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pdfPRELIMINARY VALIDATION ITEMS AND THEIR HYPOTHESIZED
RELATIONSHIPS WITH FINANCIAL WELL-BEING AND FINANCIAL ABILITY
Survey Sampling International will provide the Research Team with a broad range of sociodemographic indicators (age, gender, income, education race/ethnicity etc.) that they collect
from panel participants when they first join the panel. The Research Team will use these
indicators to validate the financial well-being and financial ability scales in addition to items
below, which the research team has taken from other financial well-being and capabilityrelated surveys.
Positively correlated with financial well-being and/or ability
Negatively correlated with financial well-being and/or ability
Not correlated with financial well-being and/or ability
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Directionality
FWB
FA
V1. In the past 12 months, have you obtained a copy of your credit
report or checked your credit score? (check all that apply)
1. Yes, have obtained a copy of my credit report
2. Yes, have checked my credit score
3. No, I have not done any of these
8. Don’t know
9. Refused
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V1A. IF V1 = 1 OR V1 = 2, ASK. ELSE SKIP. What was your credit score
the last time you checked?
1. 620 or lower
2. 621 to 719
3. 720 or higher
4. Credit score not indicated on report
8. Don’t Know
9. Refused
V3. How often do you or your spouse check the balance in your
retirement accounts? (check one)
1.
2.
3.
4.
Multiple times a year
Once a year
Once every few years
Never
5. Don’t have a retirement account
8. Don’t Know
9. Refused
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V4. How many credit cards do you have and use? RECORD ACTUAL.
a.
Credit cards have and use [ENTER WHOLE NUMBER]
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0
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More than once, I was charged an over the limit fee for exceeding my
credit line.
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In some months, I used the cards for a cash advance.
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b. IF V4A > 0, ASK. ELSE SKIP. How many of them currently carry a
balance that you do not pay in full each month?
V5. IF V4A > 0 ASK. ELSE SKIP. In the PAST 12 MONTHS, which of
the following describes your experience with credit cards?
I always pay my credit cards in full.
More than once, I carried over a balance and was charged interest.
More than once, I only paid the minimum payment.
More than once, I was charged a late fee for late payment.
V6. In the past year, have you missed any monthly bill payments or
made late payments? (check all that apply)
a. Yes, missed payments
b. Yes, made late payments
c. No, neither of these
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V9. 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)
1.
2.
3.
8.
More than $102
Exactly $102
Less than $102
Do not know
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9.
Refuse
V10. Imagine that the interest rate on your savings account was 1 percent
per year and inflation was 2 percent per year. After 1 year, would you be
able to buy:
3.
2.
1.
8.
9.
More than today with the money in this account
Exactly the same as today with the money in this account
Less than today with the money in this account
Do not know
Refuse
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BEGIN V12A TO V12M BLOCK. 13 Item Measure of Financial Literacy
V12A. Imagine that the interest rate on your savings account was 1% per
year and inflation was 2% per year. After 1 year, would you be able to
buy:
4.
3.
2.
8.
More than today with the money in this account
Exactly the same as today with the money in this account
Less than today with the money in this account
Do not know
9.
Refuse
V12B. Do you think that the following statement is true or false? “Bonds
are normally riskier than stocks.”
1.
True
0. False
8. Do not know
9. Refuse
V12C. Considering a long time period (for example 10 or 20 years),
which asset described below normally gives the highest return?
1.
Savings accounts
2. Stocks
3. Bonds
8. Do not know
9. Refuse
V12D. Normally, which asset described below displays the highest
fluctuations over time?
1. Savings accounts
2.
Stocks
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3. Bonds
8. Do not know
9. Refuse
V12E. When an investor spreads his money among different assets, does
the risk of losing a lot of money:
3. Increase
1. Decrease
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2.
Stay the same
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8.
9.
Do not know
Refuse
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V12F. Do you think that the following statement is true or false? “If you
were to invest $1000 in a stock mutual fund, it would be possible to have
less than $1000 when you withdraw your money.”
1. True
0. False
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8.
Do not know
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9.
Refuse
V12G. Do you think that the following statement is true or false? “A
stock mutual fund combines the money of many investors to buy a
variety of stocks.”
1. True
0. False
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8.
Do not know
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9.
Refuse
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V12H. Do you think that the following statement is true or false? “After
age 70 1/2, you have to withdraw at least some money from your 401(k)
plan or IRA.”
1. True
2. False
3. It depends on the type of IRA and/or 401(k) plan
8. Do not know
9. Refuse
V12I. Do you think that the following statement is true or false? “A 15year mortgage typically requires higher monthly payments than a 30year mortgage, but the total interest paid over the life of the loan will be
less.”
1. True
0. False
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8.
Do not know
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9.
