Qualitative Research on Financial Well-being for American Consumers

GENERIC CLEARANCE FOR QUALITATIVE CONSUMER EDUCATION, ENGAGEMENT, AND EXPERIENCE INFORMATION COLLECTIONS

3170-0036 Financial WellBeing(qualitative_phase)_6_21_13

Qualitative Research on Financial Well-being for American Consumers

OMB: 3170-0036

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Request for Approval under the “GENERIC CLEARANCE FOR QUALITATIVE
CONSUMER EDUCATION, ENGAGEMENT, AND EXPERIENCE INFORMATION
COLLECTIONS” (OMB Control Number: 3170-0036)
TITLE OF INFORMATION COLLECTION:
Qualitative Research on Financial Well-being for American Consumers
PURPOSE:
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Pub. L. 111-203)
(“the Dodd-Frank Act” or “the Act”) requires the Consumer Financial Protection Bureau (CFPB)
to regulate the offering and provision of consumer products or services under Federal consumer
financial law. The Act also established the Office of Financial Education (OFE) within the
CFPB, which is responsible for developing and implementing a strategy to improve the financial
literacy of consumers that includes measurable goals and objectives, in consultation with the
Financial Literacy and Education Commission (FLEC) 1, and, together with the CFPB’s Office of
Research, for conducting research related to financial education and counseling. In addition, the
Act established the Office of Financial Protection for Older Americans (OA) within the CFPB,
which is charged with conducting research to identify methods and strategies to educate and
counsel seniors, and developing goals for programs that provide seniors with financial literacy
and counseling.
There are at least three challenges in formulating and setting measurable goals for effective
financial education initiatives. First, there is inadequate evidence regarding which financial
education strategies are most effective. According to a June 2011 Government Accountability
Office (GAO) report on financial literacy, “relatively few evidence-based evaluations of
financial literacy programs have been conducted, limiting what is known about which specific
methods and strategies are most effective.” Second, there are no standard or rigorously tested
measures of consumer financial knowledge, behavior, or well-being outcomes that can provide a
gauge to measure the effectiveness of financial education or capability programs, products, or
services. FLEC’s Research & Evaluation Working Group has identified the development of
“‘key metrics’ for financial education/capability, including measures of knowledge, behaviors,
and well-being” as one of its top priority areas for research. Third, there is little evidence of how
strong a role financial knowledge plays in improving financial decisions and financial well-being
and whether it is relatively more important in this respect than, for example, numeracy, patience,
cognitive abilities or social aspects of financial choices and financial behavior.
In order to help the CFPB, other FLEC agencies, and the broader financial education field
develop and support strategies and programs that lead to better financial outcomes for American
consumers, the CFPB is engaging in a major research project (“this Project” or “the Project”)
focused on making significant progress toward learning:
1. What knowledge and behavior predict financial well-being;

The Financial Literacy and Education Commission was established under the Fair and Accurate Credit
Transactions Act of 2003. The Commission was tasked to develop a national strategy on financial education. It is
chaired by the Secretary of the Treasury, vice-chaired by the Director of the CFPB, and made up of the heads of 20
additional federal agencies.
1

2. What the importance of financial knowledge is relative to other factors (personal
traits and social context) in improving financial well-being; and,
3. How to effectively measure key financial knowledge, behavior, and well-being
concepts.
The products of this Project should allow the CFPB, other FLEC agencies, and the broader
financial education field to develop well-informed approaches to improving consumer financial
well-being. Further, by creating or vetting rigorously developed metrics (measures) of consumer
financial knowledge, behavior, well-being, and related factors, the Project will create a strong
basis for evaluating financial education policies and programs. More specifically, these metrics
should significantly increase the ability of the CFPB, other FLEC agencies, and private
researchers to undertake a wide range of program and policy effectiveness testing to determine
which approaches make the biggest difference in consumer outcomes.
This Project is anticipated to encompass three phases of data collection:
(1) Qualitative research to inform separate definitions of financial well-being for both
working-age and older Americans, and the development of clear hypotheses regarding
the drivers of financial well-being. In particular, it seeks to inform the development of
hypotheses about what specific knowledge, behavior, and personal traits predict financial
well-being for both of these populations. In addition, the qualitative research will inform
the wording of survey items to test these hypotheses.
(2) Rigorous development, testing, and refinement of survey items to measure the constructs
(variables) hypothesized in phase one to relate to financial well-being.
(3) A quantitative test of the hypotheses developed in phase one, using survey items
developed during phase two.
Through this Request for Approval under the “Generic Clearance for Qualitative Consumer
Education, Engagement, and Experience Information Collections,” the CFPB seeks approval to
conduct the first phase of this project: qualitative research to inform hypotheses about financial
wellbeing. This qualitative research will entail individual and small group interviews and
qualitative surveys with both consumers and financial practitioners in order to learn their
thoughts and opinions about financial well-being. Some personal descriptive information about
the respondents will also be collected (via respondent pre-screening and a post-interview
qualitative survey) to help contextualize the analysis of interview and focus group responses.
The CFPB has contracted with the Corporation for Enterprise Development (CFED) to
undertake this research.
Approval for information collection for each subsequent phase of this Project will be sought
from OMB, as applicable.
The information collected through these processes will increase the CFPB’s understanding of
consumers’ financial experiences and outcomes and therefore what type of financial education
and empowerment programs and practices may improve financial decision-making skills and
outcomes for consumers.

DESCRIPTION OF RESPONDENTS:
Respondents will consist of both individual consumers and individual financial practitioners (this
category may include financial planners, credit counselors, financial educators, financial
advisors, financial coaches, financial services professionals, tax preparers and/or social workers).
Consumers:
•

Forty (40) consumers who are 18-61 years old

•

Sixteen (16) consumers who are ages 62 or older, and/or where appropriate, the
caregiver, power of attorney or family member who handles the finances for the
individual

Practitioners:
•

Twenty (20) financial practitioners who work with working age consumers
o At least one year of experience working directly with clients
o 50% or more of client base must be between the ages of 18 and 65

•

Ten (10) financial practitioners who work with consumers who are ages 62 or older
o At least one year of experience working directly with clients.
o 25% or more of client base must be 62 or older

TYPE OF COLLECTION: (Check all that apply)
[ ] In-Person Meeting
[ X] Interview
[ ] Focus Group
[ ] Social Media Poll

[ X] Qualitative Survey
[ ] Small Discussion Group
[ ] Online Discussion Forum
[ ] Other: ______________________

CERTIFICATION:
By submitting this document, the Bureau certifies the following to be true:
(1) The collection is voluntary.
(2) The collection is low-burden for respondents.
(3) The collection is non-controversial and does not raise issues of concern to other federal
agencies.
(4) Information gathered will not be used for the purpose of substantially informing
influential policy decisions.
(5) The results will not be used to measure regulatory compliance or for program
evaluation.

PERSONALLY IDENTIFIABLE INFORMATION:
1. Is personally identifiable information (PII) collected? [ X ] Yes [ ] No
Personally identifiable information (name and contact information) will only be collected for the
purpose of recruiting respondents. No personally identifiable information is being requested
from working-age or older Americans during the interview. However, personally identifiable
information such as name and address may be obtained when principal research investigators are
conducting recruitment through local contacts. 2 For financial practitioners, the following type of
personally identifiable information will be collected when recruiting: full name, job title and
phone number. This information will be used to contact practitioners for the interview. None of
the personally identifiable information will be linked to the actual data collected during the
interview or disseminated or provided to the CFPB. Any personally identifiable information will
be stored in password protected folders on a secure server, and will be destroyed one year after
the contract end date.
2. If Yes, is the information that will be collected included in records that are subject to the
Privacy Act of 1974? [ ] Yes [ X ] No
3. If Applicable, has a System or Records Notice been published? [ ] Yes [ ] No [ X] N/A
GIFTS OR PAYMENTS:
4. Is an incentive (e.g., money or reimbursement of expenses, token of appreciation) provided
to participants? [ X] Yes [ ] No
The contactor has proposed providing an incentive of $50 to each consumer in the one-on-one
interviews and $75 to each older consumer / caregiver pair who participate in dyad interviews.
This is the minimum incentive the project can offer and still expect to recruit a demographically
and geographically diverse group of consumer respondents.
Dee Warmath, the deputy research manager for this project at the University of Wisconsin, is
also the Senior Vice President of Global Product Development and Retail Insights at the NPD
Group. In her latter role she regularly conducts qualitative interviews at the focus group facilities
the contractors will be working with for this project. When recruiting participants for one-hour
interviews in her private sector work, Dr. Warmath usually asks the focus group facility recruiter
to offer individuals a $75 incentive. This amount is considered standard among the focus group
facilities the contractor will be working with; it is what persons on the focus group facility call
lists expect to be offered in exchange for their travel and interview time. The contractor
anticipates that it will be more difficult to recruit a demographically and geographically diverse
set of respondents from the same call lists with only a $50 incentive, but it should be feasible to
do so. If participants are offered less than $50 large numbers of individuals will need to be
screened, the no-show rate is likely to be very high, and the sample may not be sufficiently
diverse.

For more information on how recruitment through local contacts will support the desired mix of the respondent
pool, please see the section on Strategies for Selecting Respondents.

