Financial Well-BeingFinancial Knowledge, Behavior and AssociatedConceptsPersonal Characteristics Social ContextFinancial Well-Being Definition Financial Knowledge Personality Traits and Characteristics Institutional/Societal Context Institutional/Societal ContextIn Control of FinancesCapacity to Absorb ShocksOn Track to Meet GoalsAble to Make Choices to Enjoy LifeIndividuals who know when and how to acquirereliablefinancial knowledge will have a higherlevel of financial well-being.Individuals who have a higher propensity toplan and are more future-oriented are morelikely to experience financial well-being thanare individuals who are ‘living day-to-day.’EconomyGovernment PolicyOtherAgeSex/GenderEducationIncomeRace/EthnicityOtherHistorical Personal ContextIndividuals who know which behaviors orchoices are likely to improve their financial wellbeing and why will have a higher level offinancial well-being.Driven, hard-working, conscientious individualsare more likely to experience financial wellbeing than are less motivated individuals.UpbringingExperiences/Life EventsEducationOtherCurrent Personal ContextIndividuals who know how and when to engagein behaviors likely to improve financial wellbeing will have a higher level of financial wellbeing.Individuals who possess self-control and areable to delay gratification are more likely toexperience financial well-being than individualswith weaker self-control.Good EmploymentCommunityFamily, Spouse/Partner, ChildrenFriends and Social networksOtherFinancial BehaviorSocial norms/ Social ComparisonIndividuals who effectively manage theirresources on a day-to-day, month-to-monthbasis will have a higher level of financial wellbeing.Individuals who ‘measure themselves by theirown yardsticks’ using an inward frame ofreference rather than by comparing themselvesto others are more likely to experience financialwell-being.Culture of ConsumptionOtherIndividuals who plan ahead and have financialgoals will have a higher level of financial wellbeing.Individuals who are more self-confident andhave higher levels of self-efficacy are morelikely to experience financial well-being.Individuals who actively seek out financialknowledge will engage in financial behaviorsthat improve their financial well-being.Individuals who act upon their financialknowledge, and make informed decisions aboutpurchases and financial products, will havehigher levels of financial well-being.Translating Knowledge to BehaviorIndividuals who are high in financial knowledgeand trust their financial knowledge (but are notover-confidant in their financial knowledge) aremore likely to experience financial well-being.Individuals who act upon their financialknowledge are more likely to experiencefinancial well-beingItems were drawn from a wide range of academic sources, as well as from the qualitative research. Items were selected and developed to support testing the proposed definition of financial wellbeing as well as key hypotheses in the domains of financial behavior, financial knowledge, and personality characteristics. Demographic and social context items were included for nomologicalvalidity.DemographicsFINANCIAL WELL-BEING SCALE DEVELOPMENT:ITEM BANK1of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeInthelast30days,howoftendidyoufeelthatyouwerenotabletocontroltheimportantthingsinyourlife?ANSWEROPTION:Never,Rarely,Sometimes,Often,Veryoften(Source:CollinsNYCParksOpportunity)Inthelast6months,hasyourhouseholdexperiencedanunexpecteddropinincomeoranunexpectedexpenseofatleast$500?ANSWEROPTION:Yes/No.(Source:CollinsNYCParksOpportunity)Doyoucurrentlyhaveatleastonefinancialgoal?ANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,NYCParksOpportunity)IfeelgoodabouttheopportunitiesIhavebeenabletoprovideformychildren.Asafamily,wehavenothadtheresourcestodomanyfunthingstogether.IbelieveIhavebeenabletodoasmuchformychildrenasmostotherpeople.IfeelalotofprideaboutwhatIhavebeenabletodoformychildren.ANSWEROPTIONS:Notatalltrue,Alittletrue,Moderatelytrue,Extremelytrue.SOURCE:MIDUSSurveyHowworriedareyouaboutyourfinances?ANSWEROPTIONS:NotatallAlittleSomewhatVeryExtremely(Source:CollinsQuestionBank,NYCParksOpportunity)Howconfidentareyouthatyoucouldcomeupwith$2,000ifanunexpectedneedarosewithinthenextmonth?ANSWEROPTIONS:IamcertainIcouldcomeupwiththe$2,000.Icouldprobablycomeupwiththe$2,000.Icouldprobablynotcomeupwiththe$2,000.IamcertainIcouldnotcomeupwiththe$2,000.(Source:Lusardi,Annamaria,DanielI.Schneider,andPeterTufano.2011."FinanciallyFragileHouseholds:EvidenceandImplications."WorkingPaper17072,NBER)Inthenextyear,howconfidentareyouthatyouwillbeabletoachievethisfinancialgoal?ANSWEROPTIONS:NotatallconfidentAlittleconfidentSomewhatconfidentVeryconfidentCertain(Source:CollinsQuestionBank,NYCParksOpportunity)Howoftendoesthishappentoyou?Youwanttogoouttoeat,gotoamovieordosomethingelseanddon'tgobecauseyoucan'taffordto?ANSWEROPTIONS:Allthetime,Sometimes,RarelyNever(anchoringa10‐pointscale)SOURCE:Prawitz,AimeeD.,etal."InChargefinancialdistress/financialwell‐beingscale:Development,administration,andscoreinterpretation."FinancialCounselingandPlanning17.1(2006):34‐50.Currently,howsuccessfulareyouat...controllingyourspending?ANSWEROPTIONS:NotatallAlittleSomewhatQuiteVery(Source:CollinsQuestionBank,NYCParksOpportunity)Howconfidentareyouthatwithinthenext30days,youcouldfind$2,000topayforanunexpectedexpenseoremergency?ANSWEROPTIONS:NotatallconfidentSlightlyconfidentSomewhatconfidentVeryconfidentCertain(Source:CollinsQuestionBank,EauClaireParentSurvey)Iprobablywillhaveafinanciallysecureretirement.Ihavedevelopedasoundplanthatshouldenablemetoachievemyfinancialgoals.IamsatisfiedwiththeamoutnofmoneythatIamabletosaveandinvesteachyear.ANSWEROPTIONS:Stronglydisagree,Disagree,Neutral,Agree,Stronglyagree.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Iamsatisfiedwithmypresentstandardofliving,thatis,thegoodsandservicestahtIcanpurchaselikemyhousing,food,transportationandrecreation.ANSWEROPTIONS:Stronglydisagree,Disagree,Neutral,Agree,Stronglyagree.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Currently,howsuccessfulareyouat...payingyourbillsontime?ANSWEROPTIONS:NotatallAlittleSomewhatQuiteVery(Source:CollinsQuestionBank,NYCParksOpportunity)Inthenextmonth,ifyouwerefacinga$500unexpectedexpense,howwouldyougetthemoneyyouneed?ANSWEROPTIONS:BorroworaskforhelpfromfriendsorfamilyTakeoutapaydayloanorpawnsomethingyouownUsesavingsWorkmoreUseacreditcardSellsomethingyouownIwouldnotbeabletoaccessthismoneyOtherplace.Pleasetellus:(Source:CollinsQuestionBank,NYCParksOpportunity)Comparedtomostofmyfriends,thelikelihoodthatIwillbeabletohaveafinanciallysecureretirementis....ANSWEROPTIONS:Better,thesame,worse.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Comparedtomyparents'financialsituationwhentheyweremyage,myfinancialsituationis...Comparedtomostofmyfriends,mystandardofliving,thethingsIpurchasesuchashousing,foodtransportation,andrecreationis....ANSWEROPTIONS:Better,thesame,worse.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Currently,howsuccessfulareyouat...planningforyourfinancialfuture?ANSWEROPTIONS:NotatallAlittleSomewhatQuiteVery(Source:CollinsQuestionBank,NYCParksOpportunity)IhaveenoughsavingsandreservefundstomaintainmypresentlifestyleifIlostmyincomeforaperiodof3to6months.Iwouldbeabletohandleafinancialemergencythatwouldcost$500to$1000.Idon'tworryaboutbeingabletomeetmynormalmonthlylivingexpenses.ANSWEROPTIONS:Stronglydisagree,Disagree,Neutral,Agree,Stronglyagree.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Infiveyears,Iexpectthatmyretirementnesteggwill....ANSWEROPTIONS:increase,decrease,staythesame.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Infiveyears,Iexpectthatmytotalfinancialsituationwill....ANSWEROPTIONS:increase,decrease,staythesame.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Currently,howsuccessfulareyouat...providingforyourselfandyourfamily?ANSWEROPTIONS:NotatallAlittleSomewhatQuiteVery(Source:CollinsQuestionBank,NYCParksOpportunity)ComparedtopeopleIworkwith,myabilitytomeetafinancialemergencyof$500to$1,000is....Comparedtootherpeopleofmyage,mylife,health,disabilityinsurancecoverageis...ANSWEROPTIONS:Better,thesame,worse.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Lookingahead,atwhatagedoyou(andyourhusband/wife/partnerboth)plantoretire?ANSWEROPTIONS:Youngerthan6060‐6466‐6970orolderNever/Don’tplantoretireDon’tknow/RefusedSOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyInfiveyears,Iexpectthatmystandardofliving,thethingsIpurchasesuchashousing,food,transportationandrecreationwill....ANSWEROPTIONS:increase,decrease,staythesame.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).FinancialWell‐Being2of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingCurrently,howsuccessfulareyouat...savingmoney?ANSWEROPTIONS:NotatallAlittleSomewhatQuiteVery(Source:CollinsQuestionBank,NYCParksOpportunity)Infiveyears,Iexpectthatmyabilitytomeetlargeemergencyexpenseswill....ANSWEROPTIONS:increase,decrease,staythesame.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Doyoupaymoneyonamortgageorotherhomeloanforyoumainresidence,orisyourhomepaidfor?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyInmostwaysmylifeisclosetomyideal.Theconditionsofmylifeareexcellent.Iamsatisfiedwithmylife.SofarIhavegottentheimportantthingsIwantinlife.IfIcouldlivemylifeover,Iwouldchangealmostnothing.ANSWEROPTIONS:Stronglydisagree,Disagree,Neutral,Agree,StronglyAgree.SOURCE:Diener,E.D.,etal."Thesatisfactionwithlifescale."Journalofpersonalityassessment49.1(1985):71‐75.Thinkingaboutthewayyouspendyourmoney...howconfidentareyoumakingdecisionsaboutmoney?ANSWEROPTIONS:NotatallAlittleSomewhatVeryExtremely(Source:CollinsQuestionBank,NYCParksOpportunity)Infiveyears,Iexpectthatmyinsurancecoveragewill....ANSWEROPTIONS:increase,decrease,staythesame.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Doyouexpectthatyourmortgageorhomeloanwillbepaidoffbythetimeyouretire,ornot?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyOverall,areyousatisfiedordissatisfiedwiththewaythingsaregoinginyourlifetoday?ANSWEROPTIONS:Satistifed,Dissatisfied,Don'tknow/Refused.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyThinkingaboutthewayyouspendyourmoney...howconfidentareyouthatthewayyoumanagemoneywillaffectyourfuture?ANSWEROPTIONS:NotatallAlittleSomewhatVeryExtremely(Source:CollinsQuestionBank,NYCParksOpportunity)ThinkingabouttheamountofLIFEINSURANCEyounowhavetoprotectyouandotherfamilymembersifafamilymemberweretodie–wouldyousayyouhaveenough,some,ornone?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyouplantobuyahomeatsomepoint?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowwouldyoudescribryourownpersonalfinancialsituation?Wouldyousayyou...ANSWERS:Livecomfortably,Meetyourbasicexpenseswithalittleleftoverforextras,Justmeetyourbasiclivingexpenses,Don'thaveenoughtomeetbasicexpenses,Don'tknow.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyThinkingaboutthewayyouspendyourmoney...howmuchindebtdoyouconsideryourself?ANSWEROPTIONS:NotatallAlittleSomewhatVeryExtremely(Source:CollinsQuestionBank,NYCParksOpportunity)AndwhatabouttheamountofinsuranceyounowhaveonyourHOMEORPROPERTYtoprotectagainstlossintheeventoffire,flood,orotherdisaster–wouldyousayyouhaveenough,someornone?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyNowIwanttoaskaboutsavingfor(INSERTGOAL).DoyouhaveANYmoneysavedorinvestedfor...ANSWEROPTIONS:Emergencies,Downpaymentonahouse,Amajorpurchase,Child'scollegeeducation,Parent'sorrelative'smedicalexpenses,Retirement.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIamproudofmyfinancialsituation.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleHowoftendoyou...keeptrackofallofyourexpenses?ANSWEROPTIONS:NeverRarelySometimesOftenVeryoften(Source:CollinsQuestionBank,NYCParksOpportunity)ThinkingaboutthetotalamountofmoneyyouhavesavedorinvestedforEMERGENCYEXPENSES,abouthowmanymonthsoflivingexpenseswouldthisamountcover?ANSWEROPTIONS:<1month,1‐2months,3‐6months,7‐9months,10+months,Don'tknow.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyouhaveaspecificPLANorscheduleforhowOFTEN,howMUCH,andWHEREtosaveorinvestyourmoneyfor....SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyInthecoming12months,areyouplanningtospendthesame,more,orlessontheseitems?ANSWEROPTIONS:mortgageorrent,retirementsavingsplan,educationsavingsplan,child'soutofschoolphysicanactivities(e.g.soccer,hockey.),Children'soutofschoolculturalactivities(e.g.musicorartlessons),Children'soutofschoolcare(e.g.before/afterschoolcare,daycare,summercamp),Schooloreducationexpensesforchildren(e.g.tuition,schooltrips,gym,band),Healthcare,Eatingout,Familyvacations,Leaisureactivitiesforselforpartner,Savingsaccount,Loanorcreditcardrepayment,Utilities(includingcable,internet,cellualrbills).SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Howoftendoyou...comparepriceswhenyoushop?ANSWEROPTIONS:NeverRarelySometimesOftenVeryoften(Source:CollinsQuestionBank,NYCParksOpportunity)Didyou(oryourhusband/wife/partner)haveanyMAJORunexpectedexpensesinthepast12months?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyoufeelyoushouldhaveALREADYstartedsavingfor(INSERTGOAL),ordoyoufeelit'sOKtostartsavingsometimeinthefuture?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyOverall,thinkingofyourassets,debtsandsavings,howsatisfiedareyouwithyourcurrentpersonalfinancialcondition?ANSWEROPTIONS:(1‐5Scale)Notatallsatisfied‐ExtremelySatisfied.SOURCE:OECDFinancialLiteracyMeasure3of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingHowoftendoyou...useabudgetorspendingplan?ANSWEROPTIONS:NeverRarelySometimesOftenVeryoften(Source:CollinsQuestionBank,NYCParksOpportunity)Wereyouseriouslysetbackfinanciallybythesemajorunexpectedexpenses,ORwereyouabletomanagewithoutaseriousfinancialsetback?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIsthemoneyyouhavesavedorinvestedfor(INSERTGOAL)inaSEPARATEaccountorinvestment,orisitMIXEDinaccountsorinvestmentsalongwithmoneyyouhavesetasideforotherpurposes?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowoftendoyouhavemoneyleftoverafterpayingyourbillstodosomething“extra”thatyouwanttodo?SOURCE:ToplineSummaries:QualitativeResearchInthelast30days,howoftendidyoufeelthatyouwerenotabletocontroltheimportantthingsinyourlife?ANSWEROPTIONS:NeverRarelySometimesOftenVeryoften(Source:CollinsQuestionBank,NYCParksOpportunity)Haveyou(orhasyourhusband/wife/partner)everhadtodeclarePERSONALBANKRUPTCY,orhasthisneverhappenedtoyou?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowdoyoufeelabouttheprogressyouhavemadesofarinsavingfor(INSERTGOAL)‐doyoufeelyouareahead,behind,orjustaboutwhereyoushouldbeatthispoint?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowoftenareyouableto“havealittlesomethingleftover”todosomethingfun?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyouworryaboutbeingabletomeetnormalmonthlylivingexpenses?ANSWEROPTIONS:Worryallthetime,Sometimesworry,Rarelyworry,Neverworry.SOURCE:Prawitz,AimeeD.,etal."InChargefinancialdistress/financialwell‐beingscale:Development,administration,andscoreinterpretation."FinancialCounselingandPlanning17.1(2006):34‐50.Whatkindsofdebtdoyouhave?ANSWEROPTIONS:Carloan?,Layaway?,CreditCard?,Studentloan?,Other?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Whendoyouthinkyouwillbuyahome?ANSWEROPTIONS:Yes.(ifyes:)‐‐Withinthenextyear‐‐Within2to5years‐‐Morethan5yearsfromnow‐‐Don’tknow/RefusedwhenNoDon’tknow/RefusedSOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyOnascaleof1to10,howsecuredoyoufeelinyourfinancialwell‐being?SOURCE:ToplineSummaries:QualitativeResearchHowfrequentlydoyoufindyourselfjustgettingbyfinanciallyandlivingpaychecktopaycheck?ANSWEROPTIONSAllthetime,Sometimes,Rarely,Never.SOURCE:Prawitz,AimeeD.,etal."InChargefinancialdistress/financialwell‐beingscale:Development,administration,andscoreinterpretation."FinancialCounselingandPlanning17.1(2006):34‐50.Whatkindofinsurancedoyouhave(home,auto,health,life,disability)?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.DoyouhaveaspecificPLANforhowmuchofyourRETIREMENTmoneyshouldbekeptindifferentkindsofinvestments?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowprepareddoyoufeeltoassistyourchildrenwithexpensesforcollegeorotherformsofpost‐secondaryeducation?SOURCE:ToplineSummaries:QualitativeResearchIamconcernedaboutthetotalamountIhavetorepayonmydebtseachmonth,suchasoncreditcards,carpaymentsandotherloans.Mytotalincomeisenoughformetomeetmymonthlylivingexpenses.Nomatterhowfastmyincomegoesup,Ineverseemtogetahead.Idon'tworryaboutbeingabletomeetmynormalmonthlylivingexpenses.ANSWEROPTIONS:Stronglydisagree,Disagree,Neutral,Agree,Stronglyagree.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Howmuchemergencysavingsdoyouhave?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Haveyouevercalculatedhowmuchmoneyyou(andyourhusband/wife/partner)willneedinordertomaintainyourstandardoflivingduringretirement?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyWhatpercentageofyourincomedoyoufeelisappropriatetospendpermonth?SOURCE:ToplineSummaries:QualitativeResearchComparedtopeopleIknowwithsimilarincomes,theamountofdebtIoweis....ANSWEROPTIONS:Better,thesame,worse.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Incaseofafinancialemergency,doyouhavefamily/friends/neighborswhocanhelpyoufinancially?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Doyou(andyourhusband/wife/partner)haveanymoneysavedorinvestedthatyouusenoworwilluseinthefuturetohelpsupport(yourself/yourselves)duringretirement?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDofuturevacationsinspireyoutosaverelativetootherluxuries?SOURCE:ToplineSummaries:QualitativeResearchInfiveyears,IexpectthattheamountofdebtIhavewill....ANSWEROPTIONS:increase,decrease,staythesame.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Whatareallofyoursourcesofincome(paycheck,giftsfromfamilymembers,interestordividends)?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.DoyouhaveaspecificPLANorpaymentscheduleinplacetoreduceyourcreditcarddebt,ornot?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIsbeingabletobegenerouswithothersimportanttoyou?Ifso,doyoufeelyou’reabletobegeneroustootherswithoutcompromisingyourownfinances?SOURCE:ToplineSummaries:QualitativeResearch4of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingInfiveyears,IexpectthatthetotalamountofincomeIhavewill....ANSWEROPTIONS:increase,decrease,staythesame.SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Ihaveanemergencyfund.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleDoyouthinkyoushouldhaveALREADYtakenstepstoreduceyourcreditcarddebt,ordoyoufeelit’sOKtostartpayingdownyourcreditcarddebtsometimeinthefuture?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyoufeellikeyouhaveenoughmoneytobuythethingsyouwouldliketobuy?SOURCE:ToplineSummaries:QualitativeResearchConsideringyourcurrentincomeandthemoneyyouneedtocoverregularbillsandotherfinancialobligations,ingeneral,doyouthinkyou(andyourhusband/wife/partner)spendtoomuchmoney,aretooconservativeandcouldeasilyaffordtospendmore,orthatyouarespendingabouttherightamount?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIfyoudiedorweredisabledtoday,howconfidentareyouthatyourfamilywouldbeabletolivecomfortably?SOURCE:FinancialSecurityIndexHowdoyoufeelabouttheprogressyouhavemadesofarinreducingyourcreditcarddebt‐‐doyoufeelyouarerahead,behind,orjustaboutwhereyoushouldbeatthispoint?ANSWEROPTIONS:Ahead,Behind/Shouldhavestarted,WhereIshouldbe/oktostartinthefuture,Don'tknow.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDofinancialworrieskeepyoufromenjoyinglife?SOURCE:ToplineSummaries:QualitativeResearchHowrecentlydidyou(oryourhusband/wife/partner)declarepersonalbankruptcy?ANWSEROPTIONS:inthelast12months,1‐2yearsago,3‐5yearsago,Morethan5yearsago,Don'tknow.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowconfidentareyouthatyourhouse,carandpossessionsareadequatelyinsurediftheyarebadlydamagedordestroyed?SOURCE:FinancialSecurityIndexIamsavingforretirement.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleIsitimportanttoyoutobeabletohelpfamilyand/orfriendsfinancially?Ifyes,areyouabletodothat?SOURCE:ToplineSummaries:QualitativeResearchWhatdoyoufeelisthelevelofyourfiancialstresstoday?ANSWEROPTIONS:OverwhelmingStress,HighStress,LowStress,NoStressatAll(anchoringa10‐pointscale)SOURCE:Prawitz,AimeeD.,etal."InChargefinancialdistress/financialwell‐beingscale:Development,administration,andscoreinterpretation."FinancialCounselingandPlanning17.1(2006):34‐50.Inthepastyear,hasanybodyinyourfamilyneededtoborrowmoneytomakepaymentsonabill?SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Iamsavingforgoalssuchascars,houses,etc.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleHowoftendoyoupurchasesomethingyoureallywantbutdon’tnecessarilyneed?SOURCE:ToplineSummaries:QualitativeResearchWhatdoyoufeelaboutyourcurrentfinancialsituation?ANSWEROPTIONS:FeelOverwhelmed,SometimesFeelWorried,NotWorried,FeelComfortable.(anchoringa10‐pointscale)SOURCE:Prawitz,AimeeD.,etal."InChargefinancialdistress/financialwell‐beingscale:Development,administration,andscoreinterpretation."FinancialCounselingandPlanning17.1(2006):34‐50.Fromwhomdidyouborrowmoney?SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.IhaveaplanformeetingmyfinancialgoalsintheeventIbecomeincapacitated.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleHowoftenareyouabletopurchasesomethingthatyoureallywantbutdon’tnecessarilyneed?SOURCE:ToplineSummaries:QualitativeResearchHowstresseddoyoufeelaboutyourpersonalfinancesingeneral?ANSWEROPTIONS:OverwhelmingStress,HighStress,LowStress,NoStressatAll(anchoringa10‐pointscale)SOURCE:Prawitz,AimeeD.,etal."InChargefinancialdistress/financialwell‐beingscale:Development,administration,andscoreinterpretation."FinancialCounselingandPlanning17.1(2006):34‐50.Inthepast12months,hasyourfamilydoneanyofthefollowing?ANWSEROPTIONS:Plannedabigexpenditure(e.g.acar,appliance,butdecidedtopostponeit.,Plannedaholidaybutdecidedtocancelit.,Declaredpersonalbankruptcy.,Putourhouseupforsaleorhadtomove.,Hadtorefinanceourmortgage.,Experiencedaforclosureonourhouse.,Hadtosellsomething(e.g.car,television)tomakepayments.,Weplanningonhavingachild,butdecidedtopostponeit.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Iamtakingthestepsnecessarytomeetmyfinancialgoals.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleAreyouabletoaffordmanyofthethingsyouwant?SOURCE:ToplineSummaries:QualitativeResearchMyspendingisundercontrol.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleOverall,thinkingofyourassets,debtsandsavings,howsatisfiedareyouwithyourcurrentpersonalfinancialcondition?Pleaseusea10‐pointscale,where1means“NotAtAllSatisfied”and10means“ExtremelySatisfied.”SOURCE:FINRASurveyIhaveclearfinancialgoalsforthefuture.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleCanyouaffordtotakecareofyourteethproperly?SOURCE:ToplineSummaries:QualitativeResearchIunderstandmyfinancialneeds.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleWhenthinkingofyourfinancialinvestments,howwillingareyoutotakerisks?Pleaseusea10‐pointscale,where1means“NotAtAllWilling”and10means“VeryWilling.”SOURCE:FINRASurveyIavoidthinkingaboutmoney,retirementandmyfinancialfuture.