Refuse
V12J. Suppose you had $100 in a savings account and the interest rate is
20% per year and you never withdraw money or interest payments.
After 5 years, how much would you have on this account in total?
3. More than $200
2. Exactly $200
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1.
Less than $200
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8.
9.
Do not know
Refuse
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V12K. Which of the following statements is correct?
1. Once one invests in a mutual fund, one cannot withdraw the money
in the first year
2. Mutual funds can invest in several assets, for example invest in both
stocks and bonds
3. Mutual funds pay a guaranteed rate of return which depends on
their past performance
4.
None of the above
8.
Do not know
9.
Refuse
V12L. Which of the following statements is correct? If somebody buys a
bond of firm B:
1. He owns a part of firm B
2. He has lent money to firm B
3.
He is liable for firm B’s debts
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4.
8.
9.
None of the above
Do not know
Refuse
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V12M. Suppose you owe $3,000 on your credit card. You pay a
minimum payment of $30 each month. At an Annual Percentage Rate of
12% (or 1% per month), how many years would it take to eliminate your
credit card debt if you made no additional new charges?
1. Less than 5 years
2. Between 5 and 10 years
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3.
Between 10 and 15 years
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4.
8.
9.
Never
Do not know
Refuse
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V13. Do you (or does a member of your household) have a checking or
savings account?
1. Yes, have checking or savings account
0. No, neither checking nor savings
V14. [PLANNING FOR MONEY] Please tell me the extent to which you
agree or disagree with each of the following statements. Use a 6-point
scale where “6” means that you “Strongly Agree” and “1” means that
you “Strongly Disagree.” You may use any number from 1 to 6 for your
answer.
a. I set financial goals for the next 1-2 years for what I want to achieve
with my money.
b. I decide beforehand how my money will be used in the next 1-2
years.
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c. I actively consider the steps I need to take to stick to my budget in
the next 1-2 years.
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d. I consult my budget to see how much money I have left for the next
1-2 years.
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e. I like to look to my budget for the next 1-2 years in order to get a
better view of my spending in the future.
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f. It makes me feel better to have my finances planned out for the next
1-2 years.
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D2. 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
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No
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D3. We are interested in your present job status. Which one of the
following BEST describes your current employment situation?
1. Employed now
2. Temporarily laid off
3.
Not employed, but looking for a job
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4.
Not employed and not looking for a job
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5.
6.
7.
8.
Homemaker
Student
Disabled
Retired
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b. I had my work hours and/or pay reduced
c. My spouse/partner lost a job
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d. My spouse/partner had their work hours and/or pay reduced
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e.
f.
g.
h.
i.
j.
k.
Received a foreclosure notice
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A business I owned had financial difficulty
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Health emergency
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Divorce
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Had a baby
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Death of primary breadwinner
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None of the above
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D4. In the past 12 months, did you or any members of your household
experience any of the following events?
a. I lost a job
D5. Are any of the following statements true of your situation? Please
check all that are true for you.
a.
I can afford to eat balanced/healthy meals.
b. There has been a time in the last year when I needed food but
couldn't afford to buy it.
c.
There has been a time when I couldn't afford a place to stay.
d. In the past 12 months there was at least one time when I did not pay
the full amount of the rent or mortgage.
e. During the last 12 months I was evicted from my home or apartment
for not paying rent or mortgage.
f. In the past 12 months there was at least one time when I did not pay
the full amount of the gas, oil, or electricity bills.
g. In the past 12 months, there was at least one time when I or someone
in my household. needed to see a doctor or go to the hospital but did not
go because we couldn’t afford it.
h. Everyone in my household is covered by health insurance such as
Medicare, Medicaid, Veteran's benefits, Blue Cross, Prudential, an HMO,
or any other program.
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0
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D6. I have enough money saved to cover three months of expenses
1.
Yes
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2.
No
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D7A. During the past 12 months, have you experienced confusion or
memory loss that is happening more often or is getting worse?
1.
Yes
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2.
No
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D7B. During the past 12 months, how often have you given up
household activities or chores you used to do, because of confusion or
memory loss that is happening more often or is getting worse?
1. Always
2. Usually
3. Sometimes
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Rarely
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5.
Never
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D7C. During the past 12 months, how often has confusion or memory
loss interfered with your ability to work, volunteer, or engage in social
activities?
1. Always
2.
3.
Usually
Sometimes
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4.
Rarely
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5.
Never
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D7D. During the past 30 days, how often has a family member or friend
provided any care or assistance for you/this person because of confusion
or memory loss?
1. Always
2. Usually
3. Sometimes
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4.
Rarely
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5.
Never
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| File Type | application/pdf |
| Author | Emory Nelms |
| File Modified | 2014-06-05 |
| File Created | 2014-06-05 |