Focus group research to test marketing efforts and motivation towards savings bonds purchases.

BPD COMMUNICATIONS FOCUS GROUPS
Screener: Draft June 14, 2011
SUMMARY OF GROUPS
a. 2 groups among current savings bond or treasury product holders
o 25 – 44 (1)
o 45 – 75 (1)
b. 4 groups among prospective savings bonds or treasury product holders
o 25 – 40 (2)
o 45 – 64 (2)

MARKET QUOTAS: RECRUIT 12 for 10 to show
Market 1
Market 2
Date: TBD
Date: TBD
Day 1
 25 – 44 SB
 25- 40
holders
prospects
 25 – 40
 40 – 64
prospects
prospects
Day 2

 45 – 75 SB
holders
 40 – 64
prospects

I. All respondents:

a. 25 years or older (Q3)
b. Responsible for/share financial decisions in household (Q4)
c. Pass articulation screener (A1 and A2)

II. Treasury product holders:

a. Owner of savings bonds (Q5)
b. Purchaser of Savings Bonds (Q6)

2
CONSUMER SCREENER
We are inviting people to participate in discussion on saving. We are interested in your opinions.
Q1 Industry sensitive: Are you, any member of your household, relatives, or any close friends employed
by...?
1.
2.
3.
4.
5.
6.
7.
8.
9.

An insurance company
A medical product manufacturer
A financial services company (including banking and credit cards)
A government agency
A market research company
A newspaper, TV, or radio station
A telecommunications company
A PR or advertising agency
None

[TERMINATE IF YES TO ANY “RED” INDUSTRIES ABOVE]
Q2 Gender: What is your gender? (OR RECORD BY OBSERVATION)
1. Female
2. Male
[RECRUIT A MIX]
Q3 Age: In which of the following age groups do you belong? Are you….
1.
2.
3.
4.
5.
6.

Under 25
25-40
40-44
45-54
55-64
65 or older

[TERMINATE IF UNDER 25 YEARS OF AGE]
Q4 Financial decision-making: Which of the following best describes how financial decisions are made in
your household?
1.
2.
3.
4.

I make all the financial decisions alone
I am involved equally in the financial decisions with my spouse/partner
I am only slightly involved in financial decisions in my household
I am not involved in the financial decisions in my household

[TERMINATE IF SLIGHTLY/NOT INVOLVED IN FINANCIAL DECISIONS]

3
Q5 Treasury product ownership: Which of the following, if any, do you own?
1. U.S. Savings Bonds
2. Treasury bills, notes or bonds, or TIPS (Treasury Inflation-Protected Securities)
3. None of these
[PUNCH 1, ASK Q6. OTHERS SKIP TO Q7]
Q6 Savings Bond Mode of Acquisition (Ask for each one): How did you obtain these products?
a. Purchased at a bank
b. Purchased through an employer payroll deduction plan
c. Purchased directly through the U.S. Treasury online (www.TreasuryDirect.gov)
d. Received as gift, inheritance or other settlement
e. Purchased through IRS tax refund
f. Other (specify)

QUALIFIES FOR BOND CUSTOMER GROUPS; SEE AGE DISTRIBUTION QUOTA
[QUOTA: MAX 1/3 OF BOND GROUPS ONLY RECEIVED AS GIFT (D) ]
CLASSIFICATION QUESTIONS:
D1 Marital status: What is your marital status?
1.
2.
3.
4.
5.
6.

Never married
Married
Divorced
Separated
Widow/er
Living with Partner

D2 Education: What is the highest level of education that you have completed?
1.
2.
3.
4.
5.

Less than high school
High school graduate
Some college or trade school
College graduate
Post graduate

[RECRUIT MIX]

D3 Employment: Which of the following best describes your current employment status?
1. Employed full-time
2. Employed part-time

4
3. Full-time homemaker
4. Retired
5. Looking for employment [THANK AND TERMINATE]
[RECRUIT MIX]

D4 Race: Which of the following best describes your race?
1.
2.
3.
4.

American Indian or Alaskan Native
Asian or Pacific Islander
Black
White

[RECRUIT MIX]
D5 Hispanic: Do you consider yourself to be of Hispanic origin?
1. Yes
2. No

D6 Income: Which of the following best describes your household income before taxes in 2010?
1.
2.
3.
4.
5.
6.