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScale(Iflivinginaruralarea)Areyouabletoaffordthegastotakelongertripsinyourcar?SOURCE:ToplineSummaries:QualitativeResearch5of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingIhaveaspendingplan.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleOverthePASTYEAR,wouldyousayyourspendingwaslessthan,morethan,oraboutequaltoyourincome?Pleasedonotincludethepurchaseofanewhouseorcar,orotherbiginvestmentsyoumayhavemade.SOURCE:FINRASurveyWhenthetimeforcollegearrives,howconfidentareyouthatyouwillhaveenoughfinancialresourcestosendyourchildrentocollege?SOURCE:FinancialSecurityIndexAreyouabletoaffordanicehome?SOURCE:ToplineSummaries:QualitativeResearchIconsistentlyfollowmyspendingplan.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleInaTYPICALMONTH,howdifficultisitforyoutocoveryourexpensesandpayallyourbills?ANSWEROPTIONS:Verydifficult,Somewhatdifficult,Notatalldifficult.SOURCE:FINRASurveyHaveyouevertriedtofigureouthowmuchyouneedtosaveforretirement?SOURCE:FINRASurveyIfagreat,unexpectedopportunitycameup;couldyouaffordtotakeadvantageofit?SOURCE:ToplineSummaries:QualitativeResearchFinancialissuesdonotconfuseordepressme.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleHaveyousetasideemergencyorrainydayfundsthatwouldcoveryourexpensesfor3months,incaseofsickness,jobloss,economicdownturn,orotheremergencies?SOURCE:FINRASurveyBeforeyouretired,didyoutrytofigureouthowmuchyouneededtosaveforretirement?SOURCE:FINRASurveyAreyouabletoaffordnicethings?SOURCE:ToplineSummaries:QualitativeResearchMyfinancialbehaviorsareconsistentwithmyvalues,goalsanddreams.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleAreyousettingasideanymoneyforyourchildren’scollegeeducation?SOURCE:FINRASurveyBeforeyour[spouse/partner]retired,didyoutrytofigureouthowmuchyouneededtosaveforretirement?SOURCE:FINRASurveyAreyouabletoaffordtodothethingsyouenjoy?SOURCE:ToplineSummaries:QualitativeResearchIfeelguilt/shameaboutmypastfinancialbehaviors.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleHasyourhouseholdexperiencedalargedropinincomewhichyoudidnotexpect?SOURCE:FINRASurveyDoyouhaveanysavings,excludingretirementsavings?SOURCE:NFCCFinancialLiteracySurveyDoyoufeelyouneedverylittletobehappy?SOURCE:ToplineSummaries:QualitativeResearchNomatterhowhardItryIcan'tsticktoabudget.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleAreyouusinga529PlanorCoverdellEducationalSavingsAccounttosaveforcollege?SOURCE:FINRASurveyTakingallofthevarioussourcesofretirementincomeintoaccount(includinggovernmentsourcesaswellaspersonalandoccupationalpensionsandprovisions),howconfidentareyouthatyourincomewillgiveyouthestandardoflivingyouhopeforthroughoutretirement?ANSWEROPTIONS:VeryConfident,FairlyConfident,Notveryconfident,Notatallconfident.SOURCE:OECDFinancialLiteracyMeasureIsyourmonthlyincomesufficienttocoverlivinginasafeneighborhoodwithadequatetransportation?SOURCE:ToplineSummaries:QualitativeResearchGenerallyspeaking,howdoyourateyouroverallleveloffinancialsecurity?SOURCE:FinancialSecurityIndexDoyoucurrentlyhaveamortgageonyourhome?SOURCE:FINRASurvey Whatareyourfinancialgoals?SOURCE:ToplineSummaries:QualitativeResearchIsyourmonthlyincomeenoughtosupportyourpreferreddiet?SOURCE:ToplineSummaries:QualitativeResearchThinkforamomentaboutallthemoneyyouowetoothersincludingmortgages,carloans,creditcards,andotherdebt.Howconfidentareyouinyourabilitytopayallofthesedebtsastheycomedue?SOURCE:FinancialSecurityIndexDoyouhaveahomeequityloan?SOURCE:FINRASurvey Doyouhaveasavingsaccount?SOURCE:ToplineSummaries:QualitativeResearchHowmuchareyouabletofinanciallyassistyourchildren(orgrandchildren)withexpensessuchasschooling?SOURCE:ToplineSummaries:QualitativeResearchHowwelldoyoucurrentlygetbywithyourfamily'sincome?ANSWEROPTIONS:Withgreatdifficulty;withdifficulty;easily;veryeasily.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Approximatelyhowmuchdoyoucurrentlyoweonyourhome?Yourbestguessisfine.SOURCE:FINRASurveyAfteryoupayyourmonthlyexpenses,areyouabletosavefunds?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavetheresourcestobeabletobegenerouswhetheritbetocauses,peopleororganizationsyoucareabout?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyouworrythatyourcurrentfamilyincomewillnotbeenoughtomeetyourchildren'sneeds?ANSWEROPTIONS:Never;Hardlyever;Onceinawhile;often;almostallofthetime.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Areyoucoveredbyhealthinsurance?SOURCE:FINRASurvey Howoftenareyouabletoputasideatleast10%ofyourincomeeverymonth?SOURCE:ToplineSummaries:QualitativeResearchCanyouaffordtotaketrips?SOURCE:ToplineSummaries:QualitativeResearch6of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingIfsomebodyinyourhouseholdweretolosehis/herjob(includingyourself),howmanymonthsdoyouthinkyourfamilycouldmanagewithoutborrowingmoney?ANSWEROPTIONS:1‐3months;4‐5months;6+months.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Doyouhavehomeowner’sorrenter’sinsurance?SOURCE:FINRASurvey Doyouhaveafinancialgoal?SOURCE:ToplineSummaries:QualitativeResearchCanyouaffordthequalityoflifeyouwant?SOURCE:ToplineSummaries:QualitativeResearchHavethelast12monthsbeenbetter,worseorthesamewhenitcomestothefinancialsituationofyourfamily?ANSWERS:Better;Worse;Thesame;Don'tknow.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Doyouhavealifeinsurancepolicy?SOURCE:FINRASurvey Areyousavingforretirement?SOURCE:ToplineSummaries:QualitativeResearchDoyouexpectthenext12monthstobebetter,worse,orthesamewhenitcomestothefinancialsituationofyourfamily?ANSWEROPTIONS:Better;Worse;Thesame;Don'tknow.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Doyouhaveautoinsurance?SOURCE:FINRASurvey Howoftendoyouputmoneyinyoursavingsaccount?SOURCE:ToplineSummaries:QualitativeResearchHowconcernedareyouthatinthenext12monthsyouorsomebodyelseinyourfamilymightbeoutofworkandlookingforajob?ANSWEROPTIONS:Veryconcerned;Somewhatconcerned;notatallconcerned;ithasrecentlyhappened.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Whenyougetpaid‐‐forexample,byanemployerorbenefitsfromagov.agency‐‐howdoyoutypicallygetthemoney?Doyoureceive...?ANSWEROPTIONS:ElectionicCheck,directlydepositedintobankaccount?,Electroniccheck,directlydepositedintoaprepaidcard?Papercheckthatyoumanuallydepositinyourbankaccount?,PaperCheckthatyouthencashatacheckcashingstore?,Papercheckthatyoumanuallydepositonaprepaidcard?,Cash.SOURCE:FINRASurveyDoyouhaveafinancialplan?SOURCE:ToplineSummaries:QualitativeResearchWhatisyourapproximateannualincome,includingwages,tips,investmentincome,publicassistance,incomefromretirementplans,etc.?ANSWERS:<15000;15‐25000;25‐35000;25‐50000;50‐75000;75‐100000;100‐150000;150000+.SOURCE:FINRASurveyAbouthowmuchdoyouneedtohaveinsavingsincaseofemergencies?SOURCE:SurveyofConsumerFinances(FederalReserve)Isyourcurrentjobpositioningyoutoachieveyourfinancialgoals?SOURCE:ToplineSummaries:QualitativeResearchWhichofthefollowingbestdescribesyourcurrentemploymentorworkstatus?ANSWERS:Self‐employed;workfull‐time;workpart‐time;homemaker;Full‐timestudent;permanenlysick,disabledorunabletowork;Unemployedortemporarilylaidoff;retired.SOURCE:FINRASurveyInanemergency,couldyouborrow$3000ormorefromfriendsorrelatives?SOURCE:SurveyofConsumerFinances(FederalReserve)Willyouhavetheresourcesyouneedtobeabletoretire?SOURCE:ToplineSummaries:QualitativeResearchWhichofthefollowingbestdescribesyourspouseorpartner'scurrentemploymentorworkstatus?ANSWERS:Self‐employed;workfull‐time;workpart‐time;homemaker;Full‐timestudent;permanenlysick,disabledorunabletowork;Unemployedortemporarilylaidoff;retired.SOURCE:FINRASurveyDuringthepast12months,didyou(oranymemberofyourhousehold)notfillorpostponefillingaprescriptionfordrugswhenyou(oranothermemberofthehouseholdneededthem?)SOURCE:UNC/CCCFinancialServicesResearchHowhaveyoufinanciallyplannedforthefuture?SOURCE:ToplineSummaries:QualitativeResearchHowmanychildrendoyouhavewhoarefinanciallydependentonyou.SOURCE:FINRASurveyWaslackofinsuranceormoneyareasonwhyyou(oranothermemberofyourhousehold)didnotgetthedrugsyouneeded?SOURCE:UNC/CCCFinancialServicesResearchHowmuchhaveyouplannedforretirement?SOURCE:ToplineSummaries:QualitativeResearch7of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingHowmanydistinctphonenumbers,notincludingcellphones,doyouhaveinyourhousehold?Bydistinctphonenumberswemeanuniquelandlinephonenumbers,notnumberofphonesorhandsets.SOURCE:FINRASurveyDuringthelast12months,wasthereatimewhen(you/youandyourfamily)werenotabletopayyourmortgage,rentorutilitybills?SOURCE:UNC/CCCFinancialServicesResearchHowconfidentareyouthatyoucanmaintainacomfortablelifestyleinthefuture?SOURCE:ToplineSummaries:QualitativeResearchDoyouregularlyusetheInternet?SOURCE:FINRASurvey Inthelast12months,wereyouevictedduetonon‐paymentofbills?SOURCE:UNC/CCCFinancialServicesResearchWhointhehouseholdismostknowledgeableaboutsaving,investinganddebt?ANSWERS:You;Someoneelse;Youandsomeoneelseareequallyknowledgeable.SOURCE:FINRASurveyInthelast12monthsdidyoumovevoluntarilyduetonon‐paymentofbills?SOURCE:UNC/CCCFinancialServicesResearchWhoinyourhouseholdusuallyhandlesthechoreofbillpaying?ANSWERS:You;Someoneelse;Youandsomeoneelseareequallyknowledgeable.SOURCE:FINRASurveyHaveyourutilitiesbeencutoffinthelast12monthsduetonon‐paymentofbills?SOURCE:UNC/CCCFinancialServicesResearchHowmanytimeshaveyoubeenlatewithyourmortgagepaymentsinthelast2years?SOURCE:FINRASurveyHasyourphonebeencutoffinthelast12monthsduetonon‐paymentofbills?SOURCE:UNC/CCCFinancialServicesResearchHaveyoubeeninvolvedinaforeclosureprocessonyourhomeinthelast2years?SOURCE:FINRASurveyInthelast12monthswereanyofyourbelongingsrepossessedduetonon‐paymentofbills?Doyouorsomeoneinyourhouseholdcurrentlyhaveanautoloan?WeareNOTreferringtoanautolease.SOURCE:FINRASurveyInthelast12monthswasyourfamilyeverwithoutenoughmoneytobuyfood?SOURCE:UNC/CCCFinancialServicesResearchWhichofthefollowingbestdescribeshowyoumanageyourmoney?ANSWERS:Youhaveabudgetandkeepclosetrackofhowmuchyouspendonsuchthingsasfood,housingandentertainment;Youhaveasomewhatgoodideaabouthowmuchyouspendonsuchthingsasfood,housingandentertainment,butyoudon'tkeepstricttrackofyouspendingonthesethings;Don'thaveabudget;Youdon'thaveagoodideaabouthowmuchyouspendonsuchthingsasfood,housingandentertainment,butyoukeeptrackofyouroverallspendingandtrytostaywithincertainlimitsthatyou'vesetforyourself;Youdon’thaveagoodideahowmuchyouspendonsuchthingsasfood,housingandentertainment,andyouoftendon’tkeeptrackofyouroverallspending.SOURCE:NFCCFinancialLiteracySurveyIftherewereamajorfinancialcrisisinyourlife,forexample,youcouldn’tpaytherent,utilitybills,medicalbillsorbuyfoodforyourchildren,wouldyouknowwheretogethelp?SOURCE:UNC/CCCFinancialServicesResearchWhichofthefollowingbestdescribesyourfinancialsituation?ANSWERS:Youpayallofyourbillsontimeandhavenodebtsincollection;Youdonotpayallofyourbillsontime;Yousometimesmissapaymentbutyouhavenodebtsincollection;Youstruggletopayyourbillseverymonthbuthavenodebtsincollection;Youaregettingcallsforcollectorsandstruggletopayyourbillseverymonth;Youareseriouslyconsideringfilingforbankruptcyoryouhavefiedinthepastthreemonths;Youarenoinvolvedatallwithfinancialdecisionsincludinghowmuchisspentinthehousehold.SOURCE:NFCCFinacialLiteracySurveyIfanemergencyhappened,doyouhaveenoughfundstopayallofyourbillsformorethan1month?3months?6months?SOURCE:ToplineSummaries:QualitativeResearch8of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingHowluckydoyoufeelyouhavebeeninfinancailaffairs?SOURCE:SurveyofConsumerFinances(FederalReserve)Doyouhaveenoughhealthinsurancetowhereifyouwerehospitalizedtheexpenseswouldnotcauseyoutogetbehindonotherbills?SOURCE:ToplineSummaries:QualitativeResearchWhoisresponsibleforday‐to‐daydecisionsaboutmoneyinyourhousehold?ANSWEROPTIONS:You,youandyourpartner,youandanotherfamilymember,yourpartner,anotherfamilymemberormembers,someoneelse,nobody,don'tknow,refused.SOURCE:OECDFinancialLiteracyMeasureHavingmorethanoneincomeearnerinyourhousehold?SOURCE:ToplineSummaries:QualitativeResearchWhoisresponsibleforpayingthebillsinyourhousehold?ANSWEROPTIONS:You,youandyourpartner,youandanotherfamilymember,yourpartner,anotherfamilymemberormembers,someoneelse,nobody,don'tknow,refused.SOURCE:OECDFinancialLiteracyMeasureAreyoulivingpaychecktopaycheck?SOURCE:ToplineSummaries:QualitativeResearchSometimespeoplefindthattheirincomedoesnotquitecovertheirlivingcosts.Inthelast12months,hasthishappenedtoyou?SOURCE:OECDFinancialLiteracyMeasureDoyouhaveenoughinyoursavingstocovera3monthperiodofunemployment?SOURCE:ToplineSummaries:QualitativeResearchWhatdidyoudotomakeendsmeetthelasttimeyoufounditdifficult?MarkallthatarerelevantANSWEROPTIONS:Drawmoneyoutofsavingsortransfersavingsintocurrentaccount,cutbackonspending,spendless,dowithout,sellsomethingthatIwown,workovertime/earnextramoney,Borrowfoodormoneyfromfamilyorfriends,takefoodorbasicgoodsoncreditfromaretailer,borrowfromemployer/salaryadvance,PawnsomethingthatIown,takealoanfrommysavingsorloansclubs,takemoneyoutofaflexiblemortgageaccount,applyforalona/withdrawalonpensionsfund,Useauthorised,arrangedoverdraftorlineofcredit,usecreditcardforcashadvance/paybills,takeoutapersonalloanbfromafinancialserviceprovider,takeoutapaydayloan/informalprovider,useunauthorisedoverdraft,paymybillslate/misspayments,don'tknow,refused.SOURCE:OECDFinancialLiteracyMeasureDoesyourjobprovideyouwithbenefitslikehealthinsurance?SOURCE:ToplineSummaries:QualitativeResearchConsideringallofthesourcesofincomecomingintoyourhouseholdeachmonth,wouldyousaythatyourhouseholdincomeisregularandreliable?SOURCE:OECDFinancialLiteracyMeasureIfyouhadamedicalemergency,howmuchwouldthataffectyourfinancialwell‐being?SOURCE:ToplineSummaries:QualitativeResearchDoyouenjoydealingwithfinancialmatters?ANSWEROPTIONS:Always,Usually,Sometimes,Never,Don'tknow,Refuse.SOURCE:OECDFInancialLiteracyDoyouworrywhatwouldhappenfinanciallyifyouhadacaraccident?SOURCE:ToplineSummaries:QualitativeResearchWhichofthesebestdescribeshowaccuratelyyouknowhowmuchmoneyyouhaveavailabletospend.I’mnotinterestedinhowmuchmoneyyouhave,justhowaccuratelyyouknowhowmuchmoneyyouhave.ANSWEROPTIONS:Ihavenoideaatall,Approximately,butnotwith$500,Iknowwithin$500,Iknowwithin$100,Iknowwithin$50,Iknowwithin$10,Iknowwithinadollarortwo.SOURCE:OECDFInancialLiteracyMeasureHowconcernedareyouaboutthemarket’simpactonyourfinances?SOURCE:ToplineSummaries:QualitativeResearch9of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingInthelast12months,howoftenhasyourfamily:Gonewithoutenoughfoodtoeat.Gonewithoutmedicineormedicaltreatmentthatwasneeded.Gonewithoutacashincome.Gonewithoutgoodshelter.Gonewithoutfuelforheatingortocookfood.ANSWEROPTIONS:Often,Sometimes,Never,Don'tknow,Refused.SOURCEOECDFinancialLiteracyMeasureDoyouhaveenoughmoneyinsavingstosupportyourhouseholdforsixmonthsintheeventofajoblayoff?SOURCE:ToplineSummaries:QualitativeResearchDuringthepast12months,didyou:ANSWEROPTIONS:Savemoneyfromyourincome,Justgetbyonyourincome,spendingsomeofyoursavings,spendsomeofyorusavingsANDborrowmoneytogetby.SOURCE:OECDFinancialLiteracyMeasureIfyourelyonacarortrucktogetyoutowork,doyouhavethemoneytokeepitingoodworkingorder?SOURCE:ToplineSummaries:QualitativeResearchOnascaleof1to5,whereoneisconstantly,andfiveisnever,howoftenyouhavebeenoverdrawnonyourdaytodaybankaccountinthelast12months?ANSWEROPTIONS(1‐5Scale)SOURCE:OECDFinancialLiteracyMeasureDoyouputasmuchmoneyintosavingsasyoufeelyoucould?SOURCE:ToplineSummaries:QualitativeResearch“Thefoodthat(I/we)boughtjustdidn’tlast,and(I/we)didn’thavemoneytogetmore.”Wasthatoften,sometimes,ornevertruefor(you/yourhousehold)inthelast12months?ANSWEROPTIONS:Oftentrue,Sometimestrue,Nevertrue.SOURCE:UNC/CCCFinancialServicesResearchWouldyoupanicifyouhadalarge,unanticipatedbill?SOURCE:ToplineSummaries:QualitativeResearch“(I/we)couldn’taffordtoeatbalancedmeals.”Wasthatoften,sometimes,ornevertruefor(you/yourhousehold)inthelast12months?ANSWEROPTIONS:Oftentrue,Sometimestrue,Nevertrue.SOURCE:UNC/CCCFinancialServicesResearchDoyouhaveasavingsaccount?SOURCE:ToplineSummaries:QualitativeResearchInthelast12months,sincelast(nameofcurrentmonth),did(you/youorotheradultsinyourhousehold)evercutthesizeofyourmealsorskipmealsbecausetherewasn'tenoughmoneyforfood?ANSWEROPTIONS:Oftentrue,Sometimestrue,Nevertrue.SOURCE:UNC/CCCFinancialServicesResearchHowoftendoyouhavesufficientincometomeetyourmonthlyobligations?SOURCE:ToplineSummaries:QualitativeResearchHowoftendidthishappen—almosteverymonth,somemonthsbutnoteverymonth,orinonly1or2months?ANSWEROPTIONS:Oftentrue,Sometimestrue,Nevertrue.SOURCE:UNC/CCCFinancialServicesResearchDoyouhaveretirementsavings?SOURCE:ToplineSummaries:QualitativeResearchInthelast12months,didyouevereatlessthanyoufeltyoushouldbecausetherewasn'tenoughmoneyforfood?ANSWEROPTIONS:Oftentrue,Sometimestrue,Nevertrue.SOURCE:UNC/CCCFinancialServicesResearchCanyouaffordhealthcare?SOURCE:ToplineSummaries:QualitativeResearchInthelast12months,wereyoueveryhungrybutdidn'teatbecausetherewasn'tenoughmoneyforfood?ANSWEROPTIONS:Oftentrue,Sometimestrue,Nevertrue.SOURCE:UNC/CCCFinancialServicesResearchAfteryoupayyourmonthlyexpenses,areyouabletosavefunds?SOURCE:ToplineSummaries:QualitativeResearch10of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingInyourcurrenthousingsituations,doyouhaveanyofthefollowing:Problemswithpestssuchasrats,mice,roaches,orotherinsects?Exposedelectricwiresinthefinishedareasofyourhome?Brokenlocksornolocksondoorunit?Aleakingrooforceiling?Atoliet,hotwaterheater,orotherplumbingthatdoesn'twork?Brokenwindowglassorwindowsthatcan'tshut?Unreliablefurnace,boiler,orheatingsystem?ANSWEROPTIONS:Yes,No.SOURCE:UNC/CCCFinancialServicesResearchNeartheendofyourlife,youmayrequirenursinghomecare.Doyouhavethefinancialresourcestopayforthiscareyourself?SOURCE:ToplineSummaries:QualitativeResearchIsyourmonthlyincomesufficienttomeetyourmonthlyobligations?SOURCE:ToplineSummaries:QualitativeResearchAreyouabletoprovidefinancialassistancetofamilymembers?SOURCE:ToplineSummaries:QualitativeResearchIsyourmonthlyincomesufficienttomeetyourmonthlyobligationsandhavesomefundsleftoverforleisureactivities?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyouprovidefinancialassistancetofamilymembersorfriends?SOURCE:ToplineSummaries:QualitativeResearchOnamonthlybasis,howoftenareyouabletofulfillyourfinancialobligations?SOURCE:ToplineSummaries:QualitativeResearchIsitastrainonyourmonthlyfinancialresourcestoprovideassistancetofriendsorfamilymembers?SOURCE:ToplineSummaries:QualitativeResearchOnamonthly(weeklybasis)areyouabletoaffordwhatyouwant/need?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveanemergencyfund?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouworryaboutmeetingyourmonthlyfinancialobligations?SOURCE:ToplineSummaries:QualitativeResearchIsyourmonthlyincomesufficienttocoveryourexpenses?SOURCE:ToplineSummaries:QualitativeResearchAttheendofthemonthdoyoufindyourselfindebt?SOURCE:ToplineSummaries:QualitativeResearchIsyourmonthlyincomecurrentlysufficienttocoveryourdebts(e.g.creditcards,studentloans,mortgagepayments,automobilepayments)?SOURCE:ToplineSummaries:QualitativeResearchAreyouindebt?SOURCE:ToplineSummaries:QualitativeResearchDoyouregularlypayallofyourmonthlybillsontime?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyouhavetorelyonfinancialassistancetopayyourmonthlybills?SOURCE:ToplineSummaries:QualitativeResearchHowoftenareyouunabletopayallofyourmonthlybills?SOURCE:ToplineSummaries:QualitativeResearch11of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingHowoftendoyouonlypartiallypayyourbills?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdebtdoyouhave?(differenttypes)SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveagoodsteadyincome?SOURCE:ToplineSummaries:QualitativeResearchHowoftenareyouabletopayyourbillsontime?SOURCE:ToplineSummaries:QualitativeResearchAreyouinajobthatprovidesyouwithenoughincometomeetyourexpensesandputmoneyinsavingseachmonth?SOURCE:ToplineSummaries:QualitativeResearchDoyouhave‘peaceofmind’withrespecttoyourfinances?SOURCE:ToplineSummaries:QualitativeResearchDofeellikeyourfinancialworrieshavetakenoveryourlife?SOURCE:ToplineSummaries:QualitativeResearchAreyoudependentonassistancesuchasTANForfoodstampstomakeitfrommonthtomonth?SOURCE:ToplineSummaries:QualitativeResearchAreyouabletopayfortheessentialthings,likemedicationorfood?SOURCE:ToplineSummaries:QualitativeResearchCanyouaffordessentialslikefoodandmortgageeverymonth?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveenoughtoprovideforyourfamily?SOURCE:ToplineSummaries:QualitativeResearchDoyouownyourownhome?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyoufearforyourcurrentfinances?SOURCE:ToplineSummaries:QualitativeResearchIfyouhavechildren,canyouaffordtotakecareoftheirbasicneeds?SOURCE:ToplineSummaries:QualitativeResearch12of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingDoyoufeelfinanciallysecure?SOURCE:ToplineSummaries:QualitativeResearchDoyoustruggletoaffordgas?SOURCE:ToplineSummaries:QualitativeResearchHowstresseddoyoufeelaboutyourfinancescurrently?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveanymoneyleftoverafteryoupayyourbills?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavebillcollectorscallingyourhouse?SOURCE:ToplineSummaries:QualitativeResearchDoesworryaboutmoneyaffectyourfamily?SOURCE:ToplineSummaries:QualitativeResearchDoyouforeseeawaytogetaheadinyourfuture?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveanymoneyleftoverafteryoupayyourbills?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavebillcollectorscallingyourhouse?SOURCE:ToplineSummaries:QualitativeResearchIsyourmonthlyincomesufficienttocoveryourexpenses?SOURCE:ToplineSummaries:QualitativeResearchIsyourmonthlyincomesufficienttolivethelifestyleyouchoose?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveafinancialcushion?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouworryaboutpayingyourbillseverymonth?SOURCE:ToplineSummaries:QualitativeResearchDoyoufeelfinanciallysecure?SOURCE:ToplineSummaries:QualitativeResearch13of56InControlofFinances CapacitytoAbsorbShock On‐tracktomeetgoals BeingabletomakechoicesthatallowyoutoenjoylifeFinancialWell‐BeingAreyouabletobefinanciallyindependent?SOURCE:ToplineSummaries:QualitativeResearch14of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorSupposeyoureceivethisaccountstatementfromyourbank.CanyoutellmewhatsumofmoneyisavailableattheendofMay?