The reason the $50 incentive is necessary is because many respondents will travel close to an
hour to participate in the study. The focus group facilities the contractor is working with are
nearly all located in outlying suburbs. For example the focus group facility for the project in the
Washington, DC area is actually in Bethesda, Maryland. In order to recruit demographically
diverse participants from both inner-city and suburban areas, a large proportion of the
respondents will have to travel a considerable distance to reach the facilities. The contractor
proposes offering older consumer / caregiver pairs $75 because they assume they will travel
together thus reducing transportation costs.
The contractor will also be offering individual respondents a $50 incentive and older consumer /
caregiver pairs a $75 incentive to participate in the study in Southeast Wyoming and Central
Tennessee. Respondents in these locations typically live on isolated farms or ranches or in
mountain cabins. Their travel times to a public library or other public building in order to
participate in the research will be similar to their urban/suburban counterparts.
The contractor will offer practitioners $50 to participate in in-person interviews that require them
to travel to an interview site. Practitioners participating in telephone interviews will not be
offered an incentive.
ASSURANCES OF CONFIDENTIALITY:
5. Will a pledge of confidentiality be made to respondents? [ X] Yes [ ] No
If Yes, please cite the statue, regulation, or contractual terms supporting the pledge.
The applicable informed consent forms for this research assure respondents that “Personallyidentifiable information, as well as your answers to our discussion questions will be kept
confidential, except as otherwise required by law,” and that “Personally-identifiable information,
including your name, will not be disclosed outside the project team.” The CFPB has specified in
its contract with the data collection contractor CFED that the CFPB does not own and cannot
receive personally identifiable information 3 in order to protect the privacy of respondent data and
ensure the pledges of privacy made to clients by the CFED research team.
JUSTIFICATION OF SENSITIVE QUESTIONS (if applicable):
Some of the information collected under this evaluation is of a sensitive nature because it
addresses matters which some individuals may consider private, whose answers, if made public,
could cause mental or emotional stress to the individual. The questions which may be perceived
as sensitive will only be asked to consumer respondents; financial practitioners will not be asked
sensitive questions.
The questions pertain to study participants’ income level, race, educational attainment, marital
status, employment status, retirement plan (only for older Americans), perceptions of cognitive
health (only for older Americans), and questions related to individual’s perceptions of their own
financial well-being. It is necessary to obtain information on respondent income, race,
educational attainment, marital status, employment status, and retirement status in order to
capture additional background and demographic data to provide evidence that our sample is
broadly diverse and inclusive of key subpopulations of interest, for the purpose of developing
3

The contract language includes the following: “Contractor shall not provide CFPB any personally identifiable
information that could reasonably be used to identify individuals participating in the project.”

testable hypotheses. 4 Additionally, we must ask questions related to individuals’ perceptions of
their own financial well-being in order to address our hypotheses as to how consumers define
financial well-being and what personal traits, behaviors, and environmental factors influence
financial well-being.
Because of the sensitive nature of some of the data collected from older and working-age
American consumers, informed consent will be obtained so that information can be collected
from those who choose to participate in the study. In additional, all instruments, instructions,
and scripts have been reviewed and approved by two Institutional Review Boards (IRBs) 5 to
assure appropriate protections for human subjects research respondents. Informed consent
documents (included in Appendix A for working-age Americans and Appendix B for older
Americans) will be provided to all consumer participants. Informed consent documents
(Appendix C) will also be provided to financial practitioners. These informed consent documents
will give the research team permission to collect and analyze sensitive information from
consumer participants, and record and transcribe interviews with all participants. The research
team and survey center contracted to recruit individuals will take all necessary precautions to
make sure information provided is secure. As described above, no personally identifiable
information will be linked to the actual data collected during the interview or disseminated. Any
personally identifiable information will be stored in password protected folders on a secure
server, and will be destroyed one year after the contract end date.
BURDEN HOURS
Each respondent will participate in a 55 minute interview, and spend 5 minutes filling out a
qualitative survey following the interview.
Category of Respondent
Consumers who are 18-61 years old
Consumers who are ages 62 or older, and/or where
appropriate, the caregiver, power of attorney or
family member who handles the finances for the
individual
Financial practitioners who work with working-age
consumers
Financial practitioners who work with consumers
who are ages 62 or older
Totals

Number of
Respondents

Participation
Time

Burden

40
16

1 hour
1 hour

40 hours
16 hours

1 hour

20 hours

1 hour

10 hours

N/A

86 hours

FEDERAL COST: The cost to the CFPB for this portion of its research contract with CFED is
$200,000 over the course of one year. There are no additional costs to the Federal Government.

The purpose of this research is to develop hypotheses which can be rigorously tested during a later phase of
research, not to draw conclusions or extrapolate findings to a larger universe.

Chesapeake IRB (CFED) and ICF International.

STRATEGIES FOR SELECTING RESPONDENTS:
6. Do you have a customer list or something similar that defines the universe of potential
respondents and do you have a sampling plan for selecting from this universe?
[ ] Yes
[X] No
If the answer is yes, please provide a description of both below (or attach the sampling plan). If
the answer is no, please provide a description of how you plan to identify your potential group of
respondents and how you will select them.
A. Consumers
For both working-age and older American consumers, the research team will use a two-pronged
approach to recruitment. In the urban/suburban areas (Atlanta, Washington, DC, Los Angeles
and Chicago), a professional focus group facility will conduct recruitment. These facilities will
utilize a recruitment screener (included in Appendices D for working-age Americans and E for
older Americans) and will be fully oriented to the project and the recruitment goals prior to
beginning their work. In the smaller, non-metro areas (Central Tennessee and Southeastern
Wyoming) where no focus group facilities are located, the research team will use a purposive
approach to recruitment. With this approach, research team members will reach out to the local
contacts in these communities to help identify potential interviewees. As with the focus group
facilities, these local contacts will utilize the same recruitment screeners (Appendices D and E)
and will be fully oriented to the project and the recruitment goals prior to beginning their work.
The local contacts within these communities will assist the research team in reaching out to
populations that focus group facilities may have a difficult time recruiting such as individuals
who have recently experienced an income shock or who are self-employed.
All recruiters will be required to complete the non-disclosure form (included in Appendix F).
Forty working-age and 16 older Americans will be recruited as respondents. In order to recruit a
broadly diverse set of respondents, inclusive of key subpopulations of interest, a number of
criteria will be applied to respondent screening.
A certain number of working-age respondents must meet the following criteria:
•

Mix of males and females: The number of males and females recruited in each area will
be even.

•

Mix of age ranges (18-25, 26-35, 36-45, 45-61): 1-2 respondents will be recruited per
city in each age range.

•

Race/ethnicity: Number recruited will reflect the ethnic makeup of each geographic area
where the interviews are conducted.

•

Marital status (mix of never married, currently married, and previously married):
Minimum of one from each category in each city will be recruited.

•

Employment status (full-time, part-time, unemployed, or self-employed): No more than
one student and one homemaker per city will be recruited.

•

Education (mix of high school or less, college/technical degree,
college/graduate/professional degree): A minimum of two at each education level will be
recruited in each city.

•

Family income level (0-$49,999 a year, 50,000-99,999 a year, 100,000+ a year): A
minimum of two will be recruited for each income level in each city.

•

Dependent status: A minimum of two households with dependents and two households
without will be recruited in each city.

•

Life event: 1-2 individuals will be recruited that have experience a major life event in the
last year, including job loss, illness, death in the family, or unexpected windfall.

•

Geographic region (urban, suburban, rural): A proportional mix of urban, suburban, and
rural respondents will be recruited.

Older Americans will be recruited with respect to the following:
•

Mix of males and females: The number of males and females recruited in each area will
be even.

•

Mix of age ranges (62-69, 70-79, 80+): At least one respondent in each age range will be
recruited in each city.

•

Race/ethnicity: Number recruited will reflect the ethnic makeup of each geographic area
where the interviews are conducted.

•

Marital status (mix of never married, currently married, and divorced or widowed):
Minimum of one from each category will be recruited overall.

•

Employment status (fully retired, partially retired, and not retired): A minimum of one in
each group will be recruited per city.

•

Education (mix of college degree and no college degree): A minimum of at least one at
each education level will be recruited in each city.

•

Wealth (those who have saved more than $100,000 for retirement and those who
haven’t): A minimum of one in each group will be recruited per location.

•

Type of savings: At least one and no more than two individuals with pensions or defined
benefit plans will be recruited.

•

Dependent status (living independently or living with assistance): A minimum of one in
each group will be recruited per city.

•

Life event: 1-2 individuals will be recruited that have experience a major life event in the
last year, including job loss, illness, death in the family, or unexpected windfall.

•

Geographic region (urban, suburban, rural): A proportional mix of urban, suburban, and
rural respondents will be recruited.

B. Practitioners
For the interviews with practitioners, two recruitment strategies will be employed. First, four
financial practitioner experts are contributing to the design of this qualitative research, and they
will reach out to their professional networks to identify practitioners. These practitioners have
promised to refer the research team to five additional financial practitioners as part of their

contractual obligations. Second, members of the research team from CFED and their partners
from the Center for Financial Security at the University of Wisconsin-Madison will reach out to
their network of professional financial practitioners, which includes those practitioners that work
with middle and high-income Americans as well more vulnerable income groups and
populations. 20 practitioners whose clientele base is primarily between the ages of 18 and 61,
and 10 practitioners whose clientele base is at least 25% 62 years of age or older will be
recruited. All practitioners must have at least one year of experience working directly with
clients. Both groups of recruited practitioners will be diverse with respect to the following:
•

Type of financial planner (financial planners, credit counselors, financial educators,
financial advisors, financial coaches, tax preparers and social workers)

•

Geographic region (urban, suburban, non-metro)

•

Average income of clientele

•

Race/ethnicity of clientele

•

Gender of clientele

•

Average age of clientele

INFORMATION COLLECTION PROCEDURES:
A. Consumers
As mentioned previously, in-person, one-on-one interviews will be conducted with 40 workingage Americans and 16 older Americans. Interviewers from CFED and their research partners the
Center for Financial Security at the University of Wisconsin-Madison and ICF International will
complete all 56 interviews. All interviewers will be familiar with the interview guide and briefed
on the intent of each question in the guide prior to conducting interviews. Any person intending
to observe the interviews will complete a non-disclosure form (Appendix G) prior to doing so.
At the time of each interview, the interviewer will begin by introducing him/herself and reorienting the respondent to the purpose of the task. He/she will then read through an informed
consent statement (Appendix A for working-age Americans and Appendix B for older
Americans) and ask the respondent if he/she has any questions. Once consent is obtained, the
interviewer will start the tape recorder to record the interview and begin asking questions from
the interview guide (Appendix I for working-age Americans and Appendix J for older
Americans). The interview guides for both groups of consumers contain two exercises that could
be used, an images exercise and adjectives exercise. After asking the final question in the
interview guide and allowing time for the respondent to offer any final thoughts, the interview is
ended and the audio recorder turned off.
After each interview is completed, the interviewer will escort the respondent to the front desk of
the facility (if the interview was conducted in a focus group facility) where he/she will complete
a post-discussion information sheet (PDIS) (Appendix M for working-age Americans and
Appendix N for older Americans) which is a qualitative survey and receive a $50 cash incentive
(for a single respondent) or a $75 cash incentive (for dyad, or two-respondent, interviews) for
participation. The intent of the PDIS is to capture additional background, demographic, and
descriptive data about each respondent. The audio file from the interview will be sent via email

to the transcriptionist who will be required to complete a non-disclosure form (included in
Appendix H) prior to receiving any audio files.
At the end of each day, the interviewers at the focus group facilities will meet to share findings,
compare results, and discuss any required adjustments to the process for the next set of
interviews. In addition, within 1 day after completion of each interview, the interviewer will
complete a summary table (included in Appendix P) which allows for quick, top-of-mind
reporting of the major themes and findings for each interview.
B. Practitioners
30 interviews with financial practitioners will be conducted, either in-person or over the phone.
One to two small group interviews will take place with 2-3 practitioners at once, and the
remaining will be one-on-one. Small group interviews will only take place among practitioners
who work with similar clientele bases, i.e., the group interviews will take place with either all
working-age American practitioners or older American practitioners. These small group
interviews may encourage richer dialogue among practitioners, and will be conducted by a
member of the research team who has previous experience with group interviews and focus
groups. The rest of the interviews will be conducted by four interviewers. Practitioners will be
provided with a $50 incentive to participate in in-person interviews in order to reimburse them
for their travel costs. Practitioners will not receive an incentive to participate in interviews over
the phone.
A specific interview guide will be used for practitioners who work with working-age Americans
(Appendix K) and older Americans (Appendix L). The interviewers will be familiar with the
interview guide and briefed on the intent of each question in the guide prior to conducting
interviews. Interviewees will be asked to complete a post-discussion information sheet, which is
a qualitative survey (included in Appendix N).
Administration of the Instrument
7. How will you collect the information? (Check all that apply)
[
[
[
[
[