Less than $25,000
$25,000- $49,999
$50,000- $74,999
$75,001- $99,999
$100,001- $149,999
$150,000 or greater

[RECRUIT MIX]

5
ARTICULATION ASSESSMENT
A1 Participation attitude: I’m going to read a few statements to you. Please tell me how well each one
describes you. You will be using a scale from 1 to 10 where 10 means the statement describes you
extremely well and 1 means the statement does NOT describe you at all. You can use any number in
between.
Does NOT
Describe Me
At All
(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

If asked to describe
something I can
usually do so in
detail
I’m comfortable
expressing my
opinions when I’m
with other people

(9)

Describes
Me
Extremely
Well
(10)

[TERMINATE IF ANSWER 1 - 7 ON EITHER STATEMENT]

A2 Articulation: Lastly, can you briefly explain to me why saving money is important to you? Probe: Tell me
a little bit about how and why you save.
CAPTURE OPEN-END
______________________________________________________________________________________
______________________________________________________________________________________

[ONLY ACCEPT RESPONDENTS WHO CAN CLEARLY ARTICULATE]
INVITATION
We would like to invite you to participate in a discussion group regarding banking [SPECIFY DATE, TIME
AND LOCATION.] This will take about two hours. We believe you’ll find it enjoyable, we are not selling
anything, and for your participation you will receive $XXX. Will you be able to participate in our interview? We
are inviting only a select few people to participate, so please make sure you will be able to attend.
[CONFIRM ADDRESS/CONTACT INFORMATION; TELL RESPONDENTS THEY WILL BE RECEIVING
MAP/INFORMATION ABOUT THE DISCUSSION GROUP.]

Discussion Guide:
Message Testing Qualitative
Objectives
This first qualitative research will test visual and verbal elements under consideration in the BPD
marketing efforts.
Method
Audiences:
1. Savings bond holders, including some who have purchased savings bonds recently
2. A cross-section of non-savings bond holding adults who may be potential savings bond
buyers, screened to obtain distributions based on age, income, employment status and
technology comfort
o
o

o
o

In-person focus groups
6 groups in two markets
o Two groups with current bond holders/buyers
o Two groups with non-bond holders <40 age group: one higher income/one low-mod
income
o Two groups with non-bond holders 40-65 age group: one higher income/one lowmod income
12 respondents recruited with 8 to 10 expected to participate in each group
Each group 90 minutes in length

Outline
1. Savings attitudes and behaviors
Reasons for saving, technology attitudes and behaviors
2. Perceptions of government instruments
Current ownership and future ownership consideration
3. Message evaluation (Primary focus of sessions)
1. Introduction (10 minutes)
o
o
o
o
o

Welcome and thank you for attending
Introduce moderator
Purpose: to get your thoughts on saving money
Informal – no wrong answers
1 ½ to 2 hours

o
o
o

Speak one at a time. Feel free to agree and disagree with each other
Confidentiality assured – no connection of what you say with you by name
Audio and videotaping and observers

Self-introduction: (10 minutes)
o
o
o

First name
Family/work synopsis
What are the reasons that you do, or you would like to, save money?

1. Profiling/trigger questions (15 minutes)
a. Saving – Personal Reasons
1. How do you save? What products do you use? (CAPTURE LIST ON
BOARD)
2. What factors are important to you when choosing the way you save – by that
I mean the product you use to save? Which are most important?
3. How do you expect your saving behaviors to change in the future?
b. Technology attitudes and behaviors
1. Now let’s talk about how you use technology in your financial life. In what
ways do you interact with technology? CAPTURE ON BOARD. PROBE
FOR THINGS LIKE: ATM MACHINES, ONLINE BILL PAYING, CREDIT
CARDS, ETC.
2. How comfortable would you say you are doing financial transactions online?
What are the things you like about that? What are the benefits?
3. What makes you uncomfortable?
2. Government Instruments (15 minutes)
a. Government Instruments
1. Now let’s talk about a specific type of savings product. What government
savings products come to mind when you think about saving? (DO NOT
READ)
a. U.S. Savings Bonds
b. Treasury bills, notes or bonds, or TIPS (Treasury InflationProtected Securities)
2. (For any mentioned) How familiar are you with (item mentioned)?
3. (Probe on either not mentioned) How familiar are you with (item not
mentioned)?

2

b. US Savings Bonds
1.
2.
3.
4.