(SeeFigureA.1)ANSWEROPTIONS:Enteramountin(currency);Donotknow(Source:Monticone,ChiaraHowMuchDoesWealthMatterintheAcquisitionofFinancialLiteracy?2010TheJournalofConsumerAffairs)SectionH‐Supposethatyouaretheonlyincomeearnerinthefamily,andyouhaveagoodjobguaranteedtogiveyouyourcurrent(family)incomeeveryyearforlife.Youaregiventheopportunitytotakeanewandequallygoodjob,witha50‐50chanceitwilldoubleyour(family)incomeanda50‐50chancethatitwillcutyour(family)incomebyathird.Wouldyoutakethenewjob?ANSWEROPTIONS:Yes;No(Ifyes‐skiptoH20A;Ifno‐skiptoH20B)(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Howwouldyourateyourselfoneachofthefollowingareasoffinancialmanagement:...makingendsmeet?shoparoundtogetthebestfinancialproductsuchasloansorinsurancerates?...stayinginformedonfinancialissues?ANSWEROPTIONS:VeryGood,Good,FairlyGood,NotGood(Source:BaselineSurveyofFinancialCapability‐Canada)Imagineleaving1,000eurosinacurrentaccountthatpays1%interestandhasnocharges.Imaginealsothatinflationisrunningat2%.Doyouthinkthatifyouwithdrawthemoneyinayear'stimeyouwillbeabletobuythesameamountofgoodsasifyouspentthe1,000eurostoday?ANSWEROPTIONS:Yes;No,Iwillbeabletobuyless;No,Iwillbeabletobuymore;Donotknow(Source:Monticone,ChiaraHowMuchDoesWealthMatterintheAcquisitionofFinancialLiteracy?2010TheJournalofConsumerAffairs)SectionH(H20A)‐Supposethechanceswere50‐50thatitwoulddoubleyour(family)income,and50‐50thatitwouldcutitinhalf?Wouldyoustilltakethenewjob?ANSWEROPTIONS:Yes;No(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Underwhichofthefollowingcircumstanceswoulditbefinanciallybeneficialtoborrowmoneytobuysomethingnowandrepayitwithfutureincome?ANSWEROPTIONS:Whensomethinggoesonsale2Whentheinterestontheloanisgreaterthantheinterestobtainedfromasavingsaccount3Whenbuyingsomethingoncreditallowssomeonetogetamuchbetterpayingjob4Itisalwaysmorebeneficialtoborrowmoneytobuysomethingnowandrepayitwithfutureincome(Source:BaselineSurveyofFinancialCapability‐Canada)Thisfigureshowsthevalueoftwodifferentinvestmentfundsoverthelastfouryears.Whichfunddoyouthinkproducedthelargestreturninthatperiod?(SeeFigureA.2)ANSWEROPTIONS:Fund1;Fund2;Thefundsearnedthesame;Donotknow(Source:Monticone,ChiaraHowMuchDoesWealthMatterintheAcquisitionofFinancialLiteracy?2010TheJournalofConsumerAffairs)SectionH(H20B)‐Supposethechangeswere50‐50itwoulddoubleyour(family)income,and50‐50itwouldcutitby20percent.Wouldyouthentakethenewjob?ANSWEROPTIONS:Yes;No(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Whichofthefollowingcanhurtyourcreditrating?ANSWEROPTIONS:Makinglatepaymentsonloansanddebts,Stayinginonejobtoolong,Livinginthesamelocationtoolong,Usingyourcreditcardfrequentlyforpurchases(Source:BaselineSurveyofFinancialCapability‐Canada)Imagineleaving1,000euorsinacurrentaccountthatpays2%annualinterestandhasnocharges.Whatsumdoyouthinkwillbeavailableattheendoftwoyears?ANSWEROPTIONS:Lessthan1,020euros;Exactly1,020euros;Morethan1,020euros;Donotknow(Source:Monticone,ChiaraHowMuchDoesWealthMatterintheAcquisitionofFinancialLiteracy?2010TheJournalofConsumerAffairs)Areyougoodatsavingyourmoneyratherthanspendingitstraightaway?ANSWEROPTIONS:Yes,No,Unsure(Source:Ray,J.J.,&Najman,J.M.(1986).Thegeneralizabilityofdefermentofgratification.JournalofSocialPsychologyWhichofthefollowingwillhelplowerthecostofahouse?ANSWEROPTIONS:Payingoffthemortgageoveralongperiodoftime,Agreeingtopaythecurrentrateofinterestonthemortgageforasmanyyearsaspossible,Makingalargerdownpaymentatthetimeofpurchase,Makingasmallerdownpaymentatthetimeofpurchase(Source:BaselineSurveyofFinancialCapability‐Canada)Imagineyouhaveonlyequityfundsandstockmarketpricesfall.Areyou...?ANSWEROPTIONS:Betteroff;Lesswelloff;Aswelloffasbefore;Donotknow(Source:Monticone,ChiaraHowMuchDoesWealthMatterintheAcquisitionofFinancialLiteracy?2010TheJournalofConsumerAffairs)Thinkingaboutbothactiveaccountsandfrozenaccounts,athowmanydifferentbanksorcreditunionsdoyouhaveaccounts?ANSWEROPTION:0tomorethan3andNotsure(Source:CollinsNYCParksOpportunity)Overthenextyearortwo,doyouexpecttohaveanyMAJORexpensesforthingslikeanewcar,aspecialvacation,orahomeimprovementproject?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyWhichofthefollowingtypesofmortgagedoyouthinkwillallowyoufromtheverystarttofixthemaximumamountandnumberofinstallmentstobepaidbeforethedebtisextinguished?ANSWEROPTIONS:Floating‐ratemortgage;Fixed‐ratemortgage;Floating‐ratemortgagewithfixedinstallments;Donotknow(Source:Monticone,ChiaraHowMuchDoesWealthMatterintheAcquisitionofFinancialLiteracy?2010TheJournalofConsumerAffairs)Howmuchdoyoutrustbanksandcreditunions?ANSWEROPTION:fromNotatAlltoExtremely(Source:CollinsNYCParksOpportunity)OverthenextTWENTYyearsorso,doyouexpecttohaveanyMAJORexpensesforhelpingaparentorotherolderrelativewithmedicalbillsorlivingexpenses?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyShort‐sellingastockmeansthatthestockissoldwithoutactuallyowningit.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Inthenextmonth,ifyouwerefacinga$500unexpectedexpense,howwouldyougetthemoneyyouneed?ANSWEROPTION:Borroworaskforhelpfromfriendsorfamily,Takeoutapaydayloanorpawnsomethingyouown,Usesavings,Workmore,Useacreditcard,Sellsomethingyouown,Iwouldnotbeabletoaccessthismoney,Otherplace.(Source:CollinsNYCParksOpportunity)Doyou(oryourhusband/wife/partner)haveanydebtyoucarryoverfrommonthtomonthoncreditcardbillsthatyoufeelneedstobereducedorpaidoff?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyFinancialKnowledgeandBehavior15of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorAssumingefficientstockmarkets,itisnotpossibletobeatthemarket.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Currently,howsuccessfulareyouat......ANSWEROPTION:howconfidentareyoumakingdecisionsaboutmoney?...howconfidentareyouthatthewayyoumanagemoneywillaffectyourfuture?...howmuchindebtdoyouconsideryourself?(Source:CollinsNYCParksOpportunity)Haveyoutakenanystepssofartoreduceyourcreditcarddebt,ornot?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDividendsareadditionalpaymentstothemanagementofacompany.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Howoftendoyou:ANSWEROPTION:keeptrackofallofyourexpenses?,...comparepriceswhenyoushop?,...useabudgetorspendingplan?(Source:CollinsNYCParksOpportunity)Howconfidentareyouthatyouaremakingthebestchoicesforhowtomanageyourmoney,savingsandinvestments?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyTheabbreviationIPOreferstoafinancialregulatoryauthoritywhichsupervisestheplacementofsecuritiesatastockexchange.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Consideringallofthecash,savingsbonds,checkingaccounts,savingsaccountsandcertificatesofdepositatabankorcreditunionthatyouandyourspousecurrentlyhave,whatisthecombinedvalueofallofyoursavings?ANSWEROPTION:From0toover$10,000.(CollinsEauClaireFinancialLiteracy)Howlikelyisitthatyou(oryourhusband/wife/partner)willprepareacomprehensivefinancialplanyourselforhaveonepreparedforyouINTHENEXT12MONTHS?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyTheJapanesestockindexincallHang‐SengIndex.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Consideringallofthecreditcard,auto,home,smallbusiness,student,andmedicaldebtthatyouandyourspouseorpartnercurrentlyhave,whatisthecombinedvalueofallofyourdebt?ANSWEROPTION:From0toover$10,000.(CollinsEauClaireFinancialLiteracy)Iknowhowtoshopforcredit.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondThecompounded‐interest‐effectoccursifthelendingrateislargerthantheborrowingrate.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Howimportantisittoyoutoplanoutyourfinancesforthenext1to2months?ANSWEROPTIONS:NotatalltoExtremelyImportant.(Source:CollinsLIFT)IhavealltheresourcesIneedtosucceedwithmygoals.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondIfoneraisesamortgageoraloan,oneshouldrathertakethenominalinterestratethantheeffectiverateofinterestintoaccountbecausetheformerindicatestheactualcreditcosts.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Manypeoplehavedebt.Doyoucurrentlyowemoneyforanyofthefollowing?ANSWEROPTION:Mortgageorhomeequityloans,Educationloan,Medicaldebt,Creditcarddebt,Otherdebt(Source:CollinsLIFT)IhavetheskillsIneedtoplanmyfinancialfuture.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondCreditworthinessdescribestheabilitytopayinterestsonaraisedloanandtoredeemtheloan.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree(Source:Muller,Sebastian,andMartinWeberFinancialLiteracyandMutualFundInvestments:WhoBuysActivtelyManagedFunds?2010SchmalendbachBusinessReview)Whichofthefollowingmethodsbestdescribeshowyouusuallypayyourbills?ANSWEROPTION:Atanautomatictellermachine(ATM),Atabankteller,Bytelephonebanking,Byinternetbanking,Bychequethroughthemail,Bypreauthorizedwithdrawalsfromanaccount,Bypreauthorizedpaymentsonacreditcard,Inpersonwithcash(Source:BaselineSurveyofFinancialCapability‐Canada)Ifeelconfidentaboutmyabilitytosucceedfinancially.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmond16of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorSupposeyouhad$100inasavingsaccountandtheinterestratewas2%peryear.After5years,howmuchdoyouthinkyouwouldhaveintheaccountifyouleftthemoneytogrow?ANSWEROPTIONS:Morethan$102;Exactly$102;Lessthan$102(Source:Lusardi,Annamaria,andOliviaS.MitchellPlanningandFinancialLiteracy:HowDoWomenFare?2008AmericanEconomicReview)Doyouhaveahouseholdbudget?ANSWEROPTION:Yes/No(Source:BaselineSurveyofFinancialCapability‐Canada)Howmuchdoyouknowaboutinvestinginyoursavings?SOURCE:EARNFinancialSelf‐EfficacyScale.Lapp"TheMissingLink:FinancialSelf‐Efficacy’sCriticalRoleinFinanciaCapability."EARNWhitePaper.2010Imaginethattheinterestrateonyoursavingsaccountwas1percentperyearandinflationwaspercentperyear.After1year,wouldyoubeabletobuyANSWEROPTIONS:Morethan,exactlytheameas,orlessthantodaywiththemoneyinthisaccount?(Source:Lusardi,Annamaria,andOliviaS.MitchellPlanningandFinancialLiteracy:HowDoWomenFare?2008AmericanEconomicReview)Whatdoyouthinkwillbeyourprimarysourceofincomeinretirement?ANSWEROPTION:multipleoptions(Source:BaselineSurveyofFinancialCapability‐Canada)Howmuchdoyouknowaboutyourcreditrating?SOURCE:EARNFinancialSelf‐EfficacyScale.Lapp"TheMissingLink:FinancialSelf‐Efficacy’sCriticalRoleinFinanciaCapability."EARNWhitePaper.2010Doyouthinkthatthefollowingstatementistrueorfalse?Buyingasinglecompanystockusuallyprovidesasaferreturnthanastockmutualfund.ANSWEROPTIONS:True;False(Source:Lusardi,Annamaria,andOliviaS.MitchellPlanningandFinancialLiteracy:HowDoWomenFare?2008AmericanEconomicReview)Doyouhaveagoodideaofhowmuchmoneyyouwillneedtosavetomaintainyourdesiredstandardoflivingwhenyouretire?ANSWEROPTION:Yes/No(Source:BaselineSurveyofFinancialCapability‐Canada)Howmuchdoyouknowaboutfindingandbuyinginsurance?SOURCE:EARNFinancialSelf‐EfficacyScale.Lapp"TheMissingLink:FinancialSelf‐Efficacy’sCriticalRoleinFinancialCapability."EARNWhitePaper.2010Supposeyouhad$100inasavingsaccountandtheinterestratewas2%peryear.After5years,howmuchdoyouthinkyouwouldhaveintheaccountifyouleftthemoneytogrow?ANSWEROPTIONS:Morethan$102;Exactly$102;orLessthan$102{Donotknow;Refusetoanswer}(Source:Lusardi,Annamaria,OliviaS.Mitchell,andVilsaCurtoFinancialLiteracyAmongtheYoung2010TheJournalofConsumerAffairs)Inthepast12months,didyoumakeuseofanyadvice,freeorpaid,onanyofthefollowingfinancialproducts?ANSWEROPTION:Retirementplanning,Children’seducationplanning,Estateplanning,Insurance,Taxplanning,Generalfinancialplanning(savingandinvestmentstrategies),Anythingelse–Specify(Source:BaselineSurveyofFinancialCapability‐Canada)Thinkaboutaboutthelast12months,howmuchfoyouagreewiththefollowing:Iwasgoodatplanningformyfinancialfuture.SOURCE:EARNFinancialSelf‐EfficacyScale.Lapp"TheMissingLink:FinancialSelf‐Efficacy’sCriticalRoleinFinancialCapability."EARNWhitePaper.2010Imaginethattheinterestrateonyoursavingsaccountwas1%peryearandinflationwas2%peryear.Afteroneyear,wouldyouANSWEROPTIONS:(Source:Lusardi,Annamaria,OliviaS.Mitchell,andVilsaCurtoFinancialLiteracyAmongtheYoung2010TheJournalofConsumerAffairs)Peoplegetinformationaboutfinancialinvestmentsfrommanysources.Whatsourcesdoyoufeelmostinfluenceyourdecisionsaboutthefinancialinvestmentsyoumake?Advertisements,Magazines,Newspapers,RadioorTelevision,Internet,AdvicefromaFinancialAdvisor,Advicefromaknowledgeablefriend(Source:BaselineSurveyofFinancialCapability‐Canada)Thinkaboutaboutthelast12months,howmuchfoyouagreewiththefollowing:Iwassatisfiedwithmyfinancialsituation.SOURCE:EARNFinancialSelf‐EfficacyScale.Lapp"TheMissingLink:FinancialSelf‐Efficacy’sCriticalRoleinFinancialCapability."EARNWhitePaper.2010ANSWEROPTIONS:(Source:Lusardi,Annamaria,OliviaS.Mitchell,andVilsaCurtoFinancialLiteracyAmongtheYoung2010TheJournalofConsumerAffairs)Arethereanythingsthatyoupersonallykeepaneyeon,suchaschangesin...?Thehousingmarket,Thestockmarket,Thecurrency(money)market,Interestrates,Inflation,Taxation,Thejobmarket,Pensionplans,andbenefits,Salesofconsumergoodsandservices,Other(Source:BaselineSurveyofFinancialCapability‐Canada)Thinkaboutaboutthelast12months,howmuchfoyouagreewiththefollowing:Iwasabletosavemoney.SOURCE:EARNFinancialSelf‐EfficacyScale.Lapp"TheMissingLink:FinancialSelf‐Efficacy’sCriticalRoleinFinancialCapability."EARNWhitePaper.2010SectionH‐Howwouldyouassessyourunderstandingofeconomics?ANSWEROPTIONS:Ona7‐pointscalewhere1meansverylowand7meansveryhigh(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...usedacheckcashingstore?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)Igenerallyachievemymoneymanagementgoals.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluation17of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorSectionH‐Howwouldyouassessyour(husband/wife/partner)'sunderstandingofeconomics?ANSWEROPTIONS:Ona7‐pointscalewhere1meansverylowand7meansveryhigh(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...takenoutapawnshoploan?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)IbelievethewayImanagemymoneywillaffectmyfuture.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationSectionH‐Socialsecurityretirementbenefitsstartimmediatelyafteronestopsworking,irrespectiveofage.ANSWEROPTIONS:Isthefollowingstatementtrueorfalse?(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...receivedanadvanceloanfromacreditcardorpaydaylender?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)Ifeelcondfidenceaboutmakingdecisionsthatdealwithmoney.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationSectionH‐ThegovernmentnormallyadjustsSocialSecuritybenefitsyearlysothatthepurchasingpowerofthesebenefitsisnoteroded.ANSWEROPTIONS:Isthefollowingstatementtrueorfalse?(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...purchasedamoneyorder?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)Howstronglydoyouagreeordisagreewiththefollowingstatements?Pleasegiveyouransweronascaleof1to7,where1=“StronglyDisagree,”7=“StronglyAgree,”and4=“NeitherAgreeNorDisagree,”youcanuseanynumberfrom1to7.“Iwouldtrustfinancialprofessionalsandacceptwhattheyrecommend.”SOURCE:FINRASurveySectionH‐SocialSecuritybenefitscanbereceivedasamonthlypaymentfortherestofone'slifeorasalumpsumpayment.ANSWEROPTIONS:Isthefollowingstatementtrueorfalse?(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...paidbillsonline?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)Howstronglydoyouagreeordisagreewiththefollowingstatements?Pleasegiveyouransweronascaleof1to7,where1=“StronglyDisagree,”7=“StronglyAgree,”and4=“NeitherAgreeNorDisagree,”youcanuseanynumberfrom1to7.“Financialprofessionalsaretooexpensiveforme.”SOURCE:FINRASurveySectionH‐Whichofthefollowingstatementsiscorrect?IfsomebodybuysthestockoffirmBinthestockmarketANSWEROPTIONS:HeownsapartoffirmB;HehaslentmoneytofirmB;HeisliableforfirmB'sdebts;Noneoftheabove(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...overdrawnacheckingorsavingsaccount?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)Howstronglydoyouagreeordisagreewiththefollowingstatements?Pleasegiveyouransweronascaleof1to7,where1=“StronglyDisagree,”7=“StronglyAgree,”and4=“NeitherAgreeNorDisagree,”youcanuseanynumberfrom1to7.“Itishardtofindtherightfinancialprofessionalforme.”SOURCE:FINRASurveySectionH‐Whichofthefollowingstatementsiscorrect?ANSWEROPTIONS:Onceoneinvestsinamutualfund,onecannotwithdrawthemoneyinthefirstyear;Mutualfundscaninvestinseveralassets,forexampleinvestinbothstocksandbonds;Mutualfundspayaguaranteedrateofreturnwhichdependsontheirpastperformance;Noneoftheabove(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...paidnon‐sufficientfundsfees,orNSFfees,foroverdrawingabankaccount?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)Howstronglydoyouagreeordisagreewiththefollowingstatements?Pleasegiveyouransweronascaleof1to7,where1=“StronglyDisagree,”7=“StronglyAgree,”and4=“NeitherAgreeNorDisagree,”youcanuseanynumberfrom1to7.Iamprettygoodatmath.SOURCE:FINRASurveySectionH‐Whichofthefollowingstatementsiscorrect?IfsomebodybuysabondoffirmBANSWEROPTIONS:HeownsapartoffirmB;HehaslentmoneytofirmB;HeisliableforfirmB'sdebts;Noneoftheabove(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast30days,howoftenhaveyou...borrowedmoneyfromfriendsorfamily?ANSWEROPTIONS:0times1time2to3times4ormoretimes(Source:CollinsQuestionBank,NYCParksOpportunity)Haveyouorderedacopyofyourcreditreportinthepast12months?SOURCE:NFCCFinancialLiteracySurvey18of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorSectionH‐(Programmingnote:replaceinthequestiononly"fall"by"rise"forhalfoftherespondents(randomlyassigned).Iftheinterestratesfall,whatshouldhappentobondprices?ANSWEROPTIONS:Theyshouldrise;Theyshouldfall;Theyshouldstaythesame.(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inatypicalmonth,howdifficultisitforyoutocoveryourexpensesandpayallyourbills?ANSWEROPTIONS:NotatalldifficultSlightlydifficultSomewhatdifficultVerydifficultExtremelydifficultDon’tknoworwouldprefernottosay(Source:CollinsQuestionBank,LIFTSurvey)“Ifeelconfidentmakingdecisionsaboutmoney.”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐(Programmingnote:exchange'stocks'and'bonds'forhalfoftherespondents(randomlyassigned)P3).Doyouthinkthatthefollowingstatementistrueorfalse?Stocksarenormallyriskierthanbonds.ANSWEROPTIONS:True;False(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Howimportantisittoyoutoplanoutyourfinancesforthenext1to2months?ANSWEROPTIONS:NotatallimportantSlightlyimportantSomewhatimportantVeryimportantExtremelyimportant(Source:CollinsQuestionBank,LIFTSurvey)1“IbelievethewayImanagemoneywillaffectmyfuture”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐Whenaninvestorspreadshismoneyamongdifferentassets,doestheriskoflosingmoneyincrease,decreaseorstaythesame?ANSWEROPTIONS:Increase;Decrease;Staythesame(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast12months,haveanyofthefollowinghappenedinyourhousehold?Youorahouseholdmemberhadadropinincomewhichyoudidnotexpect?ANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)“Isetasidemoneyforfutureneedsandwants”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐Supposeyouhad$100inasavingsaccountandtheinterestrateis2%peryear.After5years,howmuchdoyouthinkyouwouldhaveintheaccountifyouleftthemoneytogrow:morethan$102,exactly$102,lessthan$102?ANSWEROPTIONS:Morethan$102;Exactly$102;orLessthan$102(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast12months,haveanyofthefollowinghappenedinyourhousehold?Youorahouseholdmemberhadworkhoursorpayreduced?ANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)“Ikeeptrackofallormostofmyexpenses”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐Supposeyouhad$100inasavingsaccountandtheinterestrateis20%peryearandyouneverwithdrawmoneyorinterestpayments.After5years,howmuchwouldyouhaveinthisaccountintotal?ANSWEROPTIONS:Morethan$200;Exactly$200;Lessthan$200(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast12months,haveanyofthefollowinghappenedinyourhousehold?Youorahouseholdmemberhadtroublepayingmedicalbills?ANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)“Iuseaspendingplanorbudget”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐Imaginethattheinterestrateonyoursavingsaccountwas1%peryearandinflationwas2%peryear.After1year,wouldyoubeabletobuymorethan,exactlythesameas,orlessthantodaywiththemoneyinthisaccount?ANSWEROPTIONS:Morethantoday;Exactlythesameastoday;Lessthantoday(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Inthelast12months,haveanyofthefollowinghappenedinyourhousehold?Youorahouseholdmemberhadhousingproblems,suchasfallingbehindonthemortgageorrent,orbeingevicted?ANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)“Isaveregularly”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐Assumeafriendinherits$10,000todayandhissiblinginherits$10,0003yearsfromnow.Whoisricherbecauseoftheinheritance?ANSWEROPTIONS:Myfriend;Hissibling;Theyareequallyrich(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Manypeoplehavedebt.Doyoucurrentlyowemoneyforanyofthefollowing?MortgageorhomeequityloansANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)“Iconsidermyselfindebt”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearch19of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorSectionH‐Imaginethatyouhavewonamilliondollarsplayingthelottery,andaregiventhechoiceofreceivingyourwinningsasalumpsumpaymentofonemilliondollarsorinannualpaymentsof$50,000for20years.Wouldyoutaketheannualpaymentsover20yearsorthelumpsumpayment?ANSWEROPTIONS:Takethe$50,000annualpaymentsfor20years;Takethe$1millionlumpsumpayment(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Manypeoplehavedebt.Doyoucurrentlyowemoneyforanyofthefollowing?EducationloanANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)“IamusuallyshortoncashafewdaysbeforeIgetpaid”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐ImaginethatyoucouldinvesthalfofthemilliondollarshoweveryouchooseANDreceiveannualpaymentsof$25,000for20years.Wouldthisbebetterthan,worsethanorthesameastaking$50,000ayearortakingthe$1millionlumpsumpayment?ANSWEROPTIONS:Betterthan;Worsethan;Thesameas(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Manypeoplehavedebt.Doyoucurrentlyowemoneyforanyofthefollowing?MedicaldebtANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)“Iamgoodatdealingwithday‐to‐dayfinancialmatters,suchascheckingaccounts,creditanddebitcards,andtrackingexpenses”ANSWEROPTIONS:(1‐4Scale)StronglyAgree‐StronglyDisagree.SOURCE:UNC/CCCFinancialServicesResearchSectionH‐Whatiftheannualpaymentsof$50,000increaseasafunctionofthestockmarket.Wouldyoutaketheannualpaymentsover20yearsorthelumpsumpaymentof$1million?ANSWEROPTIONS:Takethe$50,000annualpaymentsfor20years;Takethe$1millionlumpsumpayment(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Manypeoplehavedebt.Doyoucurrentlyowemoneyforanyofthefollowing?CreditcarddebtANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)Howmotivatedareyoutolearnaboutfinancialmatters?SOURCE:ToplineSummaries:QualitativeResearchSectionH‐Now,imaginethattheannualpaymentsof$50,000wouldcontinueforaslongasyoulive.Wouldyoutaketheannualpaymentsforaslongasyouliveorthelumpsumpaymentof$1million?ANSWEROPTIONS:Takethe$50,000annualpaymentsfor20years;Takethe$1millionlumpsumpayment(Source:NEFESurveyNationalEndowmentforFinancialEducation(NEFE)RTPRetirementTransitionProject)Manypeoplehavedebt.Doyoucurrentlyowemoneyforanyofthefollowing?OtherdebtANSWEROPTIONS:Yes/No(Source:CollinsQuestionBank,LIFTSurvey)Howmuch‘homework’doyoudobeforemakingalargepurchase?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouknowaboutInterestrates,financechargesandcreditterms?ANSWEROPTIONS:Nothing,verylittle,some,afairamount,alot(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)IhaveaweeklyormonthlybudgetthatIfollow.Mycheckingaccountpaysmeinterest.Ineverwritebadchecksoroneswithinsufficientfunds.Intherecentpast,Ihavereceivedoverduenoticesbecauseoflateormissedpayments.ANSWEROPTIONS:Nottypicaltoverytypical(5pointscale),SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Howhaveyoulearnedtomakesmartfinancialdecisions?