Consumer Attitudes, Understanding, and Behaviors with Respect to Financial Services and Products

Public Opinion Survey of Financial Attitudes
This voluntary survey seeks to understand consumer opinions, attitudes, and beliefs about financial
products and services. Your responses will assist the survey sponsor develop services to provide better
financial information to consumers. The survey takes about 20 minutes to complete. If you have any
questions about this survey, please contact Knowledge Networks Panel Relations at (800) 782-6899.

For the assurances of confidentiality provided to respondents by KnowledgePanel, please see:
http://www.knowledgenetworks.com/company/privacy.html (privacy policy). Thank you in
advance for your participation!

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Household Composition
[ONLY ask screener questions to those in the panel who have an oldest child in household aged 15-19
and who themselves did not graduate college]
Screener 1: Do you currently have a child who is thinking about going to college in the next three years
for whom you are financially responsible?
o
o

Yes
No

Screener 2: Is this child the first of all of your children to attend college?
o
o

Yes
No

Screener 3: Have you attended college?
o
o
o

Yes, attended and graduated
Yes, attended and did not graduate
No

Screener 4: Has the other parent of this child attended college?
o
o
o

Yes, attended and graduated
Yes, attended and did not graduate
No

NOTE: For oversample, must answer yes to first two screener questions; and “yes, attended and did not
graduate” or “no” to screener 3 and 4.
Internet Use
The following question is about your use of the Internet.
1. What activities do you participate in online? Please select all that apply. [multiple response]
Banking (paying bills, checking balance, transferring money, etc.)
Downloading/listening to music
Downloading/watching videos
Email
Personal blog
Personal web page
Photo uploading/storing
Professional networking (such as LinkedIn)
Reading news
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Sharing and getting product information
Shopping
Social networking (such as Facebook or Twitter)
Uploading video
2. How often did you USUALLY access the internet over the last year? Please consider time spent
on the internet from any computer or mobile device at home, work or any other location.
Every day
At least once a week but not every day
About once a week
About once a month
Less than once a month
Never
Financial Information and Resources
3. The following questions are about resources you use for financial advice. People may seek
financial information in a variety of situations. How important is it to seek out financial
information when you are faced with each of the following situations? [rotate list of items;
single response for each]
[Scale Grid:] Extremely important, Very important, Somewhat important, Not very important,
Not at all important
a.
b.
c.
d.
e.
f.
g.

Buying a car
Buying a home
Paying for college
Need cash quickly
Trying to get out of debt
Applying for a credit card
Other . Please list_________

4. If you were about to make a financial decision (such as getting a credit card or taking out a loan),
where would you turn for information and advice? [open end]

[NEW PAGE]

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5. Which of the following resources might you also use for financial information and advice? Please
select all that apply. [multiple response]
Friends/family
Financial advisor or financial planner
Accountant, lawyer, or tax professional
Insurance broker
News organizations
Financial magazines (such as Consumer Reports, Money Magazine, etc.)
Online search (such as Google, Bing, Yahoo, etc.)
Financial websites (such as Mint.com. Bankrate.com, CNNMoney.com, etc.)
Consumer Financial Protection Bureau (CFPB) website
Other Government websites (such as mymoney.gov, FDIC.gov, etc.)
Banks/Credit Unions
Brokerage Houses
Other, specify: ________________________
6. If you wanted to submit a complaint about a financial institution or service, such as your credit
card or loan institution, where would you turn? Please select all that apply. [multiple response]
The company that sold me the product or service
Better Business Bureau
Social media (such as Facebook or Twitter)
Consumer review website (such as Yelp or Epinions)
Consumer Financial Protection Bureau (CFPB)
State attorney general or other local government office
A lawyer
Other, specify: ____________________________
7. Prior to taking this survey, had you heard of the Consumer Financial Protection Bureau (CFPB)?
[single response]
o
o

Yes
No

8. [If yes to Q6] How did you first hear about CFPB? [single response]
o
o
o
o
o

Friend or relative
Financial advisor
Internet search
News article
Referral from another government agency or non-profit organization

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o

Other, specify: _________________________

9. [If yes to Q6] What is the most recent news you have heard about CFPB? [open end]

10. [If yes to Q6] Have you ever visited the CFPB website?
o Yes
o No
o Not sure
11. [If yes to Q6] Have you ever used any of CFPB’s financial tools, such as “Paying for College” (a
financial aid comparison tool)?
o Yes
o No
o Not sure
12. [If yes to Q6] How helpful is CFPB as you think about your financial decisions?
o Extremely helpful
o Very helpful
o Somewhat helpful
o Not very helpful
o Not at all helpful
o Not Applicable
13. [If extremely, very, or somewhat helpful in Q11] In what ways is CFPB helpful?
[If not very or not at all helpful in Q11] In what ways is CFPB not helpful?
(open ended response)
14. [If yes to Q6] How trustworthy is CFPB?
o Extremely trustworthy
o Very trustworthy
o Somewhat trustworthy
o Not very