What do you know about US Savings Bonds?
Do you own any?
(SAVINGS BOND GROUP) How have you come to acquire those bonds?
(FOR THOSE WHO BOUGHT) When was the most recent time you
purchased those bonds?
5. (FOR THOSE WHO BOUGHT) What are the main reasons you buy US
Savings Bonds?
6. What associations come to mind when you think of US Savings Bonds? Let’s
develop a list of words associated with savings bonds (CAPTURE ON
BOARD)
c. Electronic Savings Bonds
1. We’ve been talking about paper Savings Bonds – have you ever heard of
electronic savings bonds? If so, what are they? How are they different?
2. Do any of you have electronic savings bonds?
3. Where do you think you’d get them?
4. What advantages do they offer?

3. Message Assessment (50 minutes)
Now we’re going to shift our focus. We have several statements and visuals that we’d like you
to evaluate.
First, let me give you some information.
TreasuryDirect, is the name for the program by which individuals can set up accounts to
purchase savings bonds as well as other Treasury products (like Treasury bills and notes)
online directly from the U.S. Treasury.
Or
At the end of this year, the only way to purchase savings bonds from the government will be by
setting up an account on TreasuryDirect or through your IRS tax refund. The savings bonds
purchased in TreasuryDirect would be in an electronic format rather than a paper format and
would be redeemable through an online bank account.
The U.S. Treasury Department will be communicating with members of the public about this in
order to inform those people interested in savings bonds about this electronic service. I’m
going to show you some initial versions of this information to get your reaction.
(THREE DESIGN CONCEPTS TO BE PRESENTED MONADICALLY; ROTATE ORDER)

3

PRESENT DESIGN CONCEPT STATEMENT 1. FOR EACH STATEMENT COMPLETE THIS
EXERCISE
1. Please use the evaluation sheet we’ve provided and rate each on the following criteria,
using a scale of 1 to 5 where 1 is poor and 5 is excellent
a. The concept is appealing
b. The concept is relevant to someone like me
c. The concept conveys an idea that is clear and understandable
2. Now let’s discuss this. What are your reactions to this concept? What is most appealing
to you? Why?
3. What is unappealing? Why?
4. What could be made more clear? What questions do you have?
SHOW ALL DESIGN CONCEPTS TOGETHER

1. Which one of these concepts is most appealing to you? Why? TALLY RESPONSES ON
BOARD.
2. Which statement is least appealing? TALLY AND DISCUSS.
3. (NAME DISPLAY) Let’s look separately at the names associated with these concepts.
Which of these names appeals to you most? Least? Why? PROBE

DISTRIBUTE MESSAGE STATEMENTS
Here are several statements that describe specific aspects of savings bonds that may or may
not be important to you.
DRAFT STATEMENTS:
•
•
•
•
•
•

Savings bonds are a low-risk investment that provide me with peace of mind.
I feel confident when I buy savings bonds because they are a smart investment with
competitive interest rates.
Buying savings bonds make me feel proud to support my country.
I feel good when I maintain my family’s tradition of buying savings bonds as gifts.
I feel comfortable with savings bonds because I’ve bought them before and know how
they work.
I feel a sense of accomplishment when I buy savings bonds because I’m saving for a
better future.

1. Please use the evaluation sheet we’ve provided and rate each of these statements on
the following criteria, using a scale of 1 to 5 where 1 is poor and 5 is excellent
a. The message is appealing
b. The message is relevant to someone like me
c. The message is clear and understandable
2. (TAKE STATEMENTS ONE BY ONE) Now let’s discuss these. What are your reactions
to this statement? What is most appealing to you? Why?

4

3. What is unappealing? Why?
4. What could be made more clear? What questions do you have?

I’ve been showing you a number of ideas related to savings bonds. Based on everything you’ve
seen tonight, what is your overall reaction:
a. To the idea of promoting savings bonds
b. Your own feelings about the value of savings bonds?
Wrap up

5

Discussion Guide:
Understanding Motivations behind Purchasing Savings Bonds
Objectives
This qualitative study is designed to explore and investigate the target audiences’ familiarity and
perceptions with the range of issues related to paper and electronic Savings Bonds, to the use
of technology in financial processes, to Treasury Direct and to the change from paper to
electronic savings bonds. This learning will play a critical role in providing the content ideas and
the specific expressions of those ideas for the quantitative study that supports the development
of communications scheduled for the October/November 2011 timeframe. This study will reveal
the most important motivations related to converting paper Savings Bond holders and
purchasers to the electronic form.
Method
Audiences:
1. Current paper savings bond holders (recent and past purchasers)
2. Former payroll savings bond program participants
3. General population / non savings bond holders (high potential)
4. LMI individuals representing those with and without bank accounts
5. LMI sub-segments: Hispanics, African-Americans, and ages 70+
6. Employees of organizations with potential for future retirement savings program
7. Smaller employers (potential future retirement saving programs participants) [NOTE: this
audience will require a revised guide]
o
o
o
o