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouknowaboutCreditratingsandcreditfiles?ANSWEROPTIONS:Nothing,verylittle,some,afairamount,alot(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)IhaveaweeklyormonthlybudgetthatIfollow.Mycheckingaccountpaysmeinterest.Ineverwritebadchecksoroneswithinsufficientfunds.Intherecentpast,Ihavereceivedoverduenoticesbecauseoflateormissedpayments.ANSWEROPTIONS:Nottypicaltoverytypical(5pointscale),SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Doyoufeellikeyoualwayshaveawaytogetmoney?SOURCE:ToplineSummaries:QualitativeResearch20of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorHowmuchdoyouknowaboutManagingfinances?ANSWEROPTIONS:Nothing,verylittle,some,afairamount,alot(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)Iusuallydonotpaythetotalbalancedueonmycreditcard,butinsteadjustmakethepartialpayment.IoftenspendmoremoneythanIhave.Overal,Iammoreindebtthanthistimelastyear.Intherecentpast,Ihaveobtainedcashadvancestopaymoneytowardothercreditbalances.Comparedtoayearago,myuseofcreditcardshasincreased.ANSWEROPTIONS:Nottypicaltoverytypical(5pointscale),SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Havingyoubeeninvolvedinthesettlingoftheestateofoneofyourfamilymembers?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouknowaboutInvestingmoney?ANSWEROPTIONS:Nothing,verylittle,some,afairamount,alot(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)Iregularlysetmoneyasideforsavings.Thisyear,Iinvestedsomemoneyinstocks,bondsormutualfunds.ANSWEROPTIONS:Nottypicaltoverytypical(5pointscale),SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Doyouhavethemathskillstomakethecalculationsyouneedtomakeinordertomakegoodfinancialdecisions?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouknowaboutWhatisonyourcreditreport?ANSWEROPTIONS:Nothing,verylittle,some,afairamount,alot(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)Ihavetroublemeetingmonthlyhealthcareexpensesincludingpremiumsforhealthinsurance.Myautoisinadquatelyinsured.Ihaveahomeowner'sorrenter'sinsurancepolicy.ANSWEROPTIONS:Nottypicaltoverytypical(5pointscale),SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Howmuchdoyoufeelyouknowaboutfindinggoodbargains?SOURCE:ToplineSummaries:QualitativeResearchHowdoyougradeyourselfinthefollowingareas?ControllingmyspendingANSWEROPTIONS:Poor,fair,okay,good,excellent(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)Inthepastyear,ImadeafinancialcontributiontoaprivateretirementprogramsuchasanIRAor401k.Ihavealegal,writtenwill.ANSWEROPTIONS:Nottypicaltoverytypical(5pointscale),SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Areyouagoodsaver?SOURCE:ToplineSummaries:QualitativeResearchHowdoyougradeyourselfinthefollowingareas?PayingmybillsontimeANSWEROPTIONS:Poor,fair,okay,good,excellent(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)Ihaveanoverallplanthatwillenablemetoreachmyfinancialgoals.Ioftenmadefinancialdecisionswithoutmuchanalysis.Ihavesomespecificfinancialgoalsforthefuture(forexample,tobuyacarintwoyears).Irarelydiscussmypersonalfinancialmatterswithfamilyorfriends.ANSWEROPTIONS:Nottypicaltoverytypical(5pointscale),SOURCE:Porter,NancyM.,andE.ThomasGarman."Testingaconceptualmodeloffinancialwell‐being."FinancialCounselingandPlanning4.135‐164(1993).Doyouhavesomeoneyoucantrusttoaskforfinancialadvice?SOURCE:ToplineSummaries:QualitativeResearchHowdoyougradeyourselfinthefollowingareas?PlanningformyfinancialfutureANSWEROPTIONS:Poor,fair,okay,good,excellent(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)Ihaveahabitofsavingmoneyregularly.Tome,investingseemscomplicated.Iprefernottothinkaboutmoney.Unexpectedexpensesmakeithardformetosticktoabudget.Iliketoknowexactlywheremymoneyisspenteachmonth.It'shardformetoknowwhototrustforfinancialadvice.I'mworriedaboutlosingmymoneyifIinvestit.Ijustdon'tearnenoughmoneytosaveregularly.ANSWEROPTIONS:"Doyouthinkitdescribesyou..."Verywell,somewhatwell,Nottoowell,Notatall,Don'tknow/Refuse.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyouknowwhatactionsyouneedtotakeinordertoimproveyourfinancialwell‐being?SOURCE:ToplineSummaries:QualitativeResearch21of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorHowdoyougradeyourselfinthefollowingareas?ProvidingformyselfandmyfamilyANSWEROPTIONS:Poor,fair,okay,good,excellent(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)Haveyouevercalculatedhowmuchofyourmoneyyoucanwithdraweachyearfromyoursavingsandinvestments,andstillexpectyourmoneytolastovertherestofyourlifetime?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyoufeelyouknowenoughtostartandmanageyourownbusiness?SOURCE:ToplineSummaries:QualitativeResearchHowdoyougradeyourselfinthefollowingareas?SavingmoneyANSWEROPTIONS:Poor,fair,okay,good,excellent(Source:VanessaG.PerryandMarleneD.MorrisWhoisinControl?TheRoleofSelf‐Perception,Knowledge,andIncomeinExplainingConsumerFinancialBehavior2005TheJournalofConsumerAffairs)AsInamesomewaystosaveforretirement,pleasetellmewhethereachissomethingyou(oryourhusband/wife/partner)doEVERYyear,SOMEyears,ornotatall.Isthissomethingyou(oryourhusband/wife/partner)doeveryyear,someyears,ornotatall?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyouknowhowtobudget?SOURCE:ToplineSummaries:QualitativeResearchApersonkeepstheirPINnumeronapieceofpaperintheirwallet,alongwiththeirATMorbankcard.IfthewalletisstolenandthecardandPINnumberareusedtotakemoneyfromanaccount,whoisliableforthelostmoney?ANSWEROPTIONS:(Source:AndrewC.WorthingtonPredictingFinancialLiteracyinAustralia2006FinancialServicesReview)Pleasetellmewhetheryou...ContributemoneytoanIRAaccount?,Contributetoa401‐korotherretirementplanthroughwork?Setasidemoneyforretirementinaccountsorinvestmentsofyourown?ANSWEROPTIONS:Everyyear,Someyears,Notatall.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHaveyoueverbalancedacheckbook?SOURCE:ToplineSummaries:QualitativeResearchConsideringalongtimeperiod(forexample10or20years),whichassetnormallygivesthehighestreturn?ANSWEROPTIONS:Savingsaccount,Bonds,Stocks,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Pleasetellmewhetheryourspouse/partner...ContributesmoneytoanIRAaccount?,Contributestoa401‐korotherretirementplanthroughwork?Setsasidemoneyforretirementinaccountsorinvestmentsoftheirown?ANSWEROPTIONS:Everyyear,Someyears,Notatall.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowdoyousaveforretirement?SOURCE:ToplineSummaries:QualitativeResearchNormallywhichassetdisplaysthehighestfluctuationovertime?ANSWEROPTIONS:Savingsaccount,Bonds,Stocks,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)DoyouhappentohaveaBUDGETyouusetoguideyourhouseholdspending,ornot?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyouknowhowtoenrollinaninsuranceplan?SOURCE:ToplineSummaries:QualitativeResearchWhenaninvestorspreadshismoneyamongdifferentassets,doestheriskoflosingmoney:ANSWEROPTIONS:Increase;Decrease;Staythesame(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Isthisbudgetyouusewrittendownoronacomputerfile,ornot?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyDoyoulearngrowinguptodowhatyouhadtodotogetby?SOURCE:ToplineSummaries:QualitativeResearchIfyoubuyacompany'sstock...ANSWEROPTIONS:Youownapartofthecompany,Youhavelentmoneytothecompany,Youareliableforthecompany'sdebt,Thecompanywillreturnyouroriginalinvestmenttoyouwithinterest,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Aboutwhatpercentofyourincomeareyou(andyourhusband/wife/partner)abletoputintosavingsorinvestmentseachyear?PleasemakesuretocountanymoneyaddedeachyeartoanI‐R‐A,401‐korotherretirementaccountbyyouoranemployer.ANSWEROPTIONS:None,1‐2%,3‐5%,6‐9%,10‐15%,16‐20%,>20%.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyHowwouldyourateyourmoneymanagementskills?SOURCE:ToplineSummaries:QualitativeResearch22of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorIfyoubuyacompany'sbond...ANSWEROPTIONS:Youownapartofthecompany,Youhavelentmoneytothecompany,Youareliableforthecompany'sdebt,Thecompanywillreturnyouroriginalinvestmenttoyouwithinterest,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Haveyou(oryourhusband/wife/partner)everpreparedacomprehensivefinancialplanforyourselforhadaprofessionalprepareoneforyou?Byfinancialplan,Imeanadocumentthatincludessavingsandinvestments,planningforretirement,andinsuranceneeds,notjustasimplehouseholdbudget.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIfyouweretoinvest$1,000inastockmutualfund,itwouldbepossibletohavelessthan$1,000whenyouwithdrawyourmoney.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Pleasetellmewhichofthefollowingtypesofaccountsandinvestmentsyou(andyourhusband/wife/partner)nowhave.ANSWEROPTIONS:Checkingaccount,Savingsaccount,Mutualfundaccount,Stocksinanindividualcompany,andIRA,401(K),pension,orotherretirementaccount,Otherinvestments.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyAstockmutualfundcombinesthemoneyofmanyinvestorstobuyavarietyofstocks.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Doyouuseacheckcashingservice?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Itishardtofindmutualfundsthathaveannualfeesoflessthanonepercentofassets.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Doyouhaveabankaccount?Checking?Savings?Both?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Mutualfundspayaguaranteedrateofreturn.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Haveyoumadeadepositintoyouraccountinthelastthreemonths?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Wholelifeinsurancehasasavingsfeaturewhilewholetermlifeinsurancedoesnot.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Haveyoutakenoutarefundloanwhenfilingyourtaxes?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Thecashvalueofalifeinsurancepolicyistheamountavailableifyousurrenderyourlifeinsurancepolicywhileyouarestillalive.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Doyousavemoneyfromyourpaycheck?Isitautomaticeachpayperiod?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.23of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorAnannuityforaspecificpersonpaysthatpersonmoneyeveryyearwhiletheyarealive,butstopspayingmoneyoncetheyaredead.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Areyoumakingmorethantheminimumpaymentonrevolvingdebt?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Anannuityisafinancialproductthatpaysalumpsumwhenyoudie.ANSWEROPTIONS:True,False(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Howmanycreditcardsdoyouown?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Apersonwhowithdrawsmoneyfromhis401(k)planafterheturns591/2mustpaytaxesonthemoneythathewithdraws.ANSWEROPTIONS:True,False,Itdependsonthetypeof401(k)planDK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Doyoupayoffrevolvingcreditorsoffeachmonthorcarryabalance?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.ApersonwhowithdrawsmoneyfromherIndividualRetirementAccount(IRA)planaftersheturns591/2mustpaytaxesonthemoneythatshewithdraws.ANSWEROPTIONS:True,False,ItdependsonthetypeofIRA,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Doyouuseapaydaylenderorotherservicetoadvancepaychecks?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Apersonwhohasadefinedcontributionplanthroughwork(like401(k)planor403(b)plan)isnoteligibletoopenordepositmoneyintoanIRA.ANSWEROPTIONS:True,False,ItdependsonthetypeofIRAand/or401(k)plan,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Howwouldyourateyourcreditscore?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.Thereareannualcontributionlimitsontheamountyoucansaveina401(k)planorIRAthatdependonyourincome.ANSWEROPTIONS:True,False,ItdependsonthetypeofIRAand/or401(k)plan,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Haveyougottenyourcreditscore?Doyouknowwhatitis?SOURCE:Collins,Gorey,etal."AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures."2008.24of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorIfyouareundergoinganyfinancialhardship,youwillnotincuranextrapenaltyifyouwithdrawmoneyfroma401(k)planorIRAbeforetheageof591/2.ANSWEROPTIONS:True,False,ItdependsonthetypeofIRAand/or401(k)plan,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Ipayoffmycreditcardseverymonth.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleAfterage701/2,youhavetowithdrawatleastsomemoneyfromyour401(k)planorIRA.ANSWEROPTIONS:True,False,ItdependsonthetypeofIRAand/or401(k)plan,DK(Source:Hung,AngelaA.,ErikMeijerKataKihaly,JoanneK.YoongBuildingUp,SpendingDown:FinancialLiteracy,Retirement,SavingsManagement,andDecumulation2009RANDLaborandPopulationWorkingPaper)Overthepasttwomonths,haveyousetasideanymoneyforsavingsorinvestments?SOURCE:FinancialSecurityIndexInflationcancausedifficultyinmanyways.Whichgroupwouldhavethegreatestproblemduringperiodsofhighinflationthatlastseveralyears?ANSWEROPTION:Multiple(Source:2008Jump$tartCollegeQuestionnaire)Ihaveafinancialplanformyself/myhousehold.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondYourtakehomepayfromyourjobislessthanthetotalamountyouearn.Whichofthefollowingbestdescribeswhatistakenoutofyourtotalpay?ANSWEROPTION:Multiple(Source:2008Jump$tartCollegeQuestionnaire)Ihavesavingsandcheckingaccounts.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmond23.ScottandEricareyoungmen.Eachhasagoodcredithistory.Theyworkatthesamecompanyandmakeapproximatelythesamesalary.Scotthasborrowed$6,000totakeaforeignvacation.Erichasborrowed$6,000tobuyacar.Whoislikelytopaythelowestfinancecharge?ANSWEROPTION:Multiple(Source:2008Jump$tartCollegeQuestionnaire)Ihavecomparedincomeanddebtsformyself/myhousehold.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondIfeachofthefollowingpersonshadthesameamountoftakehomepay,whowouldneedthegreatestamountoflifeinsurance?ANSWEROPTION:Multiple(Source:2008Jump$tartCollegeQuestionnaire)Ihavesetgoalsformyself/myhousehold.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondWhichofthefollowingstatementsistrue?ANSWEROPTION:Multiple(Source:2008Jump$tartCollegeQuestionnaire)Ihaveabudget.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondHowwouldyourateyourunderstandingofmoney‐management?ANSWEROPTIONS:fromVeryBadtoExcellent(Source:CollinsNYCParksOpportunity)Imanagemypersonalbudgetwell.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmond25of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorPleasetellmeifyouremployer(oryourhusband's/wife's/partner'semployer)offerseachofthefollowingtypesofretirementplansatwork.Asfarasyouknow,isthistypeofretirementplanofferedatwork,ornot?ANSWEROPTIONS:A401‐korotherretirementplanwhereYOUcanmakedirectcontributionsyourself?,Aretirementsavings,pension,orprofit‐sharingplanwheretheCOMPANYorEMPLOYERmakesALLthecontributions?,AnESOPoremployeestockownershipplan?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIsavemoneyonaregularbasis.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondDoyou(oryourhusband/wife/partner)haveoptionsforhowthemoneyinyourretirementplanatworkisinvested,ordoesthecompanyoremployermakeallthosedecisions?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyMyfinancialgoalsareclear.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondNextIhaveafewquestionsaboutanydebtyoumightoweonCREDITCARDSlikeVISA,MasterCard,Discover,andAmericanExpress,andthosefromdepartmentstores,gascompanies,andotherretailoutlets.WhatwouldyousayistheTOTALamountofcreditcarddebtthatyou(andyourhusband/wife/partner)currentlyhave?ANWSEROPTIONS:None,<500,500‐<1000,1000‐<2500,2500‐<5000,5000‐<10,000,10,000+.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyItracksomeorallofmyexpenses.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationOverthepast12months,hastheTOTALmonthlybalanceyou(andyourhusband/wife/partner)oweoncreditcardsgoneup,gonedown,orstayedaboutthesame?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIcomparepriceswhenIshop.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationWhenyou(oryourhusband/wife/partner)getacreditcardbill,doyouUSUALLYpaytheMINIMUMamountdue,payofftheWHOLEamountsoyouhavenounpaidbalance,orpaysomethingINBETWEENtheminimumandthewholeamount?ANSWEROPTIONS:Payminimum,Paywholeamount,Paysomethinginbetween.SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIsetasidemoneyforfutureneeds/wants.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationWhetheryouhaveahouseholdbudgetornot,doyouhaveareasonablygoodideaofhowmuchmoneyyou(andyourhusband/wife/partner)canspendeachmonthwithoutgoingintodebtorhavingtowithdrawmoneyfromsavings?SOURCE:CFPBoard2012HouseholdFinancialPlanningSurveyIuseaspendingplan/budget.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationIknowwhattodotobudgetmyfinances.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondIrepaythemoneyIoweontime.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluation26of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorIamcomfortablemakingmostfinancialdecisions.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondIwritegoalsformanagingmymoney.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationIunderstandtheoveralleconomy.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondIknowhowtokeeparecordofincomeandexpenses.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondIdiscussmymoneymanagementwithmyfamily.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationIhavetheknowledgeIneedformyspendingplan.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondDoyouhaveacheckingaccount?SOURCE:FINRASurveyIfIneedcredit,Iknowhowtoapplyforit.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondDoyouhaveasavingsaccount,moneymarketaccount,orCDs?SOURCE:FINRASurveyIknowhowmuchmoneyIneedtogetoutofdebt.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondDoyouoryouruseadebitcardtiedtoyourbankaccount?SOURCE:FINRASurveyIknowthecostofbuyingoncredit.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationDoyouoryourspouse/partnersometimesgotoacheckcashingstoretocashchecks?SOURCE:FINRASurveyIknowkeyquestionsttoaskwhenshippingforautoinsurance.SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationDoyouoryourspouse/partnersometimescashchecksatagrocerystoreorsupermarket?SOURCE:FINRASurveyIknowaboutinvestments(sotcks,mutualfunds,bonds,etc).SOURCE:FinancialPlanningCurriculumforTeens:ImpactEvaluationDoyouoryourspouse/partnersometimespayyourbillswithmoneyorders?SOURCE:FINRASurveyIntheLAST5YEARS,haveyouaskedforanyadvicefromafinancialprofessionalaboutanyofthefollowing?ANSWEROPTIONS:DebtCounseling,Savingsorinvestments,Takingoutamortageoraloan,Insuranceofanytype,Taxprep.SOURCE:FINRASurveyNotincludingretirementaccountsdoyouhaveanyinvestmentsinstocks,bonds,mutualfunds,orothersecurities?SOURCE:FINRASurveyTypically,whenlookingforafinancialprofessional,doyoumeetwithortalktoMORETHANONEadvisorbeforemakingachoice?SOURCE:FINRASurveyNotincludingretirementaccounts,whatisthetotalapproximatecurrentvalueofyourhousehold'sinvestmentsinstocks,bonds,mutualfundsandothersecurities?Wouldyousayitis...ANSWEROPTIONS:<10,000,10,000‐<50,000,50,000‐<100,000,100,000‐<250,000,Greaterthan250,000.SOURCE:FINRASurveyHaveyouevercheckedwithastateorfederalregulatorregardingthebackground,registration,orlicenseofafinancialprofessional?SOURCE:FINRASurveyDoyouhaveanyretirementplansthroughacurrentorpreviousemployer,likeapensionplanora401(k)?SOURCE:FINRASurvey27of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorApproximatelywhatinterestratedoyoupayonthecardwhereyouhavethelargestbalance?Yourbestguessisfine.SOURCE:FINRASurveyDoesyourspouse/partnerhaveanyretirementplansthroughacurrentorpreviousemployer,likeapensionplanora401(k)?SOURCE:FINRASurveyApproximatelywhatistheinterestrateonthecardyouuseMOSTOFTEN?Yourbestguessisfine.SOURCE:FINRASurveyWeretheseplansprovidedbyyouremployeroryour[spouse/partner]’semployer,orboth?SOURCE:FINRASurveyInthePAST12MONTHS,haveyouobtainedacopyofyourcreditreport?SOURCE:FINRASurveyAreanyoftheseretirementplansthekindwhereyouoryourspouse/partnergettochoosehowthemoneyisinvested?SOURCE:FINRASurveyInthePAST12MONTHS,haveyoucheckedyourcreditscore?SOURCE:FINRASurvey Doyouoryourspouse/partnerhaveanyotherretirementaccountsNOTthroughanemployer,likeanIRA,Keogh,SEP,oranyothertypeofretirementaccountthatyouhavesetupyourself?SOURCE:FINRASurveyWhatwasyourcreditscorethelasttimeyouchecked?ANSWEROPTIONS:620orlower,630‐710,720orhigher.SOURCE:FINRASurveyDoyouoryourspouse/partnerregularlycontributetoaretirementaccountlikea401(k)orIRA?SOURCE:FINRASurveyOnascalefrom1to7,where1meansverylowand7meansveryhigh,howwouldyouassessyouroverallfinancialknowledge?SOURCE:FINRASurveyWhatisthetotalapproximatecurrentvalueofyourhousehold’sretirementaccounts?Wouldyousayitis...ANSWEROPTIONS:<10,000,10,000‐<50,000,50,000‐<100,000,100,000‐<250,000,Greaterthan250,000.SOURCE:FINRASurveySupposeyouhad$100inasavingsaccountandtheinterestratewas2%peryear.After5years,howmuchdoyouthinkyouwouldhaveintheaccountifyouleftthemoneytogrow?ANSWEROPTIONS:Morethan102,Exactly102,Lessthan102.SOURCE:FINRASurveyHowmuchofyourhousehold'sretirementportfolioisinvestedinstocksormutualfundsthatcontainstocks?ANSWEROPTIONS:Morethanhalf,Lessthanhalf,None.SOURCE:FINRASurveyImaginethattheinterestrateonyoursavingsaccountwas1%peryearandinflationwas2%peryear.After1year,howmuchwouldyoubeabletobuywiththemoneyinthisaccount?ANSWEROPTIONS:Morethantoday,Exactlythesameastoday,Lessthantoday.SOURCE:FINRASurveyWhoinyourhouseholdisreceivingSocialSecuritypayments?SOURCE:FINRASurveyIfinterestratesrise,whatwilltypicallyhappentobondprices?SOURCE:FINRASurvey Whenyouweregettingyourmortgage,didyoucompareoffersfromdifferentlendersormortgagebrokers?SOURCE:FINRASurveyA15‐yearmortgagetypicallyrequireshighermonthlypaymentsthana30‐yearmortgage,butthetotalinterestpaidoverthelifeoftheloanwillbeless.SOURCE:FINRASurveyWhenyouweregettingyourmortgage,didyouconsiderhowmuchthemonthlypaymentswouldbeasapercentageofyourincome?SOURCE:FINRASurveyBuyingasinglecompany’sstockusuallyprovidesasaferreturnthanastockmutualfund.SOURCE:FINRASurveyHowmanycreditcardsdoyouhave?PleaseincludestoreandgasstationcreditcardsbutNOTdebitcards.SOURCE:FINRASurveyOnascalefromAtoF,whatgradewouldyougiveyourselfintermsofyourknowledgeaboutpersonalfinance?SOURCE:NFCCFinancialLiteracySurveyInthePAST12MONTHS,whichofthefollowingdescribesyourexperiencewithcreditcards?ANSWEROPTIONS:Ialwayspaidmycreditcardsinfull,Insomemonths,Icarriedoverabalanceandwaschargedinterest,Insomemonths,Ipaidtheminimumpaymentonly,Insomemonths,Iwaschargedalatefeeforlatepayment,Insomemonths,Iwaschargedanoverthelimitfeeforexceedingmycreditline,Insomemonths,Iusedthecardsforacashadvance.SOURCE:FINRASurvey28of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorIfyouwerehavingfinancialproblemsrelatedtodebt,whichofthefollowing,ifany,wouldyouturntoforhelpfirst?ANSWEROPTIONS:Friendsandfamily,Financialprofessionalsuchasafin.PlannerorCPA,Do‐it‐yourselftooltohelppaydowndebtyourself,thelenderorcreditcardcompanytoseewhatsolutionstheycouldoffer,thelenderorcreditcardcompanyspecificallyaboutsettlingthedebtforlessthanthebalanceowed,Aprofessionalnon‐profitcreditcounselingagency,Adebtsettlementcompanytosettlethedebtforlessthanthebalanceowed,Abankruptcyattorney.Someotherpersonorplace.SOURCE:NFCCFinancialLiteracySurveyThinkingaboutwhenyouobtainedyourmostrecentcreditcard,didyoucollectinformationaboutdifferentcardsfrommorethanonecompanyinordertocomparethem?SOURCE:FINRASurveyHowstronglydoyouagreeordisagreewiththefollowingstatement?Consideringwhatyoualreadyknowaboutpersonalfinance,youcouldstillbenefitfromsomeadviceandanswerstoeverydayfinancialquestionsfromaprofessional.SOURCE:NFCCFinancialLiteracySurveyApproximatelyhowmuchdoyouandyourspouse/partnercurrentlyoweintotalonallyourcreditcards?Yourbestguessisfine.ANSWEROPTIONS:0,1‐1000,1000‐5000,5000‐10,000,10,000‐20,000,Morethan20,000.SOURCE:FINRASurveyDidyouhaveanywageorsalaryincomeinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Thinkingaboutyourmostrecentautoloan,didyoucompareoffersfromdifferentlenders?SOURCE:FINRASurveyDidyouhaveanyincomeorlossesfromaprofessionalpracticeorbuisnessinthecalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Pleasetellmeifyou’vedoneanyofthefollowinginthePAST5YEARS.ANSWEROPTIONS:Haveyoutakenoutanautotitleloan?,Haveyoutakenoutashort‐term"payday"loan?,Haveyougottenanadvanceonyourtaxrefund?Thisissometimescalleda“refundanticipationloan”or“RapidRefund”?,Haveyouusedapawnshop?,Haveyouusedarent‐to‐ownstore?SOURCE:FINRASurveyDidyouhaveanytax‐exemptincomeinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Haveyoueverpurchasedanytypeofinsurancedirectlyyourself,thatis,NOTthroughanemployer?SOURCE:FINRASurveyDidyouhaveanyinterestincomeinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)ThinkingabouttheLASTTIMEyoupurchasedinsurance,didyoucompareoffersfromdifferentinsuranceproviders?SOURCE:FINRASurveyDidyouhaveanydividendincomeinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Howoftendoyoureviewyourinsurancecoverage?ANSWEROPTIONS:Atleastonceayear,Onceeveryfewyears,Rarely,Never.SOURCE:FINRASurvey29of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorDidyouhaveanygainsorlossesonstocks,bonds,mutualfunds,realestateinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Howstronglydoyouagreeordisagreewiththefollowingstatements?Pleasegiveyouransweronascaleof1to7,where1=“StronglyDisagree,”7=“StronglyAgree,”and4=“NeitherAgreeNorDisagree,”youcanuseanynumberfrom1to7.Iamgoodatdealingwithday‐to‐dayfinancialmatters,suchascheckingaccounts,creditanddebitcards,andtrackingexpenses?SOURCE:FINRASurveyDidyouhaveanyincomefromrent,royalities,orotherinvestmentorbusinessinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Howstronglydoyouagreeordisagreewiththefollowingstatements?Pleasegiveyouransweronascaleof1to7,where1=“StronglyDisagree,”7=“StronglyAgree,”and4=“NeitherAgreeNorDisagree,”youcanuseanynumberfrom1to7.Iregularlykeepupwitheconomicandfinancialnews.SOURCE:FINRASurveyDidyouhaveanyincomefromunemploymentorworker'scompensationinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Wheredoyoucurrentlykeepyournon‐retirementsavings?