] Web-based or other forms of Social Media
X] Telephone
X] In-person
] Mail
] Other, Explain

8. Will interviewers or facilitators be used? [ X] Yes [ ] No

The following instruments, instructions, and scripts are attached:
Appendix A: Informed Consent Statement for Working-age Americans
Appendix B: Informed Consent Statement for Older Americans
Appendix C: Informed Consent Statement for Practitioners
Appendix D: Recruitment Screener for Working-age Americans
Appendix E: Recruitment Screener for Older Americans
Appendix F: Non-Disclosure Form for Recruiters
Appendix G: Non-Disclosure Form for Observers
Appendix H: Non-Disclosure Form for Transcriptionist
Appendix I: Interview Guide for Working-age Americans
Appendix J: Interview Guide for Older Americans
Appendix K: Interview Guide for Practitioners with Working-age Americans
Appendix L: Interview Guide for Practitioners with Older Americans
Appendix M: Post-Discussion Information Sheet (PDIS) for Working-age and Older Americans
Appendix N: Post-Discussion Information Sheet (PDIS) for Practitioners
Appendix O: Topline Data Summary Table

Appendix A: Informed Consent Statement for Working-age
Americans
The Consumer Financial Protection Bureau (CFPB), a U.S. Federal government agency, has asked the
Corporation for Enterprise Development (CFED) and the Center for Financial Security at the University of
Wisconsin Madison, to conduct a series of interviews to learn more about how American consumers −
people like you − define financial well-being. ICF International is working with CFED and the University of
Wisconsin Madison to assist in this effort.
What is the purpose of this project?
The purpose of this project is to define financial well-being and to learn more about how behavior,
knowledge and personality influence financial well-being. As part of this project, you will participate in a
one-on-one discussion and you will fill out a brief information sheet after the interview. Both activities
will take no more than an hour of your time in total.
Confidentiality
Personally-identifiable information, as well as your answers to our discussion questions will be kept
confidential, except as otherwise required by law. The discussion will be audiotaped so that we can have
an accurate transcript of our discussion. Handwritten notes also will be taken. Both the transcripts and
handwritten notes will be used to write a report that will be shared with CFPB. Only project staff
members from CFED, the University of Wisconsin Madison, and ICF International who will have access to
notes and transcripts will be able to see your responses or to use the audio recordings. All information
from the interviews will be stored in locked file cabinets at CFED, the University of Wisconsin Madison,
and ICF International. The audio recordings, transcripts, and handwritten notes will all be destroyed
when the project is finished.
Personally-identifiable information, including your name, will not be disclosed outside the project team
described above. Also, we will not share the transcripts or handwritten notes from our discussion with
anyone outside of the CFED, University of Wisconsin Madison, and ICF International project staff
members.
There are observers from our project team who are interested in what you all have to say but will not be
participating in our discussion. They are sitting behind the mirror/watching through closed-circuit
viewing and taking notes so that I don’t have to worry about doing that. Instead I can focus all of my
attention on our discussion.
Risks
There are few, if any, risks to you. This project only involves you giving us your opinion about general
financial well-being issues. We recognize that you might be uncomfortable answering some questions
about finances in general.
Right to Refuse or Withdraw
You may choose not to participate in our discussion at any time. You may choose not to answer a
question for whatever reason and without penalty. Participation is completely voluntary. Refusal to
participate involves no penalty or loss of benefits.
After the discussion and completing the information sheet, you will receive $50 in cash. You will receive
this money even if you decide not to answer certain questions or discuss all of the topics.

Benefits
Although there are no direct benefits to you, by sharing your thoughts and ideas you will help us and
CFPB better understand what financial well-being means to American consumers like you.
Paperwork Reduction Act
According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person
is not required to respond to a collection of information unless it displays a valid OMB control number.
The OMB control number for this collection is 3170- 0036. It expires on 06/30/2016. The time required
to complete this information collection is estimated to average approximately one hour per response,
including the time for reviewing any instructions, searching existing data sources, gathering and
maintaining the data needed, and completing and reviewing the collection of information. The
obligation to respond to this collection of information is voluntary. Comments regarding this collection
of information, including the estimated response time, suggestions for improving the usefulness of the
information, or suggestions for reducing the burden to respond to this collection should be submitted to
Bureau at the Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW,
Washington, DC 20552, or by email to [email protected].
The Bureau will not disclose any personally identifiable information collected except to the extent that it
is required to do so by law and as provided in the Privacy Act Statement listed below. Additionally, the
Bureau will treat the information collected consistent with its confidentiality regulations at 12 C.F.R. Part
1070, et seq.
Contact Information
If you have questions about your rights as a participant, you may contact Anita Drever at the
Corporation for Enterprise Development at 202.207.0142 or [email protected].
Please sign below to indicate that you have read the above and agree to take part in this interview.

Please print your
name:
Please sign your
name:
Witness
signature:
Date:
THANK YOU

Appendix B: Informed Consent Statement for Older Americans
The Consumer Financial Protection Bureau (CFPB), a U.S. Federal government agency, has asked the
Corporation for Enterprise Development (CFED) and the Center for Financial Security at the University of
Wisconsin Madison, to conduct a series of interviews to learn more about how American consumers −
people like you − define financial well-being. ICF International is working with CFED and the University of
Wisconsin Madison to assist in this effort.
What is the purpose of this project?
The purpose of this project is to define financial well-being and to learn more about the how behaviors,
knowledge, and personality influence financial well-being. As part of this project, you will participate in a
one-on-one discussion and you will fill out a brief information sheet. Both activities will take no more
than an hour of your time.
Confidentiality
Personally-identifiable information, as well as your answers to our discussion questions will be kept
confidential, except as otherwise required by law. The discussion will be audiotaped so that we can have
an accurate transcript of our discussion. Handwritten notes also will be taken. Both the transcripts and
handwritten notes will be used to write a report that will be shared with CFPB. Only project staff
members from CFED, the University of Wisconsin Madison, and ICF International who will have access to
notes and transcripts will be able to see your responses or to use the audio recordings. All information
from the interviews will be stored in locked file cabinets at CFED, the University of Wisconsin Madison,
and ICF International. The audio recordings, transcripts, and handwritten notes will all be destroyed
when the project is finished.
Personally-identifiable information, including your name, will not be disclosed outside the project team
described above. We will not use your name in the report unless we have your permission. Also, we will
not share the transcripts or handwritten notes from our discussion with anyone outside of the CFED,
University of Wisconsin Madison, and ICF International project staff members.
There are observers from our project team who are interested in what you all have to say but will not be
participating in our discussion. They are sitting behind the mirror/watching through closed-circuit
viewing and taking notes so that I don’t have to worry about doing that. Instead I can focus all of my
attention on our discussion.
Risks
There are few, if any, risks to you. This project only involves you giving us your opinion about general
financial well-being issues. We recognize that you might be uncomfortable answering some questions
about finances in general.
Right to Refuse or Withdraw
You may choose not to participate in our discussion group at any time. You may choose not to answer a
question for whatever reason and without penalty. Participation is completely voluntary. Refusal to
participate involves no penalty or loss of benefits.
After the discussion and completing the information sheet, you will receive $50 in cash if you are
participating in this interview alone and $75 if you are participating with a caregiver. You will receive this
money even if you decide not to answer certain questions or discuss all of the topics.

Benefits
Although there are no direct benefits to you, by sharing your thoughts and ideas you will help us and
CFPB better understand what financial well-being means to American consumers like you.
Paperwork Reduction Act
According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person
is not required to respond to a collection of information unless it displays a valid OMB control number.
The OMB control number for this collection is 3170-0036. It expires on 06/30/2016. The time required
to complete this information collection is estimated to average approximately one hour per response,
including the time for reviewing any instructions, searching existing data sources, gathering and
maintaining the data needed, and completing and reviewing the collection of information. The
obligation to respond to this collection of information is voluntary. Comments regarding this collection
of information, including the estimated response time, suggestions for improving the usefulness of the
information, or suggestions for reducing the burden to respond to this collection should be submitted to
Bureau at the Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW,
Washington, DC 20552, or by email to [email protected].
The Bureau will not disclose any personally identifiable information collected except to the extent that it
is required to do so by law and as provided in the Privacy Act Statement listed below. Additionally, the
Bureau will treat the information collected consistent with its confidentiality regulations at 12 C.F.R. Part
1070, et seq.
Contact Information
If you have questions about your rights as a participant, you may contact Anita Drever at the
Corporation for Enterprise Development at 202.207.0142 or [email protected].
Please sign below to indicate that you have read the above and agree to take part in this interview.
Please print your
name:
Please sign your
name:
Witness signature:
Date:
Please sign here if you are managing the finances of an interviewee and also participating in the study.
Please print your
name:
Please sign your
name:
Witness signature:
Date:

THANK YOU

Appendix C: Informed Consent Statement for Practitioners
The Consumer Financial Protection Bureau (CFPB), a U.S. Federal government agency, has asked the
Corporation for Enterprise Development (CFED) and the Center for Financial Security at the University of
Wisconsin Madison, to conduct a series of interviews to learn more about how American consumers –
individuals whom you work with regularly - define financial well-being. ICF International is working with
CFED and the University of Wisconsin Madison to assist in this effort.
What is the purpose of this project?
The purpose of this project is to define financial well-being and to learn more about how behavior,
knowledge and personality influence financial well-being. As part of this project, you will participate in a
one-on-one or focus group discussion and you will fill out a brief information sheet after the interview.
Both activities will take no more than an hour of your time.
Confidentiality
Personally-identifiable information, as well as your answers to our discussion questions will be kept
confidential, except as otherwise required by law. The discussion will be audiotaped so that we can have
an accurate transcript of our discussion. Handwritten notes also will be taken. Both the transcripts and
handwritten notes will be used to write a report that will be shared with CFPB. Only project staff
members from CFED, the University of Wisconsin Madison, and ICF International who will have access to
notes and transcripts will be able to see your responses or to use the audio recordings. All information
from the interviews or focus groups will be stored in locked file cabinets at CFED, the University of
Wisconsin Madison, and ICF International. The audio recordings, transcripts, and handwritten notes will
all be destroyed when the project is finished.
Personally-identifiable information, including your name, will not be disclosed outside the project team
described above. We will not use your name in the report unless we have your permission. Also, we will
not share the transcripts or handwritten notes from our discussion with anyone outside of the CFED,
University of Wisconsin Madison, and ICF International project staff members.
Risks
There are few, if any, risks to you. This project only involves you giving us your opinion about general
financial well-being issues affecting American consumers.
Right to Refuse or Withdraw
You may choose not to participate in our discussion at any time. You may choose not to answer a
question for whatever reason and without penalty. Participation is completely voluntary. Refusal to
participate involves no penalty or loss of benefits.
Benefits
Although there are no direct benefits to you, by sharing your thoughts and ideas you will help us and
CFPB better understand what financial well-being means to American consumers like your clients.
Paperwork Reduction Act
According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person
is not required to respond to a collection of information unless it displays a valid OMB control number.
The OMB control number for this collection is 3170-0036. It expires on 06/30/2016. The time required
to complete this information collection is estimated to average approximately one hour per response,
including the time for reviewing any instructions, searching existing data sources, gathering and

maintaining the data needed, and completing and reviewing the collection of information. The
obligation to respond to this collection of information is voluntary. Comments regarding this collection
of information, including the estimated response time, suggestions for improving the usefulness of the
information, or suggestions for reducing the burden to respond to this collection should be submitted to
Bureau at the Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW,
Washington, DC 20552, or by email to [email protected].
The Bureau will not disclose any personally identifiable information collected except to the extent that it
is required to do so by law and as provided in the Privacy Act Statement listed below. Additionally, the
Bureau will treat the information collected consistent with its confidentiality regulations at 12 C.F.R. Part
1070, et seq.
Contact Information
If you have questions about your rights as a participant, you may contact Anita Drever at the
Corporation for Enterprise Development at 202.207.0142 or [email protected].
Please sign below to indicate that you have read the above and agree to take part in this interview.

Please print your
name:
Please sign your
name:
Witness
signature:
Date:
THANK YOU

Appendix D: Recruitment Screener for Working-age
Americans
Hello. My name is ____________ and I work with . We are
working on behalf of ICF International, a consulting firm in Atlanta, Georgia, the Corporation for
Enterprise Development (CFED), and the Center for Financial Security at the University of Wisconsin
Madison, to learn more about how American consumers define financial well-being.
We are asking men and women in the area to participate in an in-person, one-onone interview so that we can learn more about your thoughts and opinions on factors that may
influence people being in a good place financially. No previous or specific financial knowledge is
required for you to participate in this interview. Again, we are simply interested in your thoughts and
opinions on the topic. The interview will last about an hour and it will happen only once. It may be
observed by two or three members of our project team via closed-circuit viewing or through a one-way
mirror. Following the interview, you will be asked to complete a brief questionnaire.
Do you think that you might be interested in participating in this type of discussion?
Yes (Continue with screener.)
No (Thank person for his/her time and end conversation.)
Would you mind if I ask you a few questions in order to determine whether or not you can participate in
the interview?
Yes (Continue with screener.)
No (Thank person for his/her time and end conversation.)
Recruiter: Please continue through all questions (unless respondent is not in the desired age range)
before letting individuals know their eligibility status.
1. What is your sex?
Male
Female
2. What is your age? ____________ (If not between 18 and 61 at time of interviews, terminate at
end.)
3. Would you describe yourself as Hispanic or Latino/a?
Yes -- What is your ethnicity? ____________
No
Refused/Unknown
4. How would you describe your racial background? (Please check all that apply)
American Indian or Alaska Native
Asian
Black or African American
Native Hawaiian or Other Pacific Islander
White

Other (please specify) _______________________________
Refused/unknown
5. What is the highest year of school completed?
Middle school/junior high school (8th grade or less)
9th to 11th grade
High school/GED
Vocational or trade school
Some college
Junior college (Associate’s degree)
Undergraduate college (Bachelor’s degree)
Graduate school (Master’s or professional degree)
Other (Please specify: __________________________)
6. Do you currently attend college or a vocational training program?
Yes
No (Skip to Question 8.)
7. Which of the following best describes your status? Check all that apply.
Part-time student
Full-time student
8. What is your marital status?
Single, never married
Single, living with partner
Married
Separated
Divorced
Widow
9. What is your household income level? (This does not include roommates whom the
respondent does not directly support or have financial obligations towards.)
$0–$24,999
$25,000–$49,999
$50,000–$74,999
$75,000–$99,999
$100,000–$124, 999
$125,000 or more

Refused
10. Which of the following describes your employment status?
Part-time
Full-time
Unemployed
Self-employed
11. How many children under the age of 18 do you currently have living with you in your
household?_______
a.

(If applicable) Are these children your dependents?
Yes
No

12. How many children attending college do you currently have living with you in your household?
______
13. Do you have a parent or older relative living with you in your household?
No (Skip to Question 15.)
Yes
14. Do you manage that person’s finances?
Yes
No
15. Have you experienced any of the following events within the past five years? Check all that
apply.
Health/medical issues for self or loved one
Loss of job for self or loved one
Death/loss of loved one
Child/dependent returning to household
_____________________________________________________________________________________
Recruiter: If the person is INELIGIBLE, please use this script to politely end the interview.
Thank you for answering my questions. Unfortunately, we have already recruited enough people with
your qualifications. Thank you for your time.
Recruiter: If the person is ELIGIBLE read the following:
Would you be comfortable discussing your ideas and experiences regarding financial well-being during
an in-person one-on-one interview that will last about an hour?
No (Thank the person for his/her time and end conversation.)

Yes (I am glad that you will be able to join us!)
You will receive $50 for being part of the group.
Recruiter: Assign participant an interview time according to the following:
•

Insert table indicating desired mix of characteristics

The interview we would like you to be a part of is scheduled for:
•

Insert day, date, time

Does this date and time work for you?
Yes
No -- Is there another time that would work better for you?
Please specify: ____________________________________.
Again, this interview will be conducted in person at . Here are the
directions to the facility. Recruiter: Please provide directions. Here is my name and phone number to
call if you have any questions or if you would like more information. Also, please call me if your plans
change, so we may invite someone from the waiting list to attend.
Someone from my staff will also give you a reminder call about your scheduled interview. Is this okay?
Yes
No (Thank the respondent for his/her time and end conversation)
Would you mind giving me your name, address, phone numbers, and e-mail address, if you have one?
Yes
No (Thank the respondent for his/her time and end conversation)
Recruiter: If they do not have a phone number, ask for a phone number of a close relative or friend
who can give them the message. Indicate whose phone number it is.
Name
Address
Day Phone
Evening
Phone
E-mail

Appendix E: Recruitment Screener for Older Americans
Hello. My name is ____________ and I work with . We are
working on behalf of ICF International, a consulting firm in Atlanta, Georgia, the Corporation for
Enterprise Development (CFED), and the Center for Financial Security at the University of Wisconsin
Madison, to learn more about how people think about financial well-being.
We are asking men and women in the area to participate in an in-person, one-onone interview so that we can learn more about your thoughts and opinions on factors that may
influence people being in a good place financially. No previous or specific financial knowledge is
required for you to participate in this interview. Again, we are simply interested in your thoughts and
opinions on the topic. The interview will last about an hour and it will happen only once. It may be
observed by two or three members of our project team via closed-circuit viewing or through a one-way
mirror. Following the interview, you will be asked to complete a brief questionnaire.
Do you think that you might be interested in participating in this type of discussion?
Yes (Continue with screener.)
No (Thank person for his/her time and end conversation.)
Would you mind if I ask you a few questions in order to determine whether or not you can participate in
the interview?
Yes (Continue with screener.)
No (Thank person for his/her time and end conversation.)
RECRUITER: Please continue through all questions (unless respondent is not in the desired age range)
before letting individuals know their eligibility status.
1. What is your sex?
Male
Female
2. What is your age? ____________
3. Do you manage the finances of someone else who is over 61?
Yes
No (if respondent is under 62 and does not manage the finances of someone over 61 stop
here)
4. Does someone else manage your finances for you?
Yes (If that person is not a spouse or other individual who co-manages the individual’s
finances with him/her, ask if we may have that person’s contact information to ask if they
would be willing to participate in an interview)
No
5. Would you describe yourself as Hispanic or Latino/a?
Yes

No
Refused/Unknown
6. How would you describe your racial background? (Please check all that apply)
American Indian or Alaska Native
Asian
Black or African American
Native Hawaiian or Other Pacific Islander
White
Other (please specify) _______________________________
Refused/unknown
7. What is the highest year of school completed?
Middle school/junior high school (8th grade or less)
9th to 11th grade
High school/GED
Vocational or trade school
Some college
Junior college (Associate’s degree)
Undergraduate college (Bachelor’s degree)
Graduate school (Master’s or professional degree)
Other (Please specify: __________________________)
8. What is your marital status?
Single, never married
Single, living with partner
Married
Separated
Divorced
Widow
9. What is your yearly household income level, including investment income and funds from
retirement accounts?
$0–$24,999
$25,000–$49,999
$50,000–$74,999
$75,000–$99,999

$100,000–$124, 999
$125,000 or more
Refused
10. Which of the following describes your employment status?
Part-time
Full-time
Unemployed
Self-employed
Retired
11. How would you describe your living situation
Live independently
Live with relatives other than spouse
Live in assisted living facility
Live in nursing home
12. Do you have a defined contribution (such as a 401(K)) or a defined benefit (such as a traditional
pension) retirement plan?
I have both defined contribution and defined benefit retirement plans
I have only a defined contribution retirement plan
I have only a defined benefit retirement plan
I do not have either a defined contribution or a defined benefit retirement plan
13. Do you have retirement savings?
No
Yes
_____________________________________________________________________________________
Recruiter: If the person is INELIGIBLE, please use this script to politely end the interview.
Thank you for answering my questions. Unfortunately, we have already recruited enough people with
your qualifications. Thank you for your time.
Recruiter: If the person is ELIGIBLE read the following:
Would you be comfortable discussing your ideas and experiences regarding financial well-being during
an in-person one-on-one interview that will last about an hour?
No (Thank the person for his/her time and end conversation.)
Yes (I am glad that you will be able to join us!)
You will receive $50 for being part of the group.
Recruiter: Assign participant an interview time according to the following:

•

Insert table indicating desired mix of characteristics

The interview we would like you to be a part of is scheduled for:
•

Insert day, date, time

Appendix F: Non-Disclosure Form for Recruiters
Insert Organization Name
Insert Contact Name
Insert Address
Insert City, State, ZIP Code
Insert Phone
(Contact/Organization name) agrees to the following conditions relating to the handling and use of
screening data for ICF International Inc.’s OR the Corporation for Enterprise Development’s (CFED’s) OR
the University of Wisconsin Madison‘s interviews conducted for the project Financial Well-Being
Metrics.
•

(Contact/Organization name) will keep the screening data in a secure place to eliminate any
third party access to the data

•

(Contact/Organization name) will not share the screening data with any third party

•

(Contact/Organization name) will not copy the screening data for any unauthorized third party
(or without approval from Macro).