In-person mini-groups. 7 recruited for 5 to show/participate in each group
Means-end approach with other exercises
Each group 90 minutes in length
Three markets will cover a range of populations in both urban and rural settings

Outline
1. Profiling/trigger questions
Reasons for saving
Technology attitudes and behaviors
2. Motivation focus
Perceptions of government instruments
Savings Bonds
Electronic Savings Bonds
TD
3. Message assessment

1. Introduction (10 minutes)
o
o
o
o
o
o
o
o
o

Welcome and thank you for attending
Introduce moderator
Purpose: to get your thoughts on saving money
Informal – no wrong answers
1 ½ to 2 hours
Speak one at a time. Feel free to agree and disagree with each other
Confidentiality assured – no connection of what you say with you by name
Audio and videotaping
Observers

Self-introduction:
o
o
o

First name
Family/work synopsis
What are the reasons that you do, or you would like to, save money? Show homework
assignment – picture of what saving means to them.

1. Profiling/trigger questions (30 minutes)
a. Saving – Personal Reasons
1. How do you save? What instruments do you use? (CAPTURE LIST ON
BOARD)
2. What places do you keep your savings in (banks, stock-markets,
shoeboxes)? What are the advantages to those?
3. Now I want you to think very generally about why you save money. What are
the advantages of saving money? Write down all of the advantages on the
first line of your workbook (respondents will use workbooks to capture
individual answers)
Which of those aspects is the single most important and positive to you personally?
 Why is (xxxx) the most important factor for you?
 What does it do for you when (xxx)?
 How does it make you feel when you know (xxx)?
 And why is that (xxx) important in your life?
[NOTE: This ladder will explore and provide us with an understanding of the entire range
of reasons that people save money. It captures each respondent’s specific logic and the
language that they use. These ladders explicitly define the underlying needs/interests for
each respondent in the saving behavior arena.]
4. Now let’s discuss your responses. We’ll be doing exercises similar to this
tonight, and we want to make sure we’re all approaching it in the same way

2

MODERATOR TO CAPTURE EACH RESPONDENT’S LADDER ON THE FLIPCHART,
GENERATING A “MAP” FOR THE GROUP ON SAVINGS.
b. Technology attitudes and behaviors
1. Now let’s talk about how you use technology in your financial life. In what
ways do you interact with technology? CAPTURE ON BOARD. PROBE
FOR THINGS LIKE: ATM MACHINES, ONLINE BILL PAYING, CREDIT
CARDS, ETC.
2. Thinking about the different forms of technology you use today, what is the
one thing that you “couldn’t live without”?
3. What are the things you like about using technology when it comes to
financial circumstances? What are the benefits?
4. What are the things you dislike?
5. When you think about all these processes together, what difference does
technology make in your life?
Which of those aspects about technology is the single most important and positive to
you personally? Please write these on p.2 in your notebook
 Why is (xxxx) the most important factor for you?
 What does it do for you when (xxx)?
 How does it make you feel when you know (xxx)?
 And why is that (xxx) important in your life?
[NOTE: This ladder will explore and provide us with an understanding of the strongest
motivations around the use of technology in the financial behaviors of these consumers. It
captures each respondent’s specific logic, the emotional satisfactions related to the use of
technology and the language that they use.]
2. Motivation Focus (30 minutes)
a. Government Instruments
1. Now let’s talk about government instruments. Are you aware of government
bonds? Bills? Notes?
2. Have you ever used them? Why or why not?
3. Tell me what you know about them. How do you buy them?
4. I’d like to hear about how each of these fit into your savings plans. In what
circumstances are they, or would they, be appropriate for you?
5. In what ways would each be not appropriate?
b. US Savings Bonds
1. Now let’s talk specifically about US Savings Bonds. What do you know about
them? Do you own any?
2. If you own any, where are they now?