/Ifyouweretostartsaving,butnotspecificallyforretirement,wheredoyouthinkyouwouldkeepyoursavings?ANSWEROPTIONS:Savingsaccount,CheckingAccount,Investmentaccountsuchasmutualfunds,Athomeincash.SOURCE:NFCCFinancialLiteracySurveyDidyouhaveanyincomefromchildsupportofalimonyinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Onaverage,whatpercentageofyourhousehold’sincomedoyousaveeveryyearforretirement?SOURCENFCCFinancialLiteracySurveyDidyouhaveanyincomefromSocialSecurity,pensions,annuities,ordisability/retirementprogramsinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Doyoucurrentlyhaveahomemortgageofanytype?SOURCE:NFCCFinancialLiteracySurveyDidyouhaveanyincomefromTANF,foodstamps,orotherformsofwelfareorassistanceinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Doyouhaveanyloans,notincludingstudentloans?Howmany?SOURCE:SurveyofConsumerFinances(FederalReserve)Didyouhaveanyotherformsofincomeinthelastcalendaryear?Whatsources?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Notcountingthefinancecharages,howmuchdidyouborrow?SOURCE:SurveyofConsumerFinances(FederalReserve)Didyouhaveanyincomeinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Areyoumakingpaymentsontheloannow?SOURCE:SurveyofConsumerFinances(FederalReserve)Inthelastcalendaryear,wasyourincomeunusuallyhigh?Unusallylow?Aboutnormal?SOURCE:SurveyofConsumerFinances(FederalReserve)Ifyouaremakingpayments,areyoupayinginregularinstallments?Howmuchperinstallment?Ifnot,Why?Deferred?SOURCE:SurveyofConsumerFinances(FederalReserve)Whywasyourincomethelevelitwas?Aboutwhatwouldnormalbe?SOURCE:SurveyofConsumerFinances(FederalReserve)Howmuchdoyoustillowe?Whatistheinterestrate?SOURCE:SurveyofConsumerFinances(FederalReserve)30of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorInthepastfiveyears,isyourincomeupmore,less,oraboutthesameasinflation?SOURCE:SurveyofConsumerFinances(FederalReserve)Whenyouaresaving,whattimehorizonareyousavingfor?ANSWEROPTIONS:Nextfewmonths,Nextyear,Nextfewyears,Next5‐10years,Longerthan10years.SOURCE:SurveyofConsumerFinances(FederalReserve)Inthenextyear,doyouexpectyourincometobeupmore,less,oraboutthesameasinflation?SOURCE:SurveyofConsumerFinances(FederalReserve)Arethereanyforeseeablemajorexpensesoverthenext5‐10years?ANSWEROPTIONS:Education,Home,Healthcare,Other?SOURCE:SurveyofConsumerFinances(FederalReserve)Doyouhaveagoodideaofwhatyourincomewillbeinthenextyear?SOURCE:SurveyofConsumerFinances(FederalReserve)Ifthereareanyexpenses,areyousavingforitnow?SOURCE:SurveyofConsumerFinances(FederalReserve)Doyouusuallyhaveagoodideaofwhatyourincomewillbe?SOURCE:SurveyofConsumerFinances(FederalReserve)Overthepastyear,areyouspendingmore,less,oraboutthesameasincome?SOURCE:SurveyofConsumerFinances(FederalReserve)Didyouhavetopayanychildsupportofalimonyinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Ifyouarespendingmore,howhaveyoumadewupthedifference?Borrowed,spentsavings,other?SOURCE:SurveyofConsumerFinances(FederalReserve)Didyouhavetoprovideanyotherkindoffinancialsupportinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Overall,haveyourexpensesinthepastyearbeenunusuallyhighrelativetoa"normal"year,unusuallylow,oraboutnormal?SOURCE:SurveyofConsumerFinances(FederalReserve)Ifyoudidhavetoprovideanyotherkindofsupport,towhomdidyougiveitto?SOURCE:SurveyofConsumerFinances(FederalReserve)Abouthowmuchofyourincomedoyouspendonfood?Athome?Carry‐out/delivery?Goingouttorestaurants?SOURCE:SurveyofConsumerFinances(FederalReserve)Onascaleof1to5,where1isnotgoodatall,and5isverygood,howwouldyourateyourselfoneachofthefollowingareasoffinancialmanagement...?Keepingtrackofyourmoney,makingendsmeet,shoppingaroundtogetthebestfinancialproductsuchasloansorinsurancerates,stayinginformedaboutfinancialissues.ANSWEROPTIONS:(1‐5Scale).SOURCE:OECDFinancialLiteracyMeasureHaveyouappliedforcreditinthepast5years?SOURCE:SurveyofConsumerFinances(FederalReserve)Ifyouweretoconsultatrustworthyandknowledgeableprofessionalfinancialadvisor,howmuchofyourcurrentfinancialarrangementsdoyouthinkthatthefinancialadvisorwouldrecommendchanging?ANSWEROPTIONS:(1‐10scale)Nochange‐Atotaloverhaul.SOURCECognititionandAgingDecisionMakingSurvey2008Ifyouhaveappliedforcredit,wereyouturneddown?Why?SOURCE:SurveyofConsumerFinances(FederalReserve)31of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorIunderstandthestockmarketreasonablywell.ANSWEROPTIONS:(1‐6scale)Stronglyagree‐Stronglydisagree.SOURCE:CognititionandAgingDecisionMakingSurvey2008Whattypeofcreditdidyouapplyfor?SOURCE:SurveyofConsumerFinances(FederalReserve)Iamgoodatdealingwithday‐to‐dayfinancialmatters,suchascheckingaccounts,creditcards,mortgages,installmentpayments,andbudgeting.ANSWEROPTIONS:(1‐6scale)Stronglyagree‐Stronglydisagree.SOURCE:CognititionandAgingDecisionMakingSurvey2008Inthepast5years,haveyouchoosennottoapplyforcreditbecauseyouthoughtyoumightbeturneddown?SOURCE:SurveyofConsumerFinances(FederalReserve)Asavingsbankneveroffersacheckingaccount.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Howmanycreditcardsdoyouown?SOURCE:SurveyofConsumerFinances(FederalReserve)Aninvestmentadvisortellsa30‐year‐oldcouplethat$1000inaninvestmentthatpaysacertain,constantinterestratewoulddoubleinvalueto$2000after20years.Ifso,thatinvestmentwouldnotbeworth$4000foratleast45years.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Whatdoyouestimatewasthetotalamountofchargeslastmonth?SOURCE:SurveyofConsumerFinances(FederalReserve)Financially,investinginthestockmarketisnobetterthanbuyinglotterytickets.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Whatdoyouestimatewasyourtotalcreditbalanceafteryourlastpayment?SOURCE:SurveyofConsumerFinances(FederalReserve)Whenaninvestorspreadsmoneybetween20stocks,ratherthan2,theriskoflosingalotofmoneydecreases.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Doyouusuallypayoffyourcreditcardbilleachmonth?SOURCE:SurveyofConsumerFinances(FederalReserve)32of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorUsingmoneyinabanksavingsaccounttopayoffcreditcarddebtisusuallyabadidea.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Doyouhaveanyrevolvingstoreaccounts?HowMany?SOURCE:SurveyofConsumerFinances(FederalReserve)Anemployeeofacompanywithpubliclytradedstockshouldhavelittleornoneofhisorherretirementsavingsinthecompany’sstock.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Doyouhaveanyoutstandingbalancesonyourrevolvingstoreaccounts?SOURCE:SurveyofConsumerFinances(FederalReserve)Forafamilywithaworkinghusbandandawifestayinghometotakecareoftheiryoungchildren,lifeinsurancethatwillreplacethreeyearsofincomeisnotenoughlifeinsurance.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Doyouhaveanyeductionorstudentloans?Howmany?SOURCE:SurveyofConsumerFinances(FederalReserve)Olderretiredpeopleshouldnotholdanystocks.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Notcountingthefinancecharages,howmuchdidyouborrow?SOURCE:SurveyofConsumerFinances(FederalReserve)Itisimportanttotakealookatyourinvestmentsperiodicallytoseeifyouneedtomakechanges.Inyouropinion,waspreviousstatementgenerally“True”orgenerally“False”andhowstronglyyoubelievethistobethecase?Answeroptions:100%‐50%MostlikelyFalse,50%‐100%MostLikelyTrue.SOURCE:CognititionandAgingDecisionMakingSurvey2008Areyoumakingpaymentsontheloannow?Infnot,why?Deferred?SOURCE:SurveyofConsumerFinances(FederalReserve)Who(amongmembersofyourimmediatefamily)makesthedecisionsabouthowtosaveforretirementandotherlargeexpenses?ANSEROPTIONS:Me,Myspouse/partner,Myspouse/partnerandIdecideequally,someoneelse.SOURCE:CognititionandAgingDecisionMakingSurvey2008Ifyouaremakingpayments,areyoupayinginregularinstallments?Howmuchperinstallment?Ifnot,Why?Deferred?SOURCE:SurveyofConsumerFinances(FederalReserve)Doyouhaveawrittenwill?SOURCE:CognititionandAgingDecisionMakingSurvey2008Howmuchdoyoustillowe?Whatistheinterestrate?SOURCE:SurveyofConsumerFinances(FederalReserve)33of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorOnascalefromoneto10,ratehowmuchofyourcurrentfinancialknowledgeyougainedfromeachofthefollowingsources:ANSWEROPTIONS:Parents,Employer,Semiars,Books,InternetFriends/Coworkers,FinancialAdvisors.SOURCE:ToplineSummaries:QualitativeResearchDidyoucontribute$500ormoretocharityinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Whodoyouturntoforfinancialadvice?(checkallthatapply):ANSWEROPTIONS:Parents,Employer,Semiars,Books,InternetFriends/Coworkers,FinancialAdvisors.SOURCE:ToplineSummaries:QualitativeResearchDidyouvolunteeronehourormoreaweektocharityinthelastcalendaryear?Howmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Howhelpfulhavebooksbeenasasourceoffinancialadvice?SOURCE:ToplineSummaries:QualitativeResearchHowimportantisitforyoutoleaveaninheritance?SOURCE:SurveyofConsumerFinances(FederalReserve)Howoftendoyouseekfinancialadvice?SOURCE:ToplineSummaries:QualitativeResearchDoyouexpecttobeabletoleaveaninheritance?SOURCE:SurveyofConsumerFinances(FederalReserve)Whoisatrustedsourceoffinancialadvice?SOURCE:ToplineSummaries:QualitativeResearchDidyoubuyyourcarneworused?SOURCE:SurveyofConsumerFinances(FederalReserve)Whattypesofinformationdoyourequestfromfinancialadvisors?SOURCE:ToplineSummaries:QualitativeResearchWhichofthefollowingstatementsbestdescribeshowyoulastchose[takeaproductatrandomfrompreviouspositiveresponses]:ANSWEROPTIONS:Iconsideredseveralproductsfromdifferentcompaniesbeforemakingmydecision,Iconsideredseveralproductsfromonecompanybeforemakingmydecision,Ididn'tconsiderotherproductsatall,Ilookedaroundbuttherewerenootherproductstoconsider,don'tknow,notapplicable,refused.SOURCE:OECDFinancialLiteracyMeausureWhodoyoutrustforfinancialadvice?SOURCE:ToplineSummaries:QualitativeResearchBeforeIbuysomethingIcarefullyconsiderwhetherIcanaffordit.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,refused).SOURCE:OECDFinancialLiteracyMeasureIfyouneededfinancialadvice,wouldyouknowwheretogo?SOURCE:ToplineSummaries:QualitativeResearchIfinditmoresatisfyingtospendmoneythantosaveitforthelongterm.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,refused)SOURCE:OECDFinancialLiteracyMeasureHowdidyougainyourcurrentfinancialknowledge?SOURCE:ToplineSummaries:QualitativeResearchIpaymybillsontime.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,notapplicable,refused)SOURCE:OECDFinancialLiteracyMeasureHowimportantdoyouthinkitistohaveafinancialadvisor?SOURCE:ToplineSummaries:QualitativeResearchIkeepaclosepersonalwatchonmyfinancialaffairs.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,refused)SOURCE:OECDFinancialLiteracyMeasure34of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorDescribeyourworkingrelationshipwithyourfinancialadvisor.Whatactivitiesdoyoutaskyouradvisorwith?Howoftendoyoumeetwithyouradvisor?SOURCE:ToplineSummaries:QualitativeResearchIsetlongtermfinancialgoalsandstrivetoachievethem.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,refused)SOURCE:OECDFinancialLiteracyMeasureIstheresomewhereyougo,orsomeoneyoutalktohelpyoumakebetterfinancialdecisions?SOURCE:ToplineSummaries:QualitativeResearchMoneyistheretobespent.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,refused)SOURCE:OECDFinancialLiteracyMeasureDoyoufeelthatyouhaveself‐taughtasignificantamountofyourfinancialknowledge?SOURCE:ToplineSummaries:QualitativeResearchInthepast12monthshaveyou[personally]beensavingmoneyinanyofthefollowingways,whetherornotyoustillhavethemoney?Markallthatapply.ANSWEROPTIONS:Savingcashathomeorinyourwallet,Buildingupabalanceofmoneyinyourbankaccountsavingcashathomeorinwallet,Payingmoneyintoasavingsaccount,Givingmoneytofamilytosaveonyourbehalf,Savinginaninformalsavingsclub,Buyingfinancialinvestmentproducts,otherthanpensionfunds,Orinsomeotherway(includingremittances,buyinglivestockorproperty)Hasnotbeenactivelysaving(includingIdon'tsave/Ihavenomoneytosave).SOURCE:OECDFinancialLiteracyMeasureHasemploymentbeenakeysourceofyourfinancialliteracy?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyoupersonallycheckwhetheryour<producttype>stillmeetsyourneeds?ANSWEROPTIONS:Atleastonceayear,Lessoften,Never,Don'tknow,Refused.SOURCE:OECDFinancialLiteracyMeasureHowcomfortabledoyoufeelseekingfinancialadvicefromaprofessional?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavetroublegettinggoodandrelevantfinancialadvice?ANSWEROPTIONS:Yes,No,Nevertried,Don'tknow,Refused.SOURCE:OECDFinancialLiteracyMeasureWhattypeofprofessionaldoyouseekfinancialadvicefrom?SOURCE:ToplineSummaries:QualitativeResearchThinkingaboutthelasttimeyoutriedtogetgoodfinancialadvice;doyouthinkanyofthefollowingstatementsapplytoyourexperience?Markallthatapply.ANSWEROPTIONS:Youdidnotknowwheretolookforadvice,Youcouldnotfindtheadviceyouwerelookingfor,Youcouldnotgetadviceatatimetosuityou,Youdidnotunderstandtheadviceyouweregiven,Thereweresomanyadvisersavailableyoudidn’tknowwhichtochoose,Youaskedadvicefromseveralpeopleandfoundthattheygavedifferentanswers,Yougotadvicebutyoudidn’tknowwhethertotrustitornot,Youfollowedtheadviceyouweregivenandlaterregrettedit.SOURCE:OECDFinancialLiteracyMeasureHaveyousoughtadvicefromaprofessionalfinancialcounselor?Ifyes,why.Ifnot,whynot?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouagreeordisagreewiththefollowingstatement:I’vegotaclearideaofthesortsoffinancialproductsorservicesthatIneedwithoutconsultingafinancialadviser.ANSWEROPTIONS:Totallyagree,tendtoagree,tendtodisagree,totallydisagree.SOURCE:OECDFinancialLiteracyMeasure35of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorDoyouhavefinanciallysuccessfulfriendsyoucanaskforadvice?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyouagreeordisagreewiththefollowingstatement:Ialwaysresearchmychoicesthoroughlybeforemakinganydecisionsaboutfinancialproductsorservices.ANSWEROPTIONS:Totallyagree,tendtoagree,tendtodisagree,totallydisagree.SOURCE:OECDFinancialLiteracyMeasureDoyoufeelyouknowwheretogotogettheinformationyouwouldneedtoinvest?SOURCE:ToplineSummaries:QualitativeResearchHowdoyoumanageyourfinancesonamonthlybasis?SOURCE:ToplineSummaries:QualitativeResearchWhowere/areyourfinancialrolemodels?SOURCE:ToplineSummaries:QualitativeResearchOnscaleof1to10,howwouldyourateyourmoneymanagementskills?SOURCE:ToplineSummaries:QualitativeResearchDidyouacquiremostfinancialknowledgecomefrommistakesyou’vemade?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveamonthlybudget?SOURCE:ToplineSummaries:QualitativeResearchOnascaleof1to10,howresponsiblewereyourparentswithmoney?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveaplan?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavefriendswhoarefinanciallysuccessfulthatyoucanaskforadvice?SOURCE:ToplineSummaries:QualitativeResearchHowcloselydoyoufollowyourmonthlybudget/plan?SOURCE:ToplineSummaries:QualitativeResearchDoyoufeelcomfortableaskingbankorcreditunionforadvice?SOURCE:ToplineSummaries:QualitativeResearchDoyoutakefinancialrisksinordertopayforthingsyouenjoy?SOURCE:ToplineSummaries:QualitativeResearchHaveyouhadtheopportunitytowatchhowothersmanagetheirfinances?SOURCE:ToplineSummaries:QualitativeResearchHaveyousetthingsupsothatmostofyourbillsgetpaidautomaticallyfromyouraccount?SOURCE:ToplineSummaries:QualitativeResearchGrowingup,doyoufeelyourparentstaughtyouthatmoneywassomethingyouhadtoworkhardinordertoget?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveinsurance?SOURCE:ToplineSummaries:QualitativeResearchAsachild,didyoueverrunasmallbusinesslikealemonadestand?SOURCE:ToplineSummaries:QualitativeResearchDoyousticktothebudget?SOURCE:ToplineSummaries:QualitativeResearchWhodoyouturntoforadvice?SOURCE:ToplineSummaries:QualitativeResearch Howoftendoyoucheckyourcreditscore?SOURCE:ToplineSummaries:QualitativeResearchWhattypeofadvicedoyouseek?SOURCE:ToplineSummaries:QualitativeResearch Doyouknowwhatyourcreditscoreis?SOURCE:ToplineSummaries:QualitativeResearchHowmuchofyourknowledgeaboutmoneycomefrompersonalexperience?SOURCE:ToplineSummaries:QualitativeResearchHowdoesalatepaymentaffectyourcreditscore?SOURCE:ToplineSummaries:QualitativeResearch36of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorDoyouprefertoreceivefinancialadvicefrompeopleyouknowthroughfriends/yourcommunity?SOURCE:ToplineSummaries:QualitativeResearchHowdoyoumanageyourfinancesonamonthlybasis?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavefriendsorfamilymembersthatyoucangotoinordertogetgoodfinancialadvice?SOURCE:ToplineSummaries:QualitativeResearchDoyouthinkyoulivewithinyourmeans?SOURCE:ToplineSummaries:QualitativeResearchDoyouthinktherearethingsyoudon'tknowthatwouldimproveyourfinancialsituation?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveanyofyourbillssetupforautomaticpayments?SOURCE:ToplineSummaries:QualitativeResearchDoyoufeeloverwhelmedwhenlearningaboutfinance?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyoupayyourbillsontime?SOURCE:ToplineSummaries:QualitativeResearchDoyouthinkyouknowwhatyouneedtotomakegoodfinancialdecisions?SOURCE:ToplineSummaries:QualitativeResearchInthepastyear,haveyousatdownandfiguredoutwhereyourhousehold’smoneyisgoingeachmonth?SOURCE:ToplineSummaries:QualitativeResearchIssavingsaluxury?SOURCE:ToplineSummaries:QualitativeResearch Areyouwillingtomakechangesifyou’renothappywithwhereyourmoneyisgoing?SOURCE:ToplineSummaries:QualitativeResearchDoyouunderstandwhatittakestomaintaingoodcredit?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowwhereyourmoneyisgoing?SOURCE:ToplineSummaries:QualitativeResearchDoyouthinkidentitytheftcouldhappentoyou?SOURCE:ToplineSummaries:QualitativeResearchDoyouspendasmuchormorethanyoumakeeachmonth?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowwhat’sonyourcredit?SOURCE:ToplineSummaries:QualitativeResearchAreyouembarrassedabouthowyouspendyourmoney?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowhowmuchyouowe?SOURCE:ToplineSummaries:QualitativeResearch Areyouembarrassedaboutyourcredit?SOURCE:ToplineSummaries:QualitativeResearchAreyouscaredtofindourhowmuchyouowe?SOURCE:ToplineSummaries:QualitativeResearchDoyoulookatyourcreditcardbillseachmonthtoseewherethemoneyisgoing?SOURCE:ToplineSummaries:QualitativeResearchWhatiscollateralonaloan?SOURCE:ToplineSummaries:QualitativeResearch Doyouhaveabudget?SOURCE:ToplineSummaries:QualitativeResearchWhatisescrow?SOURCE:ToplineSummaries:QualitativeResearch Doyouhaveafinancialgoal?SOURCE:ToplineSummaries:QualitativeResearchAreyoussavvycreditcarduser?Iebeforesigningupforacardtoyoucomparedeals,doyouavoidpayinginterestandlatefees,etc.SOURCE:ToplineSummaries:QualitativeResearchDoyoubelieveyoucanreachyourfinancialgoal?SOURCE:ToplineSummaries:QualitativeResearch37of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorDoyoufeelit’simportanttoestablishgoodcreditinyourname?SOURCE:ToplineSummaries:QualitativeResearchHowwillingareyoutodowhateverittakestoreachyourfinancialgoals?SOURCE:ToplineSummaries:QualitativeResearchDoesMedicarecostmoney?SOURCE:ToplineSummaries:QualitativeResearch Haveyoutakenthetimetothinkaboutwhatyourlifewillbelikeafterretirement?SOURCE:ToplineSummaries:QualitativeResearchDoesMedicarecoverdentalcare?SOURCE:ToplineSummaries:QualitativeResearch Doesyouremployerofferretirementplanning?Ifyes,doyoutakeadvantageofit?SOURCE:ToplineSummaries:QualitativeResearchWhatisprobate?SOURCE:ToplineSummaries:QualitativeResearch Haveyouplannedoutyourfinancesthroughtotheendofyourlife?SOURCE:ToplineSummaries:QualitativeResearchHaveyoucreatedanestateplan?SOURCE:ToplineSummaries:QualitativeResearch Withrespecttoyourfinances,doyouliveinthepresent?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowwhatrevolvingcreditis?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveafinancialplan?SOURCE:ToplineSummaries:QualitativeResearchDoyoufeelyouunderstandhowusecreditcardsdresponsibly?SOURCE:ToplineSummaries:QualitativeResearchDoyoufollowyourfinancialplanonamonthlybasis?SOURCE:ToplineSummaries:QualitativeResearchHowhaveyoulearnedtomakesmartfinancialdecisions?SOURCE:ToplineSummaries:QualitativeResearchWhatlifeexperience(s)impactedyourdecisiontobegintoestablishabudgetandplanforthefuture?SOURCE:ToplineSummaries:QualitativeResearchDoyoufeellikeyoualwayshaveawaytogetmoney?SOURCE:ToplineSummaries:QualitativeResearchAreyousavingforretirement?Ifso,whendidyoustart?SOURCE:ToplineSummaries:QualitativeResearchHavingyoubeeninvolvedinthesettlingoftheestateofoneofyourfamilymembers?SOURCE:ToplineSummaries:QualitativeResearchHaveyoueversetfinancialgoalthattooklongerthanoneyeartoachieveit?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavethemathskillstomakethecalculationsyouneedtomakeinordertomakegoodfinancialdecisions?SOURCE:ToplineSummaries:QualitativeResearchHaveyoueversetafinancialgoalthatforcedyoutomakeshort‐termsacrificesinordertoachieveit?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyoufeelyouknowaboutfindinggoodbargains?SOURCE:ToplineSummaries:QualitativeResearchDoyoumakesacrificesinyourcurrentlifestyleinordertosaveforyourfuture?SOURCE:ToplineSummaries:QualitativeResearchAreyouagoodsaver?SOURCE:ToplineSummaries:QualitativeResearch Howdidyoulearntomanageyourfinances?