damage in controlling the edge stretchability of Complex-Phase (CP) and Dual-Phase (DP) steels was evaluated using hole tension experiments. The experiments considered a tensile specimen with a hole at the center of specimen that is either sheared (sheared edge condition) or drilled and then reamed (reamed edge condition). The damage mechanism and accumulation in the CP and DP steels were systematically characterized by interrupting the hole tension tests at different strain levels using scanning electron microscope (SEM) analysis and optical microscopy. Martensite cracking and decohesion of ferrite-martensite interfaces are the dominant nucleation mechanisms in the DP780. The primary source of void nucleation in the CP800 is nucleation at TiN particles, with secondary void formation at martensite/bainite interfaces near the failure strain. The rate of damage evolution is considerably higher for the sheared edge in contrast with the reamed edge since the shearing process alters the microstructure in the shear affected zone (SAZ) by introducing work-hardening and initial damage behind the sheared edge. The CP microstructures were shown to be less prone to shear-induced damage than the DP materials resulting in much higher sheared edge formability. Microstructural damage in the CP and DP steels was characterized to understand the interaction between microstructure, damage evolution and edge formability during edge stretching. An analytical model for void evolution and coalescence was developed and applied to predict the damage rate in these rather diverse microstructures.Natural Sciences and Engineering Research Council of Canada (NSERC) AUTO21 Network of Centres of Excellence Canada Research Chairs Secretaria

Formability and Damage in Electromagnetically Formed AA5754 and AA6111

This paper presents the results of experiments carried out to determine the formability of AA5754 and AA6111 using electromagnetic forming (EMF), and the effect of the tool/sheet interaction on damage evolution and failure. The experiments consisted of forming 1mm sheets into conical dies of 40° and 45° side angle, using a spiral coil. The experiments showed that both alloys could successfully be formed into the 40?? die, with strains above the conventional forming limit diagram (FLD) of both alloys. Forming into the higher 45° cone resulted in failure for both materials. Metallographic analysis indicated that damage is suppressed during the forming process. Micrographs of the necked and fractured areas of the part show evidence that the materials do not fail in pure ductile fracture, but rather in what could be a combination of plastic collapse, ductile fracture and shear band fracture. The failure modes are different for each material; with the AA5754 parts failing by necking and fracture, with significant thinning at the fracture tip. The AA6111 exhibited a saw tooth pattern fractures, a crosshatch pattern of shear bands in the lower half of the part, and tears in the area close to the tip. Both areas showed evidence of shear fracture. This experimental study indicates that there is increased formability for AA5754 and AA6111 when these alloys are formed using EMF. A major factor in this increase in formability is the reduction in damage caused by the tool/sheet interaction

Quantification of Mixed Mode Loading and Bond Line Thickness on Adhesive Joint Strength Using Novel Test Specimen Geometry

The final publication is available at Elsevier via https://doi.org/10.1016/j.ijadhadh.2020.102682. © 2020. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/This study quantifies the effect of mixed mode loading and bond line thickness on adhesive joint strength or automotive structural applications. This research is motivated by the need to address the complex loading that occurs during automotive crash events, as well as the variation in bond line thickness that may occur due to gap variability when joining mass-produced structural components. A newly developed specimen geometry for Mode II and Mixed Mode loading is presented, while a recently published test methodology was used to characterize the Mode I response. Three nominal bond line thicknesses (0.18, 0.30 and 0.64 mm), were investigated for a toughened structural adhesive and steel adherends. The traction-separation response, required for cohesive zone modeling (CZM) of adhesive joints, was determined for each combination of bond line thickness and mode of loading. Mode I loading resulted in higher peak traction and lower critical energy release rates compared to Mode II loading, with the Mixed Mode responses typically falling between Mode I and II, in relation to the loading angle tested. Increasing bond line thickness resulted in a reduction in initial stiffness and peak traction, as well as an increase in critical energy release rate for all modes of loading. Two existing CZM mixed mode failure criteria were assessed and demonstrated a good fit to the tested mixed mode responses, despite the limited ability of the CZM implementation to predict the end of the plateau region of the traction-separation response. The experimental approach described in this study was shown to provide repeatable results that could be directly used to fully define an adhesive CZM, ready for use in finite element modeling without the need for inverse modeling