3

3. What associations come to mind when you think of US Savings Bonds?
Where did you first hear about them? Does the idea of “doing something for
my country” make sense – is it relevant with these products?
4. Now I want you to think very generally about the positive aspects of US
Savings Bonds. What do you like about them? Write down all of the
advantages on the first line of the third page of your workbook
Which of those aspects is the single most important and positive to you personally?
 Why is (xxxx) the most important factor for you?
 What does it do for you when (xxx)?
 How does it make you feel when you know (xxx)?
 And why is that (xxx) important in your life?
[NOTE: This ladder explores the role of savings bonds in the life of the respondent. It
captures both the practical financial reasons and the emotional motivations for savings
bonds (even among those people that are not current holders or past purchasers).
Importantly, these ladders provide a complete landscape of “why” paper savings bonds
are important.]
5. Now, let’s think about the negative aspects of US Savings Bonds. What are
their drawbacks or limitations? Write down all of the negative aspects in the
appropriate page on your workbook.
Which of those aspects is the single most important and negative to you
personally?
 Why is (xxxx) the most important factor for you?
 What does it do for you when (xxx)?
 How does it make you feel when you know (xxx)?
 And why is that (xxx) important in your life?
[NOTE: This ladder explores the negative role of savings bonds in the life of the
respondent. It captures both the practical financial reasons and the emotional reasons
that savings bonds are not relevant, and why people might not be motivated to use
them]
c. Electronic Savings Bonds
1. We’ve been talking about paper Savings Bonds – have you ever heard of
electronic savings bonds? If so, what are they? How are they different?
2. Do any of you have electronic savings bonds?
3. Where do you think you’d get them?
4. What advantages do they offer?
Which of those aspects about electronic savings bonds, in contrast to paper savings
bonds, is the single most important and positive to you personally?
 Why is (xxxx) the most important factor for you?

4

 What does it do for you when (xxx)?
 How does it make you feel when you know (xxx)?
 And why is that (xxx) important in your life?

[NOTE: This ladder explores and provides us with an understanding of the underlying
needs and issues related to distinctions between electronic versus paper savings bonds.
By forcing distinctions between the two forms of savings bonds, we isolate the most
important differences perceived by each respondent. This will reveal the most commonly
held logic for preferring one form over the other, and through that we will see how to
communicate more effectively to the target audiences.]
1. What are the disadvantages to electronic savings bonds?
2. Electronic savings bonds are delivered through a website called
TreasuryDirect. Have you ever heard of this?
3. What have you heard about it?
4. For those of you who have paper bonds, have you ever converted them to
electronic? Have you thought of it, been aware of the option?
5. Emotions exercise: electronic versus paper savings bonds. On the last page
of your workbooks, check those emotions that you most associate with paper
bonds in the first column. Now those that you most associate with electronic
in the second column.

Accepting
Affectionate
Fulfilled
Comforted
Nurturing
Apprehensive
Light Hearted
Playful
Uncertain
Surprised
Hesitant
Disappointed
Lonely
Bold
Guilty
Determined
Displeased
Annoyed
Less Stressed
Embarrassed
Ashamed























Stupid
Angry
Resentful
Boastful
Curious
Proud
Hopeful
Content
Trusting
In Control
Happy
Enthusiastic
Pleased
Grateful
Accomplished
Smart
Virtuous
Patriotic
Secure
Socially
responsible
Old fashioned























5

Reliable
Unchanging
Conservative
Sophisticate
Prepared
Modern
Loyal
Organized
Easy going
Efficient
Peaceful
Successful
Worried















Cheap
Responsible
Sensible
Caring
Popular
Innovative
Naïve
Carefree
Ignorant
Nurturing
Clever













3. Message Assessment
Now we’re going to shift our focus. We have several statements that we’d like you to evaluate.
READ AND HAND OUT EACH CONCEPT STATEMENT. FOR EACH STATEMENT
COMPLETE THIS EXERCISE:
1. For each statement, please circle any words or phrases that are appealing to you, and
cross out any words or phrases that are unappealing or confusing.
2. What are your reactions to this statement? What is most appealing and relevant to you?
Why?
3. What is unappealing? Why?
4. What could be made more clear? What questions do you have?
SHOW ALL STATEMENTS / CONCEPTS ON ONE PAGE

1. Which one statement is most appealing to you? Why? TALLY RESPONSES ON
BOARD.
2. Which statement is least appealing? TALLY AND DISCUSS.
3. Based on everything we’ve talked about today, how interested are you in purchasing US
savings bonds in electronic form? Why? What is driving your interest or making you
hesitant?

Wrap up

6

7