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowwhatactionsyouneedtotakeinordertoimproveyourfinancialwell‐being?SOURCE:ToplineSummaries:QualitativeResearchHaveyouworkedwithafinancialcoach?SOURCE:ToplineSummaries:QualitativeResearchDoyoufeelyouknowenoughtostartandmanageyourownbusiness?SOURCE:ToplineSummaries:QualitativeResearchDoyoutrustbanks?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowhowtobudget?SOURCE:ToplineSummaries:QualitativeResearch Doyouuseafinancialplanner?SOURCE:ToplineSummaries:QualitativeResearch38of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorHaveyoueverbalancedacheckbook?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyougoouttoeat?SOURCE:ToplineSummaries:QualitativeResearchHowdoyousaveforretirement?SOURCE:ToplineSummaries:QualitativeResearch Whenyoumakealargepurchase,doyouthinkaboutwhatthatwillmeanforyoulongterm?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowhowtoenrollinaninsuranceplan?SOURCE:ToplineSummaries:QualitativeResearchWhenmakingapurchase,doyouthinkaboutthedownsideofmakingthatpurchase?SOURCE:ToplineSummaries:QualitativeResearchDoyoubuythingssothatotherswilladmireyouforowningthem?SOURCE:ToplineSummaries:QualitativeResearchDoyoutrackyourmonthlyexpenses?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyouusecredittopurchaseanitemyoucannotpaycashfor?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyoupayyourcreditcardsoffeverymonth?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyousplurgeonitemsthatarenotpartofyourmonthlyplan/budget?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyoubuyitemstomakeyourselffeelbetter?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowhowmuchmoneyyouspendeverymonth?SOURCE:ToplineSummaries:QualitativeResearchCanyoulistthetop5thingsyouspendmoneyon?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyoupurchaseitemsyoudidnotplanonpurchasing?SOURCE:ToplineSummaries:QualitativeResearchOnascaleof1to10,howmuchdoyouagreewiththestatement‘Icansave’?SOURCE: Topline Summaries: Qualitative ResearchOnascaleof1to10,howwelldoyouknowwhereyourmoneyisgoingonadailybasis?SOURCE:ToplineSummaries:QualitativeResearchDoyoutrackyourspending?SOURCE:ToplineSummaries:QualitativeResearchDothethingsthatgiveyoupleasureinlifecostalotofmoney?SOURCE:ToplineSummaries:QualitativeResearch39of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorWhat%ofyourincomedoyousaveeachmonth?SOURCE:ToplineSummaries:QualitativeResearchDoyoubudgetmonthlyforsavings?Retirement?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavetheresourcestostayinyourhomeuntilyouarenolongerabletolivendependently?SOURCE:ToplineSummaries:QualitativeResearchDoyoufeelyoulivemodestly?SOURCE:ToplineSummaries:QualitativeResearchHowgoodareyouatlimitingyourhousehold’sdebt?SOURCE:ToplineSummaries:QualitativeResearchHowearlydoyouplanonstartingyourchild’seducationfund?SOURCE:ToplineSummaries:QualitativeResearchAreyouwillingtohaveacheaperhouse,car,clothesetc.thanyourpeersinordertobeabletohavemoney?SOURCE:ToplineSummaries:QualitativeResearchDoyouhaveafinancialstrategy?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyoucheckyourbankaccounts?SOURCE:ToplineSummaries:QualitativeResearchHowearlyinlifedidyoustartsavingforretirement?SOURCE:ToplineSummaries:QualitativeResearchDoyoueatoutmorethanyoucanaffordto?SOURCE:ToplineSummaries:QualitativeResearchDoyouknowwhatyouspendyourmoneyoneachmonth?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyoumakeapurchasethatyouknowyoucannotafford?SOURCE:ToplineSummaries:QualitativeResearchIfyouweretoreceive$20,000,whatwouldyoudowithit?Spenditorinvestit?SOURCE:ToplineSummaries:QualitativeResearchDoyouthinkcarefullyaboutwhetherornotsomethingwillmakeyoutrulyhappybeforeyougooutandbuyit?SOURCE:ToplineSummaries:QualitativeResearchAreyouhappywiththethingsyouown?SOURCE:ToplineSummaries:QualitativeResearch40of56FinancialKnowledge FinancialBehavior TranslatingKnowledgetoBehaviorFinancialKnowledgeandBehaviorDoyouwishthethingsyouownwerebetter?SOURCE:ToplineSummaries:QualitativeResearchDoyouandyourspousefightaboutmoney?SOURCE:ToplineSummaries:QualitativeResearchDidyouplantohaveyourchildrensupportyou?Aretheyableto?SOURCE:ToplineSummaries:QualitativeResearchDoyouhavechildrenovertheageof25?Ifyes,aretheyonsolidfootingfinancially?SOURCE:ToplineSummaries:QualitativeResearchHowlargeapartdoesplanningforretirementplayinyourfinancialdecisions?SOURCE:ToplineSummaries:QualitativeResearchDoyourparentsowntheirownhome?SOURCE:ToplineSummaries:QualitativeResearchDoyoufindyourselfbuyingalotofstuffyoudon’treallywantorneed?SOURCE:ToplineSummaries:QualitativeResearchDoyouspendmoneyjustbecauseyouhaveit?SOURCE:ToplineSummaries:QualitativeResearchDoyouusecreditjustbecauseyouhaveit?SOURCE:ToplineSummaries:QualitativeResearchDoesyourspousebuythingsthatyoufeelheorshedoesn’treallyneed?SOURCE:ToplineSummaries:QualitativeResearch41of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesTowhatextentdoeachofthefollowingdescribeyou?Moody,Worrying,Nervous,Calm.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:MEANofitems.SOURCE:MIDUSSurveyWhenImakeplans,IamcertainIcanmakethemwork.OneofmyproblemsisthatIcannotgetdowntoworkwhenIshould.IfIcan'tdoajobthefirsttime,IkeeptryinguntilIcan.WhenIsetimportantgoalsformyself,Irarelyachievethem.Igiveuponthingsbeforecompletingthem.Iavoidfacingdifficulties.Ifsomethinglookstoocomplicated,Iwillnotevenbothertotry.WhenIhavesomethingunpleasanttodo,isticktoituntilIfinishit.WhenIdecidetodosomething,Igorighttoworkonit.Whentryingtolearnsomethingnew,IsoongiveupifIamnotinitiallysuccessful.Whenunexpectedproblemsoccur,Idon'thandlethemwell.Iavoidtryingtolearnnewthingswhentheylooktoodifficultforme.Failurejustmakesmetryharder.Ifeelinsecureaboutmyabilitytodothings.Iamaself‐reliantperson.Igiveupeasily.Idonotseemcapableofdealingwithmostproblemsthatcomeupinlife.ANSWEROPTIONS:Stronglydisagree,disagree,neutral,agree,stronglyagree.SOURCE:Sherer,Mark,etal."Theself‐efficacyscale:Constructionandvalidation."Psychologicalreports51.2(1982):663‐671.Iamoftenpersuadedtopurchaseunneededproductsorservices,meaningthingsIalreadyownorcannotuse.Ihavebeentakeninmypostalscamssuchasprizedrawsorsweepstakesrequiringaninitialpurchaseorcashoutlay.IhavebeentrickedintotakingtheblameforsomethingIdidnotdo.SOURCE:Pinsker,DonnaM.,etal.ClinicalPscyhologistDuringtwoweeksinthepast12months,whenyoufeltsad,blue,ordepressed,didyoua)loseinterestinmostthings?,b)feelmoretiredoutorlowonenergythanisusual?,c)loseyourappetite?,d)havemoretroublefallingasleepthanusual?,e)havealotmoretroubleconcentratingthanusual?,f)feeldownonyourself,nogood,orworthless?,g)thinkalotaboutdeath?ANSWEROPTIONS:Yes,No.SCALING:TakethenumberofYesresponsestothesetofitems.SOURCE:MIDUSSurveyTowhatextentdoeachofthefollowingdescribeyou?Outgoing,Friendly,Lively,Active,Talkative.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:MEANofitems.SOURCE:MIDUSSurveyItisdifficultformetomakenewfriends.IfIseesomeoneIwouldliketomeet,Igotothatpersoninsteadofwaitingforhimorhertocometome.IfImeetsomeoneinterestingwhoishardtomakefriendswith,I'llsoonstoptryingtomakefriendswiththatperson.WhenI'mtryingtobecomefriendswithsomeonewhoseemsuninterestedatfirst,Idon'tgiveupeasily.Idonothandlemyselfwellinsocialgatherings.Ihaveacquiredmyfriendsthroughmypersonalabilitiesatmakingfriends.ANSWEROPTIONS:Stronglydisagree,disagree,neutral,agree,stronglyagree.SOURCE:Sherer,Mark,etal."Theself‐efficacyscale:Constructionandvalidation."Psychologicalreports51.2(1982):663‐671.Howwouldyourateyourmemoryatthepresenttime?ANSWEROPTIONS:Excellent,VeryGood,Good,Fair,Poor.SOURCE:Health&RetirementSurvey2008Howoftenoverthepast12monthsyoua)wererestlessbecauseofyourworry?,b)werekeyedup,onedge,orhadalotofnervousenergy?,c)wereirritablebecauseofyourworry?,d)hadtroublefallingasleep?,e)hadtroublestayingasleepbecauseofyourworry?,f)hadtroublekeepingyourmindonwhatyouweredoing?,g)hadtroublerememberingthingsbecausofyourworry?,h)werelowonenergy?,i)tiredeasilybecauseofyourworry?,j)hadsoreorachingmusclesbecauseoftension?ANSWEROPTIONS:MostDays,AboutHalfthedays,Lessthanhalfthedays,Never.SCALE:CountofnumberofMostDaysitems.SOURCE:MIDUSSurveyTowhatextentdoeachofthefollowingdescribeyou?Creative,Imaginative,Intelligent,Curious,Broad‐minded,Sophisticated,Adventurous.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:MEANofitems.SOURCE:MIDUSSurveyIcanthinkofmanywaystogetoutofajam.Ienergeticallypursuemygoals.Therearelotsofwaysaroundanyproblem.Icanthinkofmanywaystogetthethingsinlifethataremostimportanttome.Evenwhenothersgetdiscouraged,IknowIcanfindawaytosolvetheproblem.Mypastexperienceshavepreparedmewellformyfuture.I'vebeenprettysuccessfulinlife.ImeetthegoalsthatIsetformyself.ANSWEROPTIONS:Definitelyfalse,Mostlyfalse,Mostlytrue.SOURCE:Snyder,CharlesR.,etal."Thewillandtheways:developmentandvalidationofanindividual‐differencesmeasureofhope."Journalofpersonalityandsocialpsychology60.4(1991):570.Comparedtotwoyearsago,wouldyousayyourmemoryisbetternow,aboutthesameorworsethanitwasthen?ANSWEROPTIONS:Better,Same,Worse.SOURCE:Health&RetirementSurvey2008Doyouworryalotmorethanmostpeople?ANSWEROPTIONS:Yes,No.Source:MIDUSSurveyTowhatextentdoeachofthefollowingdescribeyou?Organized,Responsible,Hardworking,Careless.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:MEANofitems.SOURCE:MIDUSSurveyIadmirepeoplewhoownexpensehomes,carsandclothes.ThethingsIownsayalotabouthowwellI'mdoinginlife.Iliketoownthingsthatimpresspeople.Itrytokeepmylifesimpleasfaraspossessionareconcerned.Buyingthingsgivesmealotofpleasure.Ilikealotofluxuryinlife.MylifewouldbebetterifIownedcertainthingsIdon'thave.I'dbehappierifIcouldaffordtobuymorethings.ItsometimesbothersmequiteabitthatIcan'taffordtobuyallthethingsI'dlike.ANSWEROPTIONS:Stronglyagree,Agree,NeitherAgreenorDisagree,Disagree,StronglyDisagree.SOURCE:Richins,MarshaL."Thematerialvaluesscale:Measurementpropertiesanddevelopmentofashortform."JournalofConsumerResearch31.1(2004):209‐219.Pleasetellmetoday'sdate:ANSWEROPTION:Month,Day,Year.SOURCE:Health&RetirementSurvey2008Howoftendoyoufindyourselfworrying?ANSWEROPTIONS:Everyday,Justabouteveryday,Mostdays.SOURCE:MIDUSSurveyTowhatextentdoeachofthefollowingdescribeyou?Helpful,Warm,Caring,Softhearted,Sympathetic.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:MEANofitems.SOURCE:MIDUSSurveyInmostwaysmylifeisclosetomyideal.Theconditionsofmylifeareexcellent.Iamsatisfiedwithmylife.SofarIhavegottentheimportantthingsIwantinlife.IfIcouldlivemylifeover,Iwouldchangealmostnothing.ANSWEROPTIONS:Stronglydisagree,Disagree,Neutral,Agree,StronglyAgree.SOURCE:Diener,E.D.,etal."Thesatisfactionwithlifescale."Journalofpersonalityassessment49.1(1985):71‐75.Whatdayoftheweekisit?ANSWEROPTIONS:Sunday,Monday,Tuesday,Wednesday,Thursday,Friday,Saturday.SOURCE:Health&RetirementSurvey2008Duringthepast30days,howmuchofthetimedidyoufeel...a)cheerful?,b)ingoodspirits?,c)extremelyhappy?,d)calmandpeaceful?,e)satisfied?,f)fulloflife?ANSWEROPTIONS:Allofthetime,Mostofthetime,Someofthetime,Alittleofthetime,Noneofthetime.SCALE:Calculatethemeanacrosseachsetofitems.Setscalesothathighervaluesreflecthigherlevelsofpositiveornegativeaffect.SOURCE:MIDUSSurveyPersonalTraits42of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesPersonalTraitsTowhatextentdoeachofthefollowingdescribeyou?Self‐confident,Forceful,Assertive,Outspoken,Dominant.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:MEANofitems.SOURCE:MIDUSSurveyIsetfinancialgoalsforthenextfewdaysforwhatIwanttoachievewithmymoney.Idecidebeforehandhowmymoneywillbeusedinthenextfewdays.IactivelyconsiderthestepsIneedtotaketosticktomybudgetinthenextfewdays.IconsultmybudgettoseehowmuchmoneyIhaveleftforthenextfewdays.Iliketolooktomybudgetforthenextfewdaysinordertogetabetterviewofmyspendinginthefuture.Itmakesmefeelbettertohavemyfinancesplannedoutinthenextfewdays.SOURCE:LynchJr,JohnG.,etal."Ageneralizablescaleofpropensitytoplan:thelongandtheshortofplanningfortimeandformoney."Journalofconsumerresearch37.1(2010):108‐128.Whatdopeopleusetocutpaper?ANSWEROPTION:[OPEN]Source:Heath&RetirementSurvey2008Duringthepast30days,howmuchofthetimedidyoufeel...a)sosadnothingcouldcheeryouup?,b)nervous?,c)restlessorfidgety?,d)hopeless?,e)thateverythingwasaneffort?,f)worthless?ANSWEROPTIONS:Allofthetime,Mostofthetime,Someofthetime,Alittleofthetime,Noneofthetime.Areyouagogetter?SOURCE:ToplineSummaries:QualitativeResearch Isetfinancialgoalsforthe1‐2monthsforwhatIwanttoachievewithmymoney.Idecidebeforehandhowmymoneywillbeusedinthenext1‐2months.IactivelyconsiderthestepsIneedtotaketosticktomybudgetinthenext1‐2months.IconsultmybudgettoseehowmuchmoneyIhaveleftforthenext1‐2months.Iliketolooktomybudgetforthenext1‐2monthsinordertogetabetterviewofmyspendinginthefuture.Itmakesmefeelbettertohavemyfinancesplannedoutinthenext1‐2months.SOURCE:LynchJr,JohnG.,etal."Ageneralizablescaleofpropensitytoplan:thelongandtheshortofplanningfortimeandformoney."Journalofconsumerresearch37.1(2010):108‐128.Whatdoyoucallthatpricklyplantinthedesert?ANSWEROPTION:[OPEN]Source:Heath&RetirementSurvey2008Maintainingcloserelationshipshasbeendifficultandfrustratingforme.Peoplewoulddescribemeasagivingperson,willingtosharemytimewithothers.Ihavenotexperiencedmanywarmandtrustingrelationshipswithothers.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Calculatethesumoftheitemset.SOURCE:MIDUSSurveyWhenthingsyouownincreaseinvalue,howlikelyareyoutospendmore?SOURCE:SurveyofConsumerFinances(FederalReserve)Ibuythingsinanattempttomakemefeelbetter.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleWhoisthePresidentoftheUnitedStatesrightnow?ANSWEROPTION:FirstName:LastName:Source:Heath&RetirementSurvey2008Ilikemostpartsofmypersonality.WhenIlookatthestoryofmylife,Iampleasedwithhowthingshaveturnedoutsofar.InmanywaysIfeeldisappointedaboutmyachievementsinlife.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Calculatethesumoftheitemset.SOURCE:MIDUSSurveyWhenthingsyouowndecreaseinvalue,howlikelyareyoutospendmore?SOURCE:SurveyofConsumerFinances(FederalReserve)Ihavethepowertochangethingsinmylife.ANSWEROPTIONS:DoesnotdescribemetoDescribesmeverywell(Scale1‐7)SOURCECommunityHousingDevelopmentCorporationofNorthRichmondWhoistheVicePresidentoftheUnitedStatesrightnow?ANSWEROPTION:FirstName:LastName:Source:Heath&RetirementSurvey2008Maintainingcloserelationshipshasbeendifficultandfrustratingforme.Peoplewoulddescribemeasagivingperson,willingtosharemytimewithothers.Ihavenotexperiencedmanywarmandtrustingrelationshipswithothers.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Calculatethesumoftheitemset.SOURCE:MIDUSSurveySavingandcarefulinvestingisakeyfactorinbecomingrich.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleIcanalwaysmanagetosolvedifficultproblemsifItryhardenough.(R)Itishardtosticktomyspendingplanwhenunexpectedexpensesarise.Itischallengingtomakeprogresstowardmyfinancialgoals.ANSWEROPTIONS:ExactlyTrue,ModeratelyTrue,HardlyTrue,NeverTrue.SOURCE:Lown,J."DevelopmentandValidationofaFinancialSelf‐EfficacyScale"AssociationforFinancialCounselingandPlanningEducation.2011WhenunexpectedexpensesoccurIusuallyhavetousecredit.IamconfidentthatIcoulddealefficientlywithunexpectedevents.(R)Whenfacedwithafinancialchallenge,Ihaveahardtimefiguringoutasolution.Ilackconfidenceinmyabilitytomanagemyfinances.IcansolvemostproblemsifIinvestthenecessaryeffort.(R)Iworryaboutrunningoutofmoneyinretirement.IcanremaincalmwhenfacingdifficultiesbecauseIcanrelyonmycopingabilities.(R)SOURCE:Lown,J."DevelopmentandValidationofaFinancialSelf‐EfficacyScale."AssociationforFinancialCounselingandPlanningEducation.2011Ifthechanceofgettingadiseaseis10percent,howmanypeopleoutof1,000wouldbeexpectedtogetthedisease?ANSWEROPTION:[OPEN]Source:Heath&RetirementSurvey2008Maintainingcloserelationshipshasbeendifficultandfrustratingforme.Peoplewoulddescribemeasagivingperson,willingtosharemytimewithothers.Ihavenotexperiencedmanywarmandtrustingrelationshipswithothers.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Calculatethesumoftheitemset.SOURCE:MIDUSSurveyWhetherornotIgettobecomewealthydependsmostlyonmyability.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleItendtolivefortodayandlettomorrowtakecareofitself.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,refused).SOURCE:OECDFinancialLiteracyMeasureIf5peopleallhavethewinninglotteryticketandtheprizeistwomilliondollars,howmuchwilleachofthemget?ANSWEROPTION:[OPEN}Source:Heath&RetirementSurvey2008Thedemandsofeverydaylifeoftengetmedown.Ingeneral,IfeelIaminchargeofthesituationinwhichIlive.Iamgoodatmanagingtheresponsibilitiesofdailylife.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Calculatethesumoftheitemset.SOURCE:MIDUSSurvey43of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesPersonalTraitsInthelongrun,peoplewhotakeverygoodcareoftheirfinancesstaywealthy.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleIampreparedtorisksomeofmyownmoneywhensavingormakinganinvestment.ANSWEROPTIONS:(1‐5)Completelyagree,2,3,4,completelydisagree(Don’tknow,notapplicable,refused)SOURCE:OECDFinancialLiteracyMeasureSomepeoplewanderaimlesslythroughlife,butIamnotoneofthem.Ilivelifeonedayatatimeanddon'treallythinkaboutthefuture.IsometimesfeelasifI'vedoneallthereistodoinlife.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Calculatethesumoftheitemset.SOURCE:MIDUSSurveyIfIbecomepoor,it'susuallymyownfault.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscalePleasetellmehowwelleachofthefollowingstatementsappliestoyouonascaleof1to7where1isalwaysand7isnever.ForexampleifIwastoreadoutthestatementIenjoythinkingaboutmoney;Ifyoualwaysenjoythinkingaboutmoneyyoushouldanswer1.Ifyousometimesenjoythinkingaboutmoneyyoushouldanswer4.Ifyouneverenjoythinkingaboutmoneyyoushouldanswer7.ImustadmitthatIpurchasethingsbecauseIknowtheywillimpressothers.PeopleIknowtellmethatIplacetoomuchemphasisontheamountofmoneyapersonhasasasignofsuccess.Iputmoneyasideonaregularbasisforthefuture.Idofinancialplanningforthefuture.IargueorcomplainaboutthecostofthingsIbuy.Ihesitatetospendmoney,evenonnecessities.Ishowworrisomebehaviorwhenitcomestomoney.IshowsignsofnervousnesswhenIdon’thaveenoughmoney.IambotheredwhenIhavetopassupasale.It’shardformetopassupabargain.SOURCE:MoneyAttitudeScale,OECDFinancialLiteracyMeasureIcandojustaboutanythingIreallysetmymindto.WhenIreallywanttodosomething.Iusuallyfindawaytosucceedatit.WhetherornotIamabletogetwhatIwantisinmyownhands.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyIamusuallyabletoprotectmypersonalinterests.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleHowmuchdoesbudgetingfactorintoyourfinancialdecision‐making?SOURCE:ToplineSummaries:QualititativeResearchThereislittleIcandotochangetheimportantthingsinmylife.Ioftenfeelhelplessindealingwiththeproblemsoflife.OtherpeopledeterminemostofwhatIcanandcannotdo.Whathappensinmylifeisoftenbeyondmycontrol.TherearemanythingsthatinterferewithwhatIwanttodo.Ihavelittlecontroloverthethingsthathappentome.ThereisreallynowayIcnsolvetheproblemsIhave.IsometimesfeelIambeingpushedaroundinmylife.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyWhenIgetwhatIwant,it'susuallybecauseIworkedhardforit.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyouhavea5yearplan?10yearplan?SOURCE:ToplineSummaries:QualititativeResearchWhenthingsdon'tgoaccordingtomyplans,mymottois"Wherethere'sawill,there'saway."Whenfacedwithabadsituation,IdowhatIcandochangeitforthebetter.EvenwhenIfeelIhavetoomuchtodo,Ifindawaytogetitalldone.WhenIencounterproblems,Idon'tgiveupuntilIsolvethem.IrarelygiveuponsomethingIamdoing,evenwhenthingsgettough.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyMylifeisdeterminedbymyownactions.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleHowoftendoyoufollowyourfinancialplan?SOURCE:ToplineSummaries:QualititativeResearchIfindIusuallylearnsomethingmeaningfulfromadifficultsituation.WhenIamfacedwithabadsituation,ithelpstofindadifferentwayoflookingatthings.Evenwheneverythingseemstobegoingwrong,Icanusuallyfindabrightsidetothesituation.Icanfindsomethingpositive,evenintheworstsituations.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurvey44of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesPersonalTraitsThereislittleonecandotopreventpoverty.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyouhaveabudget/financialplan?SOURCE:ToplineSummaries:QualititativeResearchWhenmyexpectationsarenotbeingmet,Ilowermyexpectations.Toavoiddisappointments,Idon'tsetmygoalstoohigh.IfeelrelievedwhenIletgoofsomeofmyresponsibilities.IoftenremindmyselfthatIcan'tdoanything.WhenIcan'tgetwhatIwant,Iassumemygoalsmustberealistic.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyBecomingrichhasnothingtodowithluck.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleHowoftendoyoumakemajorpurchasesimpulsively?SOURCE:ToplineSummaries:QualititativeResearchRegardingmoney,thereisn'tmuchyoucandoforyourselfwhenyouarepoor.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyouhaveafinancialgoalinmind?SOURCE:ToplineSummaries:QualititativeResearchIliketomakeplansforthefuture.IknowwhatIwantoutoflife.Ifindithelpfultosetgoalsforthenearfuture.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyIt'snotalwayswiseformetosavebecausemanythingsturnouttobeamatterofgoodorbadfortune.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleWhenyoubudget,howfarinthefuturedoyoutakeintoaccount?SOURCE:ToplineSummaries:QualititativeResearchIliveonedayatatime.Ihavetoomanythingstothinkabouttodaytothinkabouttomorrow.Thereisnouseinthinkingaboutthepastbecausethereisnothingyoucandoaboutit.Ihavetoomanythingstothinkabouttodaytothinkaboutyesterday.Ibelievethereisnosenseplanningtoofaraheadbecausesomanythingscanchange.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyItischieflyamatteroffatewhetherIbecomerichorpoor.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyoufindyourselfreallywantingthingsrightnowandnotbeingabletobepatientandsave?SOURCE:ToplineSummaries:QualititativeResearchIcanheadoffabadsituationbeforeithappens.Icansensewhenanopportunityiscomingmyway.Iamgoodatpredictingwhatisgoingtohappentome.Iamgoodatfiguringouthowthingswillturnout.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyOnlythosewhoinheritorwinmoneycanpossiblybecomerich.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleHowoftenareyouabletomakeprogresstowardsyourfinancialgoal?SOURCE:ToplineSummaries:QualititativeResearchMakingsenseofmypasthelpsmefigureoutwhattodointhepresent.Aftersomethingbadhappens,IthinkabouthowIcouldhavepreventedit.Itrytomakesenseofthingsthathavehappenedtome.Ihavehadnewinsightsintothewaythingshaveturnedout.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyPeople'spovertyresultsfromtheirownidleness.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyouthinkthegovernmentwilltakecareofyouifthingsgowrong?SOURCE:ToplineSummaries:QualititativeResearchIdon'tliketoaskothersforhelpunlessIhaveto.Iwouldratherdealwithmyproblemsbymyself.Askingothersforhelpcomesnaturallytome.Idon'tletothersknowwhenthingsaren'tgoingwellforme.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyTheseriousnessofpovertyisoverstated.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyoufeellikeyou’renevergoingtobeabletogetontopofyourfinances?SOURCE:ToplineSummaries:QualititativeResearchIliketogetadvicefromothersbeforemakingadecision.WhenI'mupsetaboutsomething,IfeelbetterafterItalkitoverwithothers.Iprefertomakedecisionswithoutinputfromothers.ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyWhenIgetwhatIwant,it'susuallybecauseI'mlucky.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyoufollowthroughonyourplans?SOURCE:ToplineSummaries:QualititativeResearchIntheWesternworld,thereisreallynosuchthingaspoverty.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyouhavefinancialgoalsforyourselfandyourfamily?SOURCE:ToplineSummaries:QualititativeResearchPoliticianscandoverylittletopreventpoverty.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyouliveinthemoment?SOURCE:ToplineSummaries:QualititativeResearch45of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesPersonalTraitsIfeelthatmyfinancesaremostlydeterminedbypowerfulpeople.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleHowfocusedareyouonthelong‐term?SOURCE:ToplineSummaries:QualititativeResearchAlthoughImighthaveability,Iwillnotbecomebetteroffwithoutappealingtothoseinpositionsofpower.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyoufeelthatthosewhodon’tsucceedlackpropermotivation?SOURCE:ToplineSummaries:QualititativeResearchPeoplelikemyselfhavelittlechanceofprotectingourpersonalinterestswhentheyareinconflictwiththoseofstrongpressuregroups.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleHoworganizedareyou?SOURCE:ToplineSummaries:QualititativeResearchGettingwhatIwantfinanciallyrequirespleasingthosepeopleaboveme.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:EconomiclocusofcontrolscaleDoyouhavedrivetoachieveafinancialgoal?SOURCE:ToplineSummaries:QualititativeResearchAnyonewhoworkshardcansucceedandliveacomfortablelife.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityAreyoudriventoseekknowledge?SOURCE:ToplineSummaries:QualititativeResearchThere’splentyofopportunity,andanyonecangoasfarashe/shewants.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityAreyouabletomaketherightfinancialdecisions?SOURCE:ToplineSummaries:QualititativeResearchEveryonehasafairchanceatmovinguptheincomeladder.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityHowdrivenareyoutoachievefinancialsecurity?SOURCE:ToplineSummaries:QualititativeResearchChildrenfromallincomegroupshaveadequateopportunitiestobesuccessful.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityDoyoupayattentiontodetail?SOURCE:ToplineSummaries:QualititativeResearchPoorpeoplehavelittlechanceofescapingfrompoverty.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityHowdrivenareyou?SOURCE:ToplineSummaries:QualititativeResearchPoorpeopletendtostaypoorbecausesocietytreatsthemunfairly.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityIsfinancialwell‐beingsomethingthatjusthappensorisitsomethingyouneedtoworktowards?(questionforyoungerpeople)SOURCE:ToplineSummaries:QualititativeResearchToday’seconomymostlyrewardstherichandit’sdifficultforaveragepeopletogetahead.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityHowgoal‐orientedareyou?SOURCE:ToplineSummaries:QualititativeResearchInequalitycontinuestoexistbecauseitbenefitstherichandpowerful.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityDoyoufeelliketheamountyou’reabletosaveeachmonthcanmakeadifference?SOURCE:ToplineSummaries:QualititativeResearchThewaythingsareinAmerica,peoplelikemeandmyfamilyhaveagoodchanceofimprovingourstandardliving.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityOnascaleof1to10,howfinanciallyresponsiblewereyou7yearsago?SOURCE:ToplineSummaries:QualititativeResearchTogetallthewaytothetopinAmericatoday,youhavetobecorrupt.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityOnascaleof1to10,howfinanciallyresponsibleareyoucurrently?SOURCE:ToplineSummaries:QualititativeResearchAchild'schancesofachievingfinancialsuccessaretiedtotheincomeofhisorherparent.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityDoyoubelievethatpeopleshouldavoidseekingahand‐out?Differencesinincomeinthiscountryaretoolarge.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PerceivedEconomicMobilityHowoftendoyoubuyitemsonimpulse?SOURCE:ToplineSummaries:QualititativeResearch46of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesPersonalTraitsIkeepacarefulwatchovermyspendingonadailybasis.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationHowoftendoyousavepriortomakingapurchase?SOURCE:ToplineSummaries:QualititativeResearchIdonotspendmoneythoughtlessly,Iwouldrathersaveitforarainyday7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationDoyoufeelthatyourhappinessistiedinwithexpensivethingsthatyouown?SOURCE:ToplineSummaries:QualititativeResearchPuttingmoneyintopersonalsavingsisahabitforme.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationHowoftendoyouspendmoneybecauseofpressurefromyourfriendsorfamily?SOURCE:ToplineSummaries:QualititativeResearchIactivelyconsiderthestepsIneedtotaketoachievemypersonalsavingsgoals.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationHowdrivenareyoutocloselymanageyourfinances?SOURCE:ToplineSummaries:QualititativeResearchIliketodiscussthetopicofsavingmoneywithmyfamilyandfriends.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationWhichofthefollowingwordsorphrasesbestdescribeyourmindsetwhenmakingpurchases?(frugal,wise,etc)SOURCE:ToplineSummaries:QualititativeResearchIusuallysavemoneywithouthavingaspecificgoalinmind.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationHowoftendoesyourmonthlyspendingstaywithinyourbudget?SOURCE:ToplineSummaries:QualititativeResearchThegoalofsavingmoneyisalwaysatthebackofmymind.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationHowoftendoyoufeeltheneedtopurchasethenewestthingthatcomesonthemarket?SOURCE:ToplineSummaries:QualititativeResearchSavingmoneyonaregularbasisshouldbeanimportantpartofone'slife.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationDoyousaveuptobuythings?Ordoyouuseacreditcardortakeoutaloantogetwhatyouwantwhenyouwantit?SOURCE:ToplineSummaries:QualititativeResearchSavingmoneyislikealifestyle,youhavetokeepatit.7‐pointscalefromStronglydisagreetoStronglyagree.SOURCE:PersonalSavingOrientationHowoftendoyoubuythingsonimpulse?SOURCE:ToplineSummaries:QualititativeResearchPleasechoosehowmuchyouagreeordisagreewiththefollowingstatement:“IoftenfindthatIregretspendingmoney.IwishthatwhenIhadcash,Iwasbetterdisciplinedandsavedmymoneyratherthanspentit.”Doyoustronglyagree,somewhatagree,somewhatdisagree,orstronglydisagree?SOURCE:UNC/CCCFinancialServicesResearchDothethingsthatmakeyouhappycostalotofmoney?SOURCE:ToplineSummaries:QualititativeResearchSupposeweheldaraffleandyouwon.Youhaveachoice:youcancollect$65incashtodayor$80incashonemonthfromtoday.Whichwouldyouchoose?SOURCE:UNC/CCCFinancialServicesResearchIfyouweretoloseyourjobnextweek,whatwouldbemostlikelytohappen?SOURCE:ToplineSummaries:QualititativeResearchHowmuchwouldthecashprizehavetobeforyoutochoosetowaitamonthinsteadofcollectingthe$65cashtoday?SOURCEUNC/CCCFinancialServicesResearchHowopenareyoutoadvicefromothers?SOURCE:ToplineSummaries:QualititativeResearchImagineyouareplayingalottery‐typegameandfacethefollowingdecision:Youcanchoosebetweena.winning$10orb.a50‐50chanceoflosing$30andofwinning$70.Whatwouldyouchose?ANSWEROPTIONS:A,B.SOURCE:UNC/CCCFinancialServicesResearchHaveyouhadtheopportunitytolearnfromthefinancialexperiencesoffriendsandfamily?SOURCE:ToplineSummaries:QualititativeResearchImagineyouareplayinganewdecision:Youcanchoosebetweenc.losing$40ord.a50‐50chanceoflosing$90andofwinning$10.Whatwouldyouchose?ANSWEROPTIONS:A,B.SOURCE:UNC/CCCFinancialServicesResearchHowimportantisittoyoutofitinwiththosearoundyou?SOURCE:ToplineSummaries:QualititativeResearch1.Howmuchdoyouagreeordisagreewiththefollowingstatement:“Iforgettoprepareforexpensesthatcomeuponlyonceinawhile,eventhoughIknowtheyarecomingup.”ANSWEROPTIONS:a.Stronglyagree,Somewhatagree,Somewhatdisagree,Stronglydisagree.SOURCE:UNC/CCCFinancialServicesResearchDoyoufindyougetintotroublebecauseyou’retootrusting?SOURCE:ToplineSummaries:QualititativeResearch3.Hereisalistofmajorexpensesthatmaycomeuponceinawhile,butnoteverymonth.Pleasecheck"yes"forany/allexpensesthatcomeupinyourhousehold:ANSWEROPTIONS:i.carrepairs,homerepairs,appliancerepairorpurchase,schoolfees,activityfees(e.g.,kids'sportsorextracurricular),health/medicalexpenses,dentalexpenses,carregistration,clothing,gifts,party/festival,pet/vetcare,legal,other.SOURCE:UNC/CCCFinancialServicesResearchHowoftendoyoupurchasethingssothatotherswon’tjudgeyou?SOURCE:ToplineSummaries:QualititativeResearchHowmuchdoyoutrustfamilymemberswithmakingfinancialdecisionsthataffectyou?SOURCE:ToplineSummaries:QualititativeResearch47of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesPersonalTraitsIsitimportantforotherstoperceiveyouaswelloff?SOURCE:ToplineSummaries:QualititativeResearchDoyouenjoyshowingoffthestuffyouown(clothes,car,house,etc.)?SOURCE:ToplineSummaries:QualititativeResearchHowimportantisittoyoutofitin?SOURCE:ToplineSummaries:QualititativeResearchDoyouconsideryourselfa‘TypeA’personality?Agreeonascaleof1to5.SOURCE:ToplineSummaries:QualititativeResearchAreyousomeonewhoseestheglassashalffullorhalfempty?SOURCE:ToplineSummaries:QualititativeResearchWhenyouhavequestionsaboutsomething,areyousometimesafraidtoask?SOURCE:ToplineSummaries:QualititativeResearchDoyoufeelyourmoodcanaffectyourfinancialsuccess?SOURCE:ToplineSummaries:QualititativeResearchHowoptimisticareyouaboutyourfinancialwell‐being?SOURCE:ToplineSummaries:QualititativeResearchHowoptimisticareyouaboutimprovingyourfinancialwell‐beingovertime?SOURCE:ToplineSummaries:QualititativeResearchOnascaleof1to10,howoptimisticareyou?SOURCE:ToplineSummaries:QualititativeResearchOnascaleof1to10,howfrugalareyou?SOURCE:ToplineSummaries:QualititativeResearchOnascalefrom1to10,howstressedareyou?SOURCE:ToplineSummaries:QualititativeResearchHowmuchofyourstressisduetoyourfinances?SOURCE:ToplineSummaries:QualititativeResearchDoyoufeeltherearelotofjobsyou’requalifiedfor?SOURCE:ToplineSummaries:QualititativeResearchHowdoesyourfinancialwell‐beingaffectyourpersonalrelationships(e.g.,marriage,friendships,family)?SOURCE:ToplineSummaries:QualititativeResearchDoyoufeelguiltabouthowyoumanageyourfinances?SOURCE:ToplineSummaries:QualititativeResearchDoyoufeeldespairabouthowyoumanageyourfinances?SOURCE:ToplineSummaries:QualititativeResearchHaveyoumissedoutonpotentialincomebecauseyouwereafraidtotakerisks?SOURCE:ToplineSummaries:QualititativeResearchDoyoubelievefinancialwell‐beingissomethingthathappensorissomethingyoucreate?SOURCE:ToplineSummaries:QualititativeResearchDoyoustrugglewithanaddiction?SOURCE:ToplineSummaries:QualititativeResearchAreyouwillingtodowhatittakestokeepajob?SOURCE:ToplineSummaries:QualititativeResearchDoyoufeelgoodaboutyourself?SOURCE:ToplineSummaries:QualititativeResearchDoyoufindyourselfmakingalotofexcusesforthingsyou’vedone?SOURCE:ToplineSummaries:QualititativeResearchAreyoudepressed?SOURCE:ToplineSummaries:QualititativeResearchDoyouseeyourselfassuccessful?SOURCE:ToplineSummaries:QualititativeResearch48of56PersonalityTraits PersonalCharacteristics CognitiveAbilities Lifestyle/AttitudesPersonalTraitsWereyoudriventogettheeducationyouneeded?SOURCE:ToplineSummaries:QualititativeResearchHowopenareyoutochange?SOURCE:ToplineSummaries:QualititativeResearchHowdoesyourmoodaffectyourfinancialdecisions?SOURCE:ToplineSummaries:QualititativeResearchHowdoesyourfinancialwell‐beingaffectyourmood/outlookonlife?SOURCE:ToplineSummaries:QualititativeResearchHowoftendoyoupurchaseitemsinordertorelieveyourstress?SOURCE:ToplineSummaries:QualititativeResearch49of56Social/InstitutionalContext:Economy,etc.PersonalHistoricalContext(includingUpbringing,FamilyBackground,Experiences,LifeEvents,Education)CurrentPersonalContext(includingEmployment,SocialNetworks,Spouse/Partner,Children,Community) Socialnorms/SocialComparisonComparedtooneyearago,howhasthecurrenteconomicclimateaffectedyourspending?SOURCE:NFCCFinancialLiteracySurveyHowwouldyourateyourrelationshipwithyourmotherduringtheyearsyouweregrowingup?ANSWEROPTIONS:Excellent,VeryGood,Good,Fair,Poor.SOURCE:MIDUSSurveyHowoftendoyougethelpandsupportfromyourcoworkers?Howoftenareyourcoworkerswillingtolistentoyourwork‐relatedproblems?ANSWEROPTIONS:Allthetime,Mostofthetime,Sometimes,Rarely,Never.SCALE:Meanofitems.SOURCE:MIDUSSurveyMostpeopleinmysocialnetworkwantmeto[INSERTBEHAVIORSUCHASSAVEREGULARLYORSAVEFORRETIREMENTORPAYMYBILLSONTIMEOROTHER].SOURCE:Rhodes,RyanE.,andKerryS.Courneya."Investigatingmultiplecomponentsofattitude,subjectivenorm,andperceivedcontrol:Anexaminationofthetheoryofplannedbehaviourintheexercisedomain."BritishJournalofSocialPsychology42.1(2003):129‐146.Comparedtooneyearago,howhasthecurrenteconomicclimateaffectedyoursavinghabits?SOURCE:NFCCFinancialLiteracySurveyHowmuchdidyoumotherunderstandyourproblemsandworries?Howmuchcouldyouconfideinheraboutthingsthatwerebotheringyou?Howmuchloveandaffectiondidshegiveyou?Howmuchtimeandattentiondidshegiveyouwhenyouneededit?Howmucheffortdidsheputintowatchingoveryouandmakingsurveyyouhadagreatupbringing?Howmuchdidsheteachyouaboutlife?ANSWEROPTIONS:Alot,Some,ALittle,Notatall.SCALE:Meanofthe7itemscodedsohigherlevelofmaterialaffectionreflectedinhigherscores.SOURCE:MIDUSSurveyHowoftendoyougettheinformationyouneedfromyoursupervisororsuperiors?Howoftendoyougethelpandsupportfromyourimmediatesupervisior?Howoftenisyourimmediatesupervisorwillingtolistentoyourwork‐relatedproblems?ANSWEROPTIONS:Allthetime,Mostofthetime,Sometimes,Rarely,Never.SCALE:Meanofitems.SOURCE:MIDUSSurveyMostpeopleinmysocialnetworkwouldapproveifI[INSERTBEHAVIORSUCHASSAVEREGULARLYORSAVEFORRETIREMENTORPAYMYBILLSONTIMEOROTHER].SOURCE:Rhodes,RyanE.,andKerryS.Courneya."Investigatingmultiplecomponentsofattitude,subjectivenorm,andperceivedcontrol:Anexaminationofthetheoryofplannedbehaviourintheexercisedomain."BritishJournalofSocialPsychology42.1(2003):129‐146.Howmuchdoesthecurrentfinancialclimateinfluencehowmuchmoneyyouspendonyourchildren?ANSWEROPTIONS:Notatall,Alittle,Moderately,Quiteabit,Extremely.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Howstrictwasyourmotherwithherrulesforyou?Howconsistentwassheabouttherules?Howharshwasshewhenshepunishedyou?Howmuchdidshestopyoufromdoingthingsthatotherkidsyouragewereallowedtodo?ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanofthe4items.SOURCE:MIDUSSurveyIfeelcheatedaboutthechangesIhavehadtoworkatgoodjobs.WhenIthinkabouttheworkIdoonmyjob,Ifeelagooddealofpride.IfeelthatothersrespecttheworkIdoonmyjob.MostpeoplehavemorerewardingjobsthanIdo.Whenitcomestomyworklife,I'vehadopportunitiesthatareasgoodasmostpeople's.ItmakesmediscouragedthatotherpeoplehavemuchbetterjobsthanIdo."ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanofthe6items.SOURCE:MIDUSSurveyMostofmyfriends[INSERTBEHAVIORSUCHASSAVEREGULARLYORSAVEFORRETIREMENTORPAYMYBILLSONTIMEOROTHER]regularly.SOURCE:Rhodes,RyanE.,andKerryS.Courneya."Investigatingmultiplecomponentsofattitude,subjectivenorm,andperceivedcontrol:Anexaminationofthetheoryofplannedbehaviourintheexercisedomain."BritishJournalofSocialPsychology42.1(2003):129‐146.Howmuchdoesthecurrentfinancialclimateinfluencehowmuchtimeyouspendwithyourchildren?ANSWEROPTIONS:Notatall,Alittle,Moderately,Quiteabit,Extremely.SOURCE:Furstenberg,Gauthier,andPacholok."FamilialResponsestoFinancialInstability,HowtheFamilyRespondstoEconomicPressure:AComparativeStudy"DSDR2009.Howgenerousandhelpfulwasyourmothertopeopleoutsidethefamily?Howsociableandfriendlywasshetopeopleoutsidethefamily?ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Averageofthe2items.SOURCE:MIDUSSurveyTheworldistoocomplexforme.Icannotmakesenseofwhat'sgoingonintheworld.Ifinditeasytopredictwhatwillhappennextinsociety.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SOURCE:MIDUSSurveyMostofmyfamilymembers[INSERTBEHAVIORSUCHASSAVEREGULARLYORSAVEFORRETIREMENTORPAYMYBILLSONTIMEOROTHER]regularly.SOURCE:Rhodes,RyanE.,andKerryS.Courneya."Investigatingmultiplecomponentsofattitude,subjectivenorm,andperceivedcontrol:Anexaminationofthetheoryofplannedbehaviourintheexercisedomain."BritishJournalofSocialPsychology42.1(2003):129‐146.Howwouldyourateyourrelationshipwithyourfatherduringtheyearsyouweregrowingup?ANSWEROPTIONS:Excellent,VeryGood,Good,Fair,Poor.SOURCE:MIDUSSurveyIdon'tfeelIbelongtoanythingI'dcallacommunity.Ifeelclosetootherpeopleinmycommunity.Mycommunityisasourceofcomfort.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SOURCE:MIDUSSurveyMostofmyco‐workers[INSERTBEHAVIORSUCHASSAVEREGULARLYORSAVEFORRETIREMENTORPAYMYBILLSONTIMEOROTHER]regularly.SOURCE:Rhodes,RyanE.,andKerryS.Courneya."Investigatingmultiplecomponentsofattitude,subjectivenorm,andperceivedcontrol:Anexaminationofthetheoryofplannedbehaviourintheexercisedomain."BritishJournalofSocialPsychology42.1(2003):129‐146.Howmuchdidyoufatherunderstandyourproblemsandworries?Howmuchcouldyouconfideinhimaboutthingsthatwerebotheringyou?Howmuchloveandaffectiondidhegiveyou?Howmuchtimeandattentiondidhegiveyouwhenyouneededit?Howmucheffortdidheputintowatchingoveryouandmakingsurveyyouhadagreatupbringing?Howmuchdidheteachyouaboutlife?ANSWEROPTIONS:Alot,Some,ALittle,Notatall.SCALE:Meanofthe7itemscodedsohigherlevelofmaterialaffectionreflectedinhigherscores.SOURCE:MIDUSSurveyPeoplewhodoafavorexpectnothinginreturn.Peopledonotcareaboutotherpeople'sproblems.Ibelievethatpeoplearekind.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SOURCE:MIDUSSurveyHowstrictwasyourfatherwithherrulesforyou?Howconsistentwasheabouttherules?Howharshwashewhenhepunishedyou?Howmuchdidhestopyoufromdoingthingsthatotherkidsyouragewereallowedtodo?ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanofthe4items.SOURCE:MIDUSSurveyIhavesomethingvaluabletogivetheworld.Mydailyactivitiesdonotcreateanythingworthwhileformycommunity.Ihavenothingimportanttocontributetosociety.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SOURCE:MIDUSSurveyHowgenerousandhelpfulwasyourfathertopeopleoutsidethefamily?Howsociableandfriendlywashetopeopleoutsidethefamily?ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Averageofthe2items.SOURCE:MIDUSSurveyTheworldisbecomingabetterplaceforeveryone.Societyhasstoppedmakingprogress.Societyisn'timprovingforpeoplelikeme.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SOURCE:MIDUSSurveySocialContext50of56Social/InstitutionalContext:Economy,etc.PersonalHistoricalContext(includingUpbringing,FamilyBackground,Experiences,LifeEvents,Education)CurrentPersonalContext(includingEmployment,SocialNetworks,Spouse/Partner,Children,Community) Socialnorms/SocialComparisonSocialContextDoyoufeelyourparentspassedalonggoodfinancialvaluestoyou?SOURCE:ToplineSummaries:QualitativeResearchOtherthanyourspouseorpartners,howmuchdomembersofyourfamilycareaboutyou?Howmuchdotheyunderstandthewayyoufeelaboutthings?Howmuchcanyourelyonthemforhelpifyouhaveaseriousproblem?Howmuchcanyouopenuptothemifyouneedtotalkaboutyourworries?ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SCALE:Meanofthe4items.SOURCE:MIDUSSurveyHowoftendidyoudiscussmoneywithyourparents?SOURCE:ToplineSummaries:QualitativeResearchNotincludingyourspouseorpartner,howoftendomembersofyourfamilymaketoomanydemandsonyou?Howoftendotheycriticizeyou?Howoftendotheyletyoudownwhenyouarecountingonthem?Howoftendotheygetonyournerves?ANSWEROPTIONS:Often,Sometimes,Rarely,Never.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyDidyoulearntosaveupforbig‐ticketitemsasachild?SOURCE:ToplineSummaries:QualitativeResearchHowmuchdoyourfriendsreallycareaboutyou?Howmuchdotheyunderstandthewayyoufeelaboutthings?Howmuchcanyourelyonthemforhelpifyouhaveaseriousproblem?Howmuchcanyouopenuptothemifyouneedtotalkaboutyourproblems?ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SOURCE:MIDUSSurveyDidyourparentsmanagemoneywell?SOURCE:ToplineSummaries:QualitativeResearchHowoftendoyourfriendsmaketoomanydemandsonyou?Howoftendotheycriticizeyou?Howoftendotheyletyoudownwhenyouarecountingonthem?Howoftendotheygetonyournerves?ANSWEROPTIONS:Often,Sometimes,Rarely,Never.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyHaveyoueverreceivedandinheritance,substantialgift,ortrust?Howmany?SOURCE:SurveyofConsumerFinances(FederalReserve)Howmuchdoesyourspouseorpartnerreallycareaboutyou?Howmuchdoesheorsheunderstandthewayyoufeelaboutthings?Howmuchcanyourelyonhimorherforhelpifyouhaveaseriousproblem?Howmuchcanyouopenuptohimorherifyouneedtotalkaboutyourproblems?ANSWEROPTIONS:Alot,Some,Alittle,Notatall.SOURCE:MIDUSSurveyDoyouexpecttoreceiveasubstantialinheritanceortransferinthefuture?Abouthowmuch?SOURCE:SurveyofConsumerFinances(FederalReserve)Howoftendoesyourspouseorpartnermaketoomanydemandsonyou?Howoftendoesheorshecriticizeyou?Howoftendoesheorsheletyoudownwhenyouarecountingonthem?Howoftendoesheorshegetonyournerves?ANSWEROPTIONS:Often,Sometimes,Rarely,Never.SCALE:Meanoftheitems.SOURCE:MIDUSSurveyMypartnerandIareateamwhenitcomestomakingdecisions.ThingsturnoutbetterwhenItalkthingsoverwithmypartner.Idon'tmakeplansforthefuturewithouttalkingitoverwithmypartner.WhenIhavetomakedecisionsaboutmedical,financialorfamiilyissues,Iaskmypartnerforadvice.ANSWEROPTIONS:Stronglyagree,Somewhatagree,Alittleagree,Don'tknow,Alittledisagree,Somewhatdisagree,Stronglydisagree.SOURCE:MIDUSSurveyWhenyouhaveproblemsordifficultiesinyourfamily,workorpersonallife,howoftendoyouseekcomfortthroughreligiousorspiritualmeanssuchaspraying,meditating,attendingareligiousorspiritualservice,ortalkingtoareligiousorspiritualadvisor?Whenyouahvedecisionstomakeinyourdailylife,howoftendoyouaskyourselfwhatyourreligiousorspiritualbeliefssuggestyoushoulddo?ANSWEROPTIONS:Often,Sometimes,Rarely,Never.SOURCE:MIDUSSurveyHowmanytimesinyourlifehaveyoubeendsicriminatedagainstineachofthefollowingways?Youwerediscouragedbyateacheroradvisorfromseekinghighereducation.Youweredeniedascholarship.Youwerenothiredforajob.Youwerenotgivenapromotion.Youwerefired.Youwerepreventedfromrentingorbuyingahomeintheneighnborhoodyouwanted.Youwerepreventedfromremaininginaneighborhoodbecauseneighborsmadeitsouncomfortable.Youwerehassledbythepolice.Youweredeniedabankloan.Youweredeniedorprovidedinferiormedicalcare.Youweredeniedorprovidedinferiorservicebyaplumber,carmechanicorotherserviceprovider.ANSWER:#oftimeshappened.SOURCE:MIDUSSurvey51of56Social/InstitutionalContext:Economy,etc.PersonalHistoricalContext(includingUpbringing,FamilyBackground,Experiences,LifeEvents,Education)CurrentPersonalContext(includingEmployment,SocialNetworks,Spouse/Partner,Children,Community) Socialnorms/SocialComparisonSocialContextHowoftenhavethefollowinghappenedtoyou?Youaretreatedwithlesscourtesythanotherpeople.Youaretreatedwithlessrespectthanotherpeople.Youreceivepoorerservicethanotherpeopleatrestaurantsorstores.Peopleactasiftheythinkyouarenotsmart.Peopleactasiftheyareafraidofyou.Peopleactasiftheythinkyouaredishonest.Peopleactasiftheythinkyouarenotasgoodastheyare.Youarecallednamesorinsulted.Youarethreatenedorharrassed.ANSWER:Often,Sometimes,RarelyNever.SOURCE:MIDUSSurveyIsthereabankorcreditunionnearyourhouseorjob?SOURCE:Collins,et.al.AnnieE.CaseyFoundationAssetBuildingIndicatorsMeasures.2008.Ibelievemyfamilyfunctionswellaroundmoney.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScaleIfeelgoodabouthowIinteractwithmyfamilyaroundmoney.ANSWEROPTIONS:5‐pointscale,StronglyagreetoStronglydisagree.SOURCE:TheKlontzKahlerFinancialHealthScale52of56