•

(Contact/Organization name) will protect the identity of all participants from unapproved third
parties

•

(Contact/Organization name) will handle both electronic and hard copies of the screening data
in a secure manner to eliminate any third party access to the data

•

(Contact/Organization name) will not use knowledge gained from screening data for personal
gain

My signature below indicates that I, as a representative of (Contact/Organization name), understand
the conditions stated above and that all employees involved with this project agree to comply with
them.
Please print your
name:
Please sign your
name:
Date:
Please return via fax or email to:
Anita Drever, 202-408-9793, [email protected]

Appendix G: Non-Disclosure Form for Observers
The Consumer Financial Protection Bureau (CFPB), an organization of the U.S. Federal government, has
asked the Corporation for Enterprise Development (CFED) and the Center for Financial Security at the
University of Wisconsin Madison, to conduct a series of interviews to learn more about how American
consumers define financial well-being. ICF International is working with CFED and the University of
Wisconsin Madison to assist in this effort.
Because of concerns about protecting participant privacy and fostering an atmosphere of respect for the
participants, it is important for all persons who intend to observe the interviews to accept the following:
•
•
•
•

•
•

Observers should refrain from any conduct that will disrupt the discussion or interfere with the
interview process.
Observers are present to observe only and not to take part in the discussion process.
Observers may enter the discussion room at the end of the session only upon the participants’
request.
After leaving the observation room, observers should not discuss who participated in the
interview. Observers should not discuss what was said by individual participants with others
who were not also observers.
After leaving the observation room, observers should only have discussions about the interview
that are general and not specific in nature.
Observers should refrain from engaging in conversations while the interview is in session so as
not to disturb the process of conducting or note-taking of the interview.

Your signature below indicates that you understand and accept these conditions.
Please print your
name:
Please sign your
name:
Date:

Appendix H: Non-Disclosure Form for Transcriptionist
Insert Name of Transcription Service
Insert Contact Name
Insert Address
Insert City, State, ZIP Code
Insert Phone
I agree to the following conditions relating to the handling and use of ICF International Inc.’s OR the
Corporation for Enterprise Development’s (CFED’s) OR the University of Wisconsin Madison‘s taped
audio recordings:
•

I will keep the tape(s) in a secure place to eliminate any third party access to the tape(s)

•

I will not play the audio recording from the tape(s) to any third party

•

I will not copy tape(s)

•

I will protect the identity of all participants and will not transcribe participants’ first or last
names

•

I will handle both electronic and hard copies of the transcript(s) in a secure manner to eliminate
any third party access to the transcripts(s)

•

I will not use knowledge gained from tapes to my personal or professional gain

•

I will not share the discussion transcribed with any third party

My signature below indicates that I understand the conditions stated above and agree to comply with
them.
Please print your
name:
Please sign your
name:
Date:
Please return via fax to:
CFED c/o Anita Drever
202.408.9793 (fax ) or [email protected]

Appendix I: Interview Guide for Working-age Americans
NOTE TO INTERVIEWER: At the end of each interview, you should be able to summarize the consumer’s
views on the following:
1. Definition, description, and benefits of financial well-being
2. Link between financial behavior (defined as choices and actions) and financial well-being
3. Knowledge required to make financial decisions/choices/actions that lead to enhanced financial
well-being including how the information is acquired or how one compensates for the lack of
information
4. The structural, social, and personal drivers of financial well-being and how they operate
The interview guide provides core questions and various probes to support your acquisition of these
insights. All core questions MUST be asked unless otherwise indicated. Core questions are preceded by
either a number or letter. Probes can be used as needed.
 INTRODUCTIONS (3 minutes)
1. Describe objectives of the research; remind the participant that there are no right or wrong
answers. If caregiver is present, encourage caregiver to provide insights as appropriate, even if
s/he has a different perspective from the core participant.
2. Explain taping of the session and participants in the backroom (if the interview is being
conducted in a focus group facility).
3. Ask participant to provide his/her name, occupation, and an interesting fact about him/herself.
NOTE TO INTERVIEWER: The purpose of this fact is to establish a personal rapport from the
start of the interview. Do not force a response if the respondent does not seem willing or able
to provide.
 WHAT IS FINANCIAL WELL-BEING? (12 minutes)
1. NOTE TO INTERVIEWER: The goal is to elicit the consumer’s thoughts on what financial wellbeing means. Go through as many probes as the time allows. Use the picture exercise if the
respondent is having trouble elaborating.
My first question for you is most likely not a question you think about every day. As you think
about it, keep in mind that there is no right or wrong answer—I just want to get your own
personal opinion. Here is the question: What does the phrase “financial well-being” mean to
you? Please take a few minutes and write down the first things that come to mind.
NOTE TO INTERVIEWER: Ask the respondent to share his/her list with you once they’ve finished
writing. Ask the respondent to explain why he or she included the items on his/her list.

PROBES:
i.

NOTE TO INTERVIEWER: ask If his/her response focused heavily on income.
If two people have the same level of income, what do you think might cause their
financial well-being to be different?

ii.

On a scale of one to ten, how would you rate your financial well-being today? What
information do you think about when rating your financial well-being? What would
it take for you to move higher up on that scale? What would need to change or be
different?

iii.

How are things in your life different if you are experiencing financial well-being?

iv.

How are things different in your life if you are not experiencing financial well-being?

NOTE TO INTERVIEWER: Use the picture exercise (below) if time allows or if the interviewee is
struggling to provide a multifaceted definition of financial well-being. It will contain pictures
that represent different images that may or may not be positively or negatively associated with
financial well-being. Allow the respondent to select 2–3 images s/he most closely associates with
having financial well-being and 2–3 images s/he most closely associates with not having
financial well-being. Give the respondent time to select but do not allow him/her to think too
much about the selection. Follow the interview instructions below and then at the close of the
section, restate the two lists of traits and characteristics that the respondent has provided that
describe having and not having financial well-being. If necessary, select a few items on the list
for clarification. Be sure to clarify any similarities between the two lists.
PICTURE EXERCISE
Interviewer to Respondent: Here are some images that you may or may not associate with
someone’s current level of financial well-being. What I would like is for you to take a few
minutes and select two or three of them that you associate with a high level of financial wellbeing. Once you have done that, I would like for you to select two or three that you associate
with low levels of financial well-being.
I would like to hear about what you selected and why.
i.

Let’s start with the images you selected to describe being in a good place financially.
Show me what you selected and describe what it was about that image that you
associated with having financial well-being.

ii.

Now let’s discuss the images you selected to describe not being in a good place
financially. Show me what you selected and describe what it was about that image that
you associated with not having financial well-being.

iii.

Summarize the key takeaways from the financial well-being discussion and ask the
respondent whether they would add or clarify any of your points.

2. NOTE TO INTERVIEWER: the goal is to determine if and how the definition of financial well-being
changes over one’s lifetime.
Does financial well-being mean something different to you today as compared to other times in
your life?

PROBE:
i.

In thinking about whether or not you personally are experiencing financial wellbeing, what timeframe do you use? For example, we have heard from some people
that they think about next month. Others, the next year. Some have much longer
time horizons they consider. Has that changed since you were younger?

 THE DRIVERS OF FINANCIAL WELL-BEING
OPEN-ENDED DISCUSSION (5 minutes)
NOTE TO INTERVIEWER: the objective of this discussion is to hear what the respondent believes
the drivers to be without a leading question from us. Be sure you understand the drivers
offered, but the deep probes can wait for the sections below.
1. Now that we’ve discussed how you define financial well-being, we’d like to know more about
what you think influences financial well-being. What do you think causes someone to
experience lower or higher levels of financial well-being?
NOTE TO INTERVIEWER: probe the respondent to explain HOW these forces influence financial
well-being:
PROBE:
i.

Of the things you have identified (repeat their list), can you tell me which ones you
think play the biggest role and why?

 FINANCIAL BEHAVIOR (8 MINUTES)
I would like to spend a little time discussing your view on the role that behavior plays in financial
well-being. By behavior I mean things like the choices we make, the actions we take, etc. that
affect our financial well-being. And these actions can be things ranging from decisions you make
on a daily basis, such as whether or not to buy a cup of coffee, to planning for retirement, and
everything in between.
1. Looking back, do you feel there were any key decisions you made (or did not make) or actions
you took (or did not take) that have influenced your financial well-being today?
2. Do you have habits or behaviors that affect how you spend money on a day-to-day basis that
have either improved or reduced your financial well-being over time?
3. Is there a difference between the financial choices you feel you should make or should have
made and the choices you’ve actually made?
PROBES:
i.
ii.
iii.

If so, why do you end up making choices that you should not?
In what situations are you more likely to make the “right” decision?
In what situations are you less likely to make the “right” decision?

 FINANCIAL KNOWLEDGE (8 MINUTES)
NOTE TO INTERVIEWER: probe the respondents to talk about the types of knowledge they use to
achieve financial well-being (rules of thumb, lessons from experience, etc.)
I would now like to talk for a few minutes about what you feel people need to know in order to
manage their money.
1. On a scale of 1 to 10, how much do you feel you know about managing money? Why did you
give yourself that rating?
2. What are the most valuable financial lessons you’ve learned over the years?