Experimental fracture characterisation of an anisotropic magnesium alloy sheet in proportional and non-proportional loading conditions

The final publication is available at Elsevier via http://dx.doi.org/10.1016/j.ijsolstr.2018.04.010. © 2018. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/A comprehensive experimental investigation was performed to characterize the fracture behaviour of a rare-earth magnesium alloy sheet, ZEK100-O, under both proportional and non-proportional loading conditions. This material possesses severe plastic anisotropy and tension-compression asymmetry that evolve with plastic deformation and is an excellent candidate to experimentally evaluate phenomenological fracture modelling strategies. Different types of specimen geometries were fabricated in different orientations with respect to the rolling direction of the sheet to reveal the anisotropic fracture response of the alloy. Moreover, three different types of plane-strain tension tests, namely, v-bend, butterfly, and Nakazima dome tests were conducted and compared in terms of their applicability for fracture characterization of sheet materials. To visualize directional dependency of the fracture response of the magnesium alloy, experimental fracture loci for different orientations were constructed. Furthermore, non-proportional tests were performed in which abrupt changes in stress state were imposed to study the role of the loading history on fracture behaviour of the alloy. The non-proportional tests entailed pre-straining the material in uniaxial and equi-biaxial tension up to a prescribed plastic work level, followed by extreme strain path changes to plane-strain tension and shear states. Non-proportional deformations with such severe strain path variations have not been reported in the literature for materials with complex anisotropic behaviour such as ZEK100-O. The results of which have enabled the direct experimental evaluation of phenomenological damage models without performing an inverse calibration from finite element simulations. Based on the results of the non-proportional tests, it was shown that simple damage indicators were unable to describe the influence of severe changes in the strain path on fracture.Cosma InternationalAutomotive Partnership CanadaOntario Research FundNatural Sciences and Engineering Research Council of CanadaCanada Research Chairs SecretariatCanada Foundation for Innovatio

Experimental Techniques for Finite Shear Strain Measurement within Two Advanced High Strength Steels

This Preprint article has been submitted for consideration.There is a growing need to experimentally characterize local shear deformation in advanced high strength steels (AHSS) for the calibration of stress-state dependent fracture criteria and to better understand sheared edge cracking during secondary forming operations. Planar shear test specimens with digital image correlation (DIC) strain measurement are now commonly performed tests but may not be able to resolve the local strains during the final stage of fracture when the macroscopic shear band collapses to a micro-shear band with intense local strains. Studies of sheared edge stretching of AHSS have shown that the microstructure at the sheared edge experiences extreme local shear deformation with the shear-affected zone (SAZ) that can be much larger than the macroscopic strains reported using DIC on planar shear tests. In this work, two independent experimental techniques are proposed to characterize the residual strain distribution within the shear-affected zone for two AHSS grades with a similar strength level: a complex-phase (CP) steel, CP800, and a dual-phase (DP) steel, DP780. The first method uses finite strain theory to calculate the work-conjugate equivalent strain from grain rotations within the shear bands of interrupted in-plane shear tests. A comparison between the local DIC strain measurements and the grain rotation measurements were found to be in excellent agreement until just prior to failure. The second technique used micro-hardness measurements taken from the interrupted shear tests to develop correlations with the measured equivalent strain from the DIC system. The hardness and grain rotation techniques were then used to characterize the local strain distribution within the SAZ of hole expansion test specimens for punch clearances of 12% and 28%. Both methods provided similar strain distributions with the grain rotation method having the highest strain resolution. The residual strain field within the SAZ of both AHSS was found to be strongly dependent upon the punch clearance. Finally, a homogenization procedure was applied to the SAZ strain distributions to facilitate the length scale transition from the grain-level to length scales appropriate for finite-element modelling of sheet metal forming operations with sheared edges.Natural Sciences and Engineering Research Council of Canada (NSERC) AUTO21 Network of Centres of Excellence Canada Research Chairs Secretaria