# Demographics

Are you now married, living with a partner, separated, divorced, widowed or have you

NEVER been married? SOURCE: CFP Board 2012 Household Financial Planning Survey

Are you, yourself, currently retired, or not? SOURCE: CFP Board 2012 Household

Financial Planning Survey

Is your (husband/wife/partner) currently retired? SOURCE: CFP Board 2012 Household

Financial Planning Survey

Are you now employed full

‐ time, part

‐ time, or NOT employed for pay? SOURCE: CFP

Board 2012 Household Financial Planning Survey

Is your (husband/wife/partner) now employed full

‐ time, part

‐ time, or NOT employed

for pay? SOURCE: CFP Board 2012 Household Financial Planning Survey

What is your age? ANSWER OPTIONS: 18

‐ 24, 25

‐ 34, 45

‐ 54, 55

‐ 64, 65 and older.

SOURCE: CFP Board 2012 Household Financial Planning Survey

Do you own or rent your home? ANSWER OPTIONS: Own, Rent, Other Arrangement.

SOURCE: CFP Board 2012 Household Financial Planning Survey

Do you have any children age 17 or younger? How many? Do you think (this child/any

of these children) will go to college? SOURCE: CFP Board 2012 Household Financial

Planning Survey

Now thinking about STUDENT LOANS... Do you (or your husband/wife/partner)

currently owe any money on student loans that helped pay for YOUR OWN college

education? SOURCE: CFP Board 2012 Household Financial Planning Survey

About how much money do you (and your husband/wife/partner) currently owe IN

TOTAL on these student loans for your own education? ANSWER OPTIONS: <5000, 5

‐

<10,000, 10

‐ <20,000, 20

‐ <30,000, 30

‐ <40,000, 40

‐ <50,000, >50,000. SOURCE: CFP

Board 2012 Household Financial Planning Survey

53 of 56

# Demographics

Do you (or your husband/wife/partner) currently owe any money on student loans to

help pay for A SON OR DAUGHTER’S college education?ANSWER OPTIONS: <5000, 5

‐

<10,000, 10

‐ <20,000, 20

‐ <30,000, 30

‐ <40,000, 40

‐ <50,000, >50,000. SOURCE: CFP

Board 2012 Household Financial Planning Survey

About how much money do you (and your husband/wife/partner) currently owe IN

TOTAL on these student loans for your own education?

About what would you say is the value of the equity in your home? This is the

difference between what you could sell it for and what you owe on your mortgage.

Were you born in the United States, on the island of Puerto Rico, or in another country?

SOURCE: CFP Board 2012 Household Financial Planning Survey

Last year

– that is, in 2011

– approximately what was your total family income before

taxes? SOURCE: CFP Board 2012 Household Financial Planning Survey

What savings do you have that are restricted (e.g., retirement account or 529 plan)?

SOURCE: Collins, Gorey, et al. "Annie E. Casey Foundation Asset Building Indicators

Measures." 2008.

What savings do you have that are unrestricted (e.g., savings account)? SOURCE:

Collins, Gorey, et al. "Annie E. Casey Foundation Asset Building Indicators Measures."

2008.

Do you own a car? SOURCE: Collins, Gorey, et al. "Annie E. Casey Foundation Asset

Building Indicators Measures." 2008.

Do you own a home? SOURCE: Collins, Gorey, et al. "Annie E. Casey Foundation Asset

Building Indicators Measures." 2008.

Do you own land? SOURCE: Collins, Gorey, et al. "Annie E. Casey Foundation Asset

Building Indicators Measures." 2008.

What is the highest level of school your spouse or partner has completed? ANWSER

OPTIONS: 2nd, 3rd, or 4th, 5th or 6th, 7th or 8th, 9th, 10th, 11th, 12th

‐ No diploma, HS

Grad, Some College, Associates, Bachelors, Professional or Docorate. SOURCE:

Furstenberg, Gauthier, and Pacholok. "Familial Responses to Financial Instability, How

the Family Responds to Economic Pressure: A Comparative Study" DSDR 2009.

54 of 56

# Demographics

Which statement best describes the current employment status of your spouse or

partner? ANSWER OPTIONS: Working as a paid employee, Working self

‐ employed, Not

working

‐ on Temp. lay off, Not working

‐ looking for work, Not working

‐ retired, Not

working

‐ disabled, Notworking

‐ other. SOURCE: Furstenberg, Gauthier, and Pacholok.

"Familial Responses to Financial Instability, How the Family Responds to Economic

Pressure: A Comparative Study" DSDR 2009.

In your spouse’s or partner’s current job, what kind of work do they do?SOURCE:

Furstenberg, Gauthier, and Pacholok. "Familial Responses to Financial Instability, How

the Family Responds to Economic Pressure: A Comparative Study" DSDR 2009.

Who, if anyone in your household, is currently covered by health insurance or some

other kind of health care plan? SOURCE: Furstenberg, Gauthier, and Pacholok. "Familial

Responses to Financial Instability, How the Family Responds to Economic Pressure: A

Comparative Study" DSDR 2009.

Houshold size? Household members age 1 or younger? SOURCE: Furstenberg, Gauthier,

and Pacholok. "Familial Responses to Financial Instability, How the Family Responds to

Economic Pressure: A Comparative Study" DSDR 2009.

Housing type? ANSWER OPTIONS: One

‐ family housing detached, One family housing

attached, 1 Building with 2 or more apartments, A mobile home, A boat/RV/van/etc.,

Other. SOURCE: Furstenberg, Gauthier, and Pacholok. "Familial Responses to Financial

Instability, How the Family Responds to Economic Pressure: A Comparative Study"

DSDR 2009.

MSA Status? ANSWER OPTIONS: Metro, Non

‐ Metro, Rural. SOURCE: Furstenberg,

Gauthier, and Pacholok. "Familial Responses to Financial Instability, How the Family

Responds to Economic Pressure: A Comparative Study" DSDR 2009.

Region? SOURCE: Furstenberg, Gauthier, and Pacholok. "Familial Responses to Financial

Instability, How the Family Responds to Economic Pressure: A Comparative Study"

DSDR 2009.

Household with internet access?SOURCE: Furstenberg, Gauthier, and Pacholok.

"Familial Responses to Financial Instability, How the Family Responds to Economic

Pressure: A Comparative Study" DSDR 2009.

Altogether, how many jobs do you have? SOURCE: Furstenberg, Gauthier, and

Pacholok. "Familial Responses to Financial Instability, How the Family Responds to

Economic Pressure: A Comparative Study" DSDR 2009.

55 of 56

# Demographics

What industry is your current or main job in? SOURCE: Furstenberg, Gauthier, and

Pacholok. "Familial Responses to Financial Instability, How the Family Responds to

Economic Pressure: A Comparative Study" DSDR 2009.

Which of the following describes your current living arrangements? ANSWERS: Only one

adult in household; Living with spouse/partner/Significant other; Live with other

family,friends, or roomates. SOURCE: FINRA Survey

Are you leasing any vehicles? How many? SOURCE: Survey of Consumer Finances

(Federal Reserve)

What are the terms of your lease agreement? SOURCE: Survey of Consumer Finances

(Federal Reserve)

How much per month do you spend on your lease payment SOURCE: Survey of

Consumer Finances (Federal Reserve)

How many cars, trucks, vans, minivans, jeep

‐ type/SVA vehicles do you own? SOURCE:

Survey of Consumer Finances (Federal Reserve)

Did you buy your car new or used? SOURCE: Survey of Consumer Finances (Federal

Reserve)

Do you still owe any money on it the loan? How much? SOURCE: Survey of Consumer

Finances (Federal Reserve)

Do you own any other kinds of vehicles: motorhomes? RVs, motocycles, boats, airplans,

helicopters, etc? SOURCE: Survey of Consumer Finances (Federal Reserve)

56 of 56