PROBES:
i. Where did those lessons come from?
ii. Were there any particular people who taught them to you? Or were you more
likely to learn from experience? Or a combination?
iii. NOTE TO INTERVIEWER: Use this probe only if the respondent is having
difficulty answering Question 2. Think of some financial decisions, choices or
actions you made over the years, are there any that stick out in your mind?
Tell me a little about what you did and what happened. What did you take
away from that example?
3. Can you describe a major financial decision you felt prepared to make? If yes, what made you
feel prepared for that decision?
4. Are there any major financial decisions that you feel less prepared to make or that make you
feel anxious? What information or advice might help you make those decisions? Have you
previously sought help in making those decisions?
5. Can you think of any examples of instances in which you asked someone, from a friend to a
financial professional, and everything in-between, for financial advice or help when making a
financial decision?
PROBES:
i.
ii.
iii.

If yes: whom did you ask for financial advice?
Why did you ask that person?
What types of things did you ask?

LOWER PRIORITY PROBES:
i.
ii.
iii.

Did you follow that person’s advice? Why or why not?
Whom do you trust for financial advice? Anyone you tend not to trust?
Have you had positive experiences receiving financial advice in the past?
Negative experiences? Please describe.

iv.

Have you gotten help making financial decision from your employer, for
example through trainings they’ve provides you with or through materials
they’ve given you? Please describe.

NOTE TO INTERVIEWER: at this point 18 minutes are required to complete the survey. Feel
free to take more time with these questions, if it’s available.
 SOCIAL CONTEXT AND OTHER EXTERNAL FACTORS (8 MINUTES)
Next, I would like to talk about how your family, friends, workplace, neighborhood or
environment may influence your financial well-being. I would also like to talk about if and how
you feel luck and other circumstances have influenced your financial well-being. (If previously
discussed then briefly summarize what the person said earlier.)
NOTE TO INTERVIEWER: these questions are listed in order of importance, answer only as many
as you are able to in 8 minutes.
1.

What kinds of events or circumstances in your life have influenced your financial wellbeing?
NOTE TO INTERVIEWER: be sure to ask about positive and negative examples.
i.

PROBE:
In your view, are people born into financial well-being, do they just get lucky,
or is it something you can achieve through hard work and personal effort?

Sometimes forces outside a person’s control make it more difficult for them to achieve or
maintain financial well-being. What are some examples of forces outside your control that
have made it difficult for you to achieve or maintain financial well-being?

On the other hand, sometimes forces outside a person’s control make it easier for them to
achieve or maintain financial well-being. What are some examples of forces outside your
control that have made it easier for you to achieve or maintain financial well-being?

What role has your workplace—aside from providing you with a paycheck--played in your
financial well-being?
i.

PROBE:
Examples could include access to savings tools such as 401K plans, financial
advice and referrals from coworkers, financial education courses, etc.

What role if any, does your spouse or partner play in whether you experience financial
well-being or have an easier time handling financial obstacles?

What role, if any, do you think your family plays in whether you experience financial wellbeing or have an easier time navigating financial obstacles? What about your friends?

What institutions, businesses, or programs in your community help you or people like you
achieve or maintain financial well-being? What institutions, businesses, or programs
available in your community hurt your financial well-being?

 PERSONAL TRAITS (5 MINUTES)
Now we would like to discuss how someone’s personal characteristics and personality might
play a role in their financial well-being.
1. Do you think that people with certain types of personalities are more likely to experience
greater financial well-being? And are people with certain personalities less likely to
experience financial well-being?
WORD EXERCISE
2. NOTE TO INTERVIEWER: Hand the respondent the list of words. Here are some words that
may or may not describe people who have higher versus lower financial well-being. What I
would like you to do is to circle some of the words you associate with people who have
higher levels of financial well-being and cross out the words that you associate with people
who have lower levels of financial well-being. Ignore the words you think do not apply to
either group of people. Note to interviewer: Give the respondent a minute to look over the
words and mark the ones they want to share. What words do you believe are more likely to
describe those with higher financial well-being? Why those? What words do you believe
are more likely to describe those with lower financial well-being? Why those?

 CLOSING CONVERSATION (5 MINUTES)
We have talked about a number of things today. We started with your definition of financial
well-being. Then we talked about [RECAP KEY DISCUSSION POINTS BRIEFLY]…
1. Out of everything we have discussed today, what do you feel is the most important
ingredient to an individual achieving and maintaining financial well-being? Why is this
ingredient so important?
2. What is the second most important ingredient? Why?
3. What do you think is the biggest challenge to achieving and maintaining financial wellbeing? Why?
4. Looking back, is there anything in your life you would have done differently? Are there
things you would be sure to repeat?

Appendix J: Interview Guide for Older Americans
NOTE TO INTERVIEWER: At the end of each interview, you should be able to summarize the consumer’s
views on the following:
1. Definition, description, and benefits of financial well-being
2. Link between financial behavior (defined as choices and actions) and financial well-being
3. Knowledge required to make financial decisions/choices/actions that lead to enhanced financial
well-being including how the information is acquired or how one compensates for the lack of
information
4. The structural, social, and personal drivers of financial well-being and how they operate
The interview guide provides core questions and various probes to support your acquisition of these
insights. All core questions MUST be asked unless otherwise indicated. Core questions are preceded by
either a number or letter. Probes can be used as needed. If both the consumer and the person
responsible for his or her finances are present, the financial manager should be encouraged to add
insights to the consumer’s responses that reflect his or her perceptions of the drivers of the consumer’s
wellbeing. Encourage the financial manager to point out issues that led to his or her involvement in the
consumer’s finances.
 INTRODUCTIONS (3 minutes)
1. Describe objectives of the research; remind the participant that there are no right or wrong
answers. If caregiver is present, encourage caregiver to provide insights as appropriate, even if
s/he has a different perspective from the core participant.
2. Explain taping of the session and participants in the backroom (if the interview is being
conducted in a focus group facility).
3. Ask participant to provide his/her name, occupation, and an interesting fact about him/herself.
NOTE TO INTERVIEWER: The purpose of this fact is to establish a personal rapport from the
start of the interview. Do not force a response if the respondent does not seem willing or able
to provide.
4. If this interview involves another party who is responsible for the finances of the primary
respondent, ask
A. Nature of relationship between the financial partner and the respondent
B. Whether the relationship is formal (e.g., Power of Attorney) or more informal (handling
day-to-day bill paying, shopping, etc.)
C. How/when the relationship formed, if not obvious

 WHAT IS FINANCIAL WELL-BEING? (12 minutes)
1. NOTE TO INTERVIEWER: The goal is to elicit the consumer’s thoughts on what financial wellbeing means. Go through as many probes as the time allows. Use the picture exercise if the
respondent is having trouble elaborating.
My first question for you is most likely not a question you think about every day. As you think
about it, keep in mind that there is no right or wrong answer—I just want to get your own
personal opinion. Here is the question: What does the phrase “financial well-being” mean to
you? Please take a few minutes and write down the first five things that you think of.
NOTE TO INTERVIEWER: Ask the respondent to share his/her list with you once they’ve finished
writing. Ask the respondent to explain why he or she included the items on his/her list]
i.

NOTE TO INTERVIEWER: ask only if his/her response focused heavily on income.
If two people have the same level of income, what do you think might cause their
financial well-being to be different?

ii.

iii.

How are things in your life different if you are experiencing financial well-being?

iv.

How are things different in your life if you are not experiencing financial well-being?

NOTE TO INTERVIEWER: Use the picture exercise if time allows or if the interviewee is struggling
to provide a multifaceted definition of financial well-being. It will contain pictures that represent
different images that may or may not be positively or negatively associated with financial wellbeing. Allow the respondent to select 2–3 images s/he most closely associates with having
financial well-being and 2–3 images s/he most closely associates with not having financial wellbeing. Give the respondent time to select but do not allow him/her to think too much about the
selection. Follow the interview instructions below and then at the close of the section, restate the
two lists of traits and characteristics that the respondent has provided that describe having and
not having financial well-being. If necessary, select a few items on the list for clarification. Be
sure to clarify any similarities between the two lists.
PICTURE EXERCISE
Interviewer to Respondent: Here are some images that you may or may not associate with
someone’s current level of financial well-being. What I would like is for you to take a few
minutes and select two or three of them that you associate with a high level of financial wellbeing. Once you have done that, I would like for you to select two or three that you associate
with low levels of financial well-being.
I would like to hear about what you selected and why.
i.

ii.

iii.

Summarize the key takeaways from the financial well-being discussion and ask the
respondent whether they would add or clarify any of your points.

NOTE TO INTERVIEWER: Only use this probe if the respondent is struggling with the
question above.
How do you feel your definition of financial well-being is the same or different
from the definition your kids or grandkids have of it? (If no kids or grandkids, ask
the question in reference to younger generations.)

iii.

 THE DRIVERS OF FINANCIAL WELL-BEING
OPEN-ENDED DISCUSSION (5 MINUTES)
NOTE TO INTERVIEWER: the objective of this discussion is to hear what the respondent believes
the drivers to be without a leading question from us. Be sure you understand the drivers offered,
but the deep probes can wait for the sections below.
1. Now that we’ve discussed how you define financial well-being, we’d like to know more about
what you think influences financial well-being. What do you think causes someone to
experience lower or higher levels of financial well-being?
NOTE TO INTERVIEWER: probe the respondent to explain HOW these forces influence financial
well-being:
PROBE:
i.

Of the things you have identified (repeat their list), can you tell me which ones you
think play the biggest role and why?

 FINANCIAL BEHAVIOR (10 MINUTES)
I would like to spend a little time discussing your view on the role that behavior plays in financial
well-being. By behavior I mean things like the choices we make, the actions we take, etc. that

affect our financial well-being. And these actions can be things ranging from decisions you make
on a daily basis, such as whether or not to buy a cup of coffee, to planning for retirement and
everything in between.
1. Looking back, do you feel there were any key decisions you made (or did not make) or actions
you took (or did not take) that have influenced your financial well-being today?
2. Do you have habits or behaviors that affect how you spend money on a day-to-day basis that
have either improved or reduced your financial well-being over time?
3. Is there a difference between the financial choices you feel you should make or should have
made and the choices you’ve actually made?
LOW PRIORITY PROBES:
i.
ii.
iii.

4. As you’ve gotten older, do you feel that managing your finances has become easier or more
difficult? What factors in your life have made it easier and what factors have made it more
difficult.
5. There are some people who believe that people of advancing age should have plans in place to
protect their financial well-being from their cognitive decline. Do you agree or disagree with
that opinion? What sorts of things do you feel that a person of advancing age should do to
protect him or herself? Do you have any of those things in place for yourself? Why or why
not?
6. Do you still manage your own finances? [If still primary manager of own finances, ask:] Do you
envision a day when you will turn that responsibility over to someone else? What do you think
will lead to that decision? [If not primary manager of own finances, ask:] How did you decide to
turn that responsibility over to someone else?
LOW PRIORITY PROBES
i. How prepared do you believe you are/were for retirement? Do you feel you
have sufficient resources to take you to the end of life?
ii. When did you start preparing or saving for retirement? What led you to start?
iii. Looking back, is there anything you would have done differently? Are there
things you would be sure to repeat?
 FINANCIAL KNOWLEDGE (8 MINUTES)
NOTE TO INTERVIEWER: probe the respondents to talk about the types of knowledge they use to
achieve financial well-being (rules of thumb, lessons from experience, etc.)

I would now like to talk for a few minutes about what you feel people need to know in order to
manage their money.
1. On a scale of 1 to 10, how much do you feel you know about managing money? Why did you
give yourself that rating?
2. What are the most valuable financial lessons you’ve learned over the years?
PROBES:
i. Where did those lessons come from?
ii. Were there any particular people who taught them to you? Or were you more
likely to learn from experience? Or a combination?
iii. NOTE TO INTERVIEWER: Use this probe only if the respondent is having
difficulty answering Question 2.
Think of some financial decisions, choices or actions you made over the years-are there any that stick out in your mind? Tell me a little about what you did
and what happened. What did you take away from that example?

3. Can you describe a major financial decision you felt prepared to make? If yes, what made you
feel prepared for that decision?
4. Are there any major financial decisions that you feel less prepared to make or that make you
feel anxious? What information or advice might help you make those decisions? Have you
previously sought help in making those decisions?
5. Can you think of any examples of instances in which you asked someone, from a friend to a
financial professional, and everything in-between, for financial advice or help when making a
financial decision?
PROBES:
ii.
iii.
iv.

If yes: whom did you ask for financial advice?
Why did you ask that person?
What types of things did you ask?

LOWER PRIORITY PROBES:
v.
vi.
vii.

NOTE TO INTERVIEWER: at this point 14 minutes are required to complete the survey. Feel
free to take more time with these questions, if it’s available.
 SOCIAL CONTEXT AND OTHER EXTERNAL FACTORS (6 MINUTES)
Next, I would like to talk about how your family, friends, workplace neighborhood or
environment may influence your financial well-being. I would also like to talk about if and how
you feel luck and other circumstances have influenced your financial well-being. (If previously
discussed then briefly summarize what the person said earlier.)
NOTE TO INTERVIEWER: these questions are listed in order of importance, answer only as many
as you are able to in 8 minutes.
1. What kinds of events or circumstances in your life have influenced your financial well-being?
NOTE TO INTERVIEWER: be sure to ask about positive and negative examples.
i.

PROBE:
In your view, are people born into financial well-being, do they just get lucky,
or is it something you can achieve through hard work and personal effort?

2. Sometimes forces outside a person’s control make it more difficult for them to achieve or
maintain financial well-being. What are some examples of forces outside your control that
have made it difficult for you to achieve or maintain financial well-being?
PROBE:
i.
(If relevant) What about illness or fraud?
3. On the other hand, sometimes forces outside a person’s control make it easier for them to
achieve or maintain financial well-being. What are some examples of forces outside your
control that have made it easier for you to achieve or maintain financial well-being?
4. What role has your current or former workplace—aside from providing you with a
paycheck--played in your financial well-being?
PROBE:
i.
Examples could include access to savings tools such as 401K plans, financial
advice and referrals from coworkers, financial education courses, etc.
5. What role, if any, does (if widowed: did) your spouse or partner plays in whether you
experience financial well-being or have an easier time handling financial obstacles?
6. What role, if any, do you think your family plays in whether you experience financial wellbeing or have an easier time navigating financial obstacles? What about your friends?
7. What institutions, businesses or programs in your community help you or people like you
achieve or maintain financial well-being? What institutions, businesses or programs
available in your community hurt your financial well-being?

 PERSONAL TRAITS (5 MINUTES)
Now we would like to discuss how someone’s personal characteristics and personality might
play a role in their financial well-being.
1. Do you think that people with certain types of personalities are more likely to experience
greater financial well-being? And are people with certain personalities less likely to
experience financial well-being?
WORD EXERCISE
2. NOTE TO INTERVIEWER: Hand the respondent the list of words.
Here are some words that may or may not describe people who have higher versus lower
financial well-being. What I would like you to do is to circle some of the words you associate
with people who have higher levels of financial well-being and cross out the words that you
associate with people who have lower levels of financial well-being. Ignore the words you
think do not apply to either group of people. note to interviewer: Give the respondent a
minute to look over the words and mark the ones they want to share. What words do you
believe are more likely to describe those with higher financial well-being? Why those?
What words do you believe are more likely to describe those with lower financial wellbeing? Why those?

Appendix K: Interview Guide for Practitioners with Workingage Americans
 INTRODUCTIONS
1. Describe objectives of the research; remind participants that there are no right or wrong answers;
encourage them to provide their opinion even if different from the others.
2.

Explain recording of the session.

Ask the interviewee(s) to provide their names, how long they’ve been at their present job and to
describe the type of client they typically serve.

4. If small group interview, walk through ground rules: one person speaking at a time; be respectful of
opinions of others; may need to cut a particular line of discussion short in order to get to all
questions; may call on individuals from time to time in order to hear from everyone in group.
 WHAT IS FINANCIAL WELL-BEING?
I would like start by asking you to spend some time thinking about the phrase “financial well-being.”
1. What does the phrase “financial well-being” mean to you?
Probes: What do you feel are the essential ingredients of financial well-being?
2. Does your office or organization have an operational definition of financial well-being?
3.

Do you use any tools to measure your clients’ financial well-being, such as a pre-appointment
questionnaire? If so, what kinds of questions does it include?

4. How do you believe your clients define “financial well-being”?
Probes: What does it mean to your clients NOT to experience financial well-being?
How are things in your clients’ lives different if they don’t have it?
What, if anything, becomes harder or easier for them?
5. What accounts for the difference between how you and your clients define “financial well-being”?
(if there is one)
6.

How do you think the meaning of financial well-being has changed for your clients as compared to
earlier periods in their life? (For example, are your clients more likely to think about long-term
financial issues, like retirement as they age?)

 THE DRIVERS OF FINANCIAL WELL-BEING
Now that we’ve discussed how you define financial well-being, we’d like to know more about what
you think influences financial well-being.
1. What do you think causes someone to experience lower or higher levels of financial well-being?

Probes: Of the things you have identified (repeat their list), can you tell me which ones you
think play the biggest role and why?

 FINANCIAL BEHAVIOR
Your clients engage in what could be considered “financial behavior” every day. For the purpose of
our discussion, we will use that very broad term to refer to financial decisions and actions ranging
from buying a cup of coffee to planning for retirement and everything in between.
1. What do your clients generally cite as the reason why they came to you for advice?
2. What do your successful clients do that the less successful ones do not?
3. Think of some poor financial decisions your clients have made. What caused your clients to make
those decisions?
4. Think of some good financial decisions your clients have made. What caused your clients to make
those decisions?
5. Is there a difference between the financial choices your clients feel they should make and the
choices they actually make?
Probes: If so, why do they end up making choices that they should not?
In what situations are they more likely to make the “right” decision?
In what situations are they less likely to make the “right” decision?
6. What financial decisions in your clients’ lives are most responsible for their current state of financial
well-being? What facilitates those decisions?
7. What is the best advice you give your clients for achieving financial well-being?

 FINANCIAL KNOWLEDGE
I would like to talk for a few minutes about what you feel your clients need to know in order to
manage their personal finances.
1. What financial knowledge is it important for your clients to have in order to make big financial
decisions such as whether or not to buy a home or how to save for retirement?
Probe: Where do clients acquire this knowledge?
2. What financial knowledge is it important for your clients to have in order to make day-to-day
financial decisions?
Probe: Where do clients acquire this knowledge?
3. What do your successful clients know that the less successful ones do not?

4. What critical financial knowledge do your clients most often lack? And what kinds of financial
knowledge are they most likely to have?
 SOCIAL CONTEXT AND OTHER EXTERNAL FACTORS
Next, we would like to talk about how your clients’ family, friends, neighborhood or environment
may influence their financial well-being.
Note to interviewer: If previously discussed then briefly summarize what the person said earlier.
1. What role, if any, do you think a client’s spouse or partner plays in whether a person has financial
well-being?
2. What role, if any, do you think a client’s family plays in whether a person has financial well-being?
3. What institutions, businesses, or programs help your clients achieve and maintain financial wellbeing? What institutions, businesses, or programs harm your client’s financial well-being?
4. In what ways is your clients’ level of financial well-being something they are born into. In what ways
is it something they achieve?
Probe: Be sure to ask about positive and negative examples.
5. Sometimes forces outside a person’s control make it more difficult for them to achieve financial
well-being. What are some examples of forces outside your clients’ control that have made it
difficult for them to achieve financial well-being?
6. Conversely, sometimes forces outside a person’s control make it easier for them to achieve financial
well-being. What are some examples of forces outside your clients’ control that have made it easier
for them to achieve financial well-being?
7. What kinds of financial products (e.g., bank account, credit card, retirement account) is it necessary
for your clients to have access to in order to achieve financial well-being?
8. Are there any other kinds of products and services that help your clients achieve financial well-being
(e.g., types of insurance – health, life, unemployment, disability?)
 PERSONAL TRAITS
Now we would like to discuss a little more about how your clients’ personality traits may play a role
in whether they have financial well-being. (If previously discussed then briefly summarize what the
person said earlier.)
1. Do you think clients with certain personality traits are more likely to have financial well-being?
Probe: Can you explain the connection between these personality traits and levels of
financial well-being?
2. Are there some personality traits that cause clients to have an especially difficult time achieving
financial-well-being?

 CLOSING CONVERSATION
We have talked about a number of things today. We started with your definition of financial wellbeing. Then we talked about [RECAP KEY DISCUSSION POINTS BREIFLY]…
1. Out of everything we have discussed today, what do you feel is the most important ingredient to
your clients achieving and maintaining financial well-being?
Probe: Why is this ingredient so important?
2. What is the second most important ingredient? Why?
3. What do you think is the biggest challenge for your clients to achieving and maintaining financial
well-being? Why?
Probe: Financial education/literacy course, financial planning advice, access to financial
products like 401K, IRAs, credit cards, better job, etc.
Great. Well, that is the last of my questions for you. Do you have any questions for me? Is there
anything that I did not ask you about that you’d like to add?
Thank everyone for their time. End the interview.

Appendix L: Interview Guide for Practitioners with Older
Americans
 INTRODUCTIONS
1. Describe objectives of the research; remind participants that there are no right or wrong answers;
encourage them to provide their opinion even if different from the others.
2.

Explain recording of the session.

Ask the interviewee(s) to provide their names, how long they’ve been at their present job and to
describe the type of client they typically serve.

4. If small group interview, walk through ground rules: one person speaking at a time; be respectful of
opinions of others; may need to cut a particular line of discussion short in order to get to all
questions; may call on individuals from time to time in order to hear from everyone in group.
 WHAT IS FINANCIAL WELL-BEING?
I would like start by asking you to spend some time thinking about the phrase “financial well-being.”
1. What does the phrase “financial well-being” mean to you?
Probes: What do you feel are the essential ingredients of financial well-being?
2. Does your office have an operational definition of financial well-being?
3.

Do you use any tools to measure your clients’ financial well-being, such as a pre-appointment
questionnaire? If so, what kinds of questions does it include?

Probes: Of the things you have identified (repeat their list), can you tell me which ones you
think play the biggest role and why?

2. In your observations as a lay person, how have you seen cognitive decline affect your clients’
financial well-being?
Probe: What do you think buffers clients from the negative effects of cognitive decline?
 FINANCIAL BEHAVIOR
Your clients engage in what could be considered “financial behavior” every day. For the purpose of
our discussion, we will use that very broad term to refer to financial decisions and actions ranging
from buying a cup of coffee to planning for retirement and everything in between.
1. What do your clients generally cite as the reason why they came to you for advice?
2. What do your successful clients do that the less successful ones do not?
3. Think of some poor financial decisions your clients have made. What caused your clients to make
those decisions?
4. Think of some good financial decisions your clients have made. What caused your clients to make
those decisions?
5. Is there a difference between the financial choices your clients feel they should make and the
choices they actually make?
Probes: If so, why do they end up making choices that they should not?
In what situations are they more likely to make the “right” decision?
In what situations are they less likely to make the “right” decision?
6. What financial decisions in your clients’ lives are most responsible for their current state of financial
well-being? What facilitates those decisions?
7. What is the best advice you give your clients for achieving financial well-being?

Probe: Where do clients acquire this knowledge?
3. What do your successful clients know that the less successful ones do not?
4. What critical financial knowledge do your clients most often lack? And what kinds of financial
knowledge are they most likely to have?
5. Do older adults tend to have more or less financial knowledge than younger adults? In what areas
do they tend to be more knowledgeable? In what areas less knowledgeable?
 SOCIAL CONTEXT AND OTHER EXTERNAL FACTORS
Next, we would like to talk about how your clients’ family, friends, neighborhood or environment
may influence their financial well-being.
Note to interviewer: If previously discussed then briefly summarize what the person said earlier.
1. What role, if any, do you think a client’s spouse or partner plays in whether a person has financial
well-being?
2. What role, if any, do you think a client’s family plays in whether a person has financial well-being?
3. What institutions, businesses, or programs help your clients achieve and maintain financial wellbeing? What institutions, businesses, or programs harm your client’s financial well-being?
4. In what ways is your clients’ level of financial well-being something they are born into. In what ways
is it something they achieve?
Probe: Be sure to ask about positive and negative examples.
5. Sometimes forces outside a person’s control make it more difficult for them to achieve financial
well-being. What are some examples of forces outside your clients’ control that have made it
difficult for them to achieve financial well-being?
6. Conversely, sometimes forces outside a person’s control make it easier for them to achieve financial
well-being. What are some examples of forces outside your clients’ control that have made it easier
for them to achieve financial well-being?
7. What kinds of financial products (e.g. bank account, credit card, retirement account) is it necessary
for your clients to have access to in order to achieve financial well-being?
8. Are there any other kinds of products and services that help your clients achieve financial well-being
(e.g. types of insurance – health, life, unemployment, disability?)
9. What role does your clients’ living situation play in the financial well-being? By this I mean living
independently, living in an assisted living facility, living with relatives, etc.
 PERSONAL TRAITS
Now we would like to discuss a little more about how your clients’ personality traits may play a role
in whether they have financial well-being.

Note to interviewer: If previously discussed then briefly summarize what the person said earlier.
1. Do you think clients with certain personality traits are more likely to have financial well-being?
Probe: Can you explain the connection between these personality traits and levels of
financial well-being?
2. Are there some personality traits that cause clients to have an especially difficult time achieving
financial-well-being?
 CLOSING CONVERSATION
We have talked about a number of things today. We started with your definition of financial wellbeing. Then we talked about [RECAP KEY DISCUSSION POINTS BREIFLY]…
1. Out of everything we have discussed today, what do you feel is the most important ingredient to
your clients achieving and maintaining financial well-being?
Probe: Why is this ingredient so important?
2. What is the second most important ingredient? Why?
3. What do you think is the biggest challenge for your clients to achieving and maintaining financial
well-being? Why?
Probe: Financial education/literacy course, financial planning advice, access to financial
products like 401K, IRAs, credit cards, better job, etc.
Great. Well, that is the last of my questions for you. Do you have any questions for me? Is there
anything that I did not ask you about that you’d like to add?
Thank everyone for their time. End the interview.

Appendix M: Post-Discussion Information Sheet (PDIS) for
Working-age and Older Americans
Please provide us some additional background information about yourself by completing this
short questionnaire. As a reminder, completion of this questionnaire is voluntary. You may
choose not to answer a question for whatever reason and without penalty. Refusal to
participate involves no penalty or loss of benefits. Your responses will be compiled with all
other responses we receive and will not be associated with you by name. Thank you.
1. In the past 12 months, have you obtained a copy of your credit report or checked your credit
score? (check all that apply)

Yes, have obtained a copy of my credit report
Yes, have checked my credit score
No, I have not done any of these
2. If you checked, what was your credit score the last time you checked?

620 or lower
621 to 719
720 or higher
Not applicable, did not check
3. How often do you or your spouse check the balance in your retirement accounts? (check one)

At least once a year
Once every few years
Rarely
Never
4. How many credit cards do you have and use? How many of them currently carry a balance that
you do not pay in full each month?

___ credit cards have and use
___ credit cards with a balance
5. In the PAST 12 MONTHS, which of the following describes your experience with credit cards?

a.
b.
c.
d.
e.

I always pay my credit cards in full
More than once, I carried over a balance and was charged interest
More than once, I paid the minimum payment
More than once, I was charged a late fee for late payment
More than once, I was charged an over the limit fee for exceeding my
credit line
f. In some months, I used the cards for a cash advance

Yes

6. In the past year, have you missed any monthly bill payments or made late payments? (check all
that apply)

Yes, missed payments
Yes, made late payments
No, neither of these
7. In a TYPICAL MONTH, how difficult is it for you to cover your expenses and pay your bills? (check
one)

Very difficult
Somewhat difficult
Not at all difficult
8. Have you set aside emergency or rainy day funds that would cover your expenses for 3 months
in case of sickness, job loss, economic downturn, or other emergencies?

Yes
No
9. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After 5
years, how much do you think you would have in the account if you left the money to grow?
(check one)

More than $102
Exactly $102
Less than $102
Do not know
Refuse
10. Suppose you had $100 in a savings account and the interest rate is 20 percent per year and you
never withdraw money or interest payments. After 5 years, how much would you have on this
account in total? (check one)

More than $200
Exactly $200
Less than $200
Do not know
Refuse
11. Imagine that the interest rate on your savings account was 1 percent per year and inflation was
2 percent per year. After 1 year, how much would you be able to buy with the money in this
account? (check one)

More than today

Exactly the same
Less than today
Do not know
Refuse
12. Please place an ‘X’ in the most appropriate boxes below.
I see myself as…

Strongly
Disagree

Disagree

Disagree
somewhat

…extraverted and enthusiastic.
That is, sociable, assertive,
talkative, NOT reserved or shy.
… agreeable and kind. That is,
trusting, generous, sympathetic,
cooperative, NOT aggressive or
cold.
… I see myself as conscientious
and organized. That is,
dependable, hard-working,
responsible, self-disciplined,
NOT careless or impulsive.
… I see myself as emotionally
stable and calm. That is, relaxed,
self-confident, NOT anxious ,
moody, or easily upset and
stressed.
… I see myself as open to
experience and imaginative.
That is, curious, creative, openminded, deep, NOT
conventional.

Neither
agree nor
disagree

Agree
somewhat

Agree

Strongly
Agree

Appendix N: Post-Discussion Information Sheet (PDIS) for
Practitioners
Please provide us some additional background information about yourself by completing this short
questionnaire. As a reminder, completion of this questionnaire is voluntary. You may choose not to
answer a question for whatever reason and without penalty. Refusal to participate involves no penalty
or loss of benefits. Your responses will be compiled with all other responses we receive and will not be
associated with you by name. Thank you.
1. Which of the following best describes your profession?
Financial planner
Financial coach
Credit Counselor
Social worker
Tax preparation advisor
Financial educator
Financial service professional
Other (please describe): ___________
2. Please list any professional credentials ______________________
3. How long have you been working directly with clients?
_______
4. What kind of area do the majority of your clients live in?
Urban
Suburban
Non-metro
5. Approximately what percentage of your clientele is
Under 30 years old_____
31-40 years old_____
41—50 years old_____
51-61 years old_____
Over 61 years old_____
6. Approximately what percentage of you clientele is
American Indian or Alaska Native___
Asian___
Black or African American___

Native Hawaiian or Other Pacific Islander___
White___
Other (please specify) ___
7. Approximately what percentage of your clientele is Hispanic or Latino/a? _____
8. Approximately what percentage of your clientele have incomes between
$0–$24,999_____
$25,000–$49,999_____
$50,000–$74,999_____
$75,000–$99,999_____
$100,000–$124,999_____
$125,000 or more_____
9. Approximately what percentage of your clientele fall into the following education categories
Less than high school_____
High school/GED_____
Some college/associates degree_____
Undergraduate college (Bachelor’s degree)_____
Graduate school (Master’s or professional degree)_____
10. Approximately what percentage of your clientele fall into the following employment status
categories?
Part-time_____
Full-time_____
Unemployed_____
Self-employed_____
Retired_____

Interviewer
ID
Respondent
ID

Appendix O: Topline Data Summary Table
Definitions of
Financial WellBeing

Personal Traits
Associated with
Financial WellBeing

TOP-OF-MIND IMPRESSIONS
Behaviors
Influence of Social
Associated with
Context/Social
Financial WellCapital
Being

Financial
Knowledge

Constructs/Concepts

Hypothesis:

Item development

Constructs/concepts:

Item development:

Item development:
:

Item development:

Most
Important
Influencers

Other Insights

File Type	application/pdf
File Title	DOCUMENTATION FOR THE GENERIC CLEARANCE
Author	558022
File Modified	2013-06-21
File Created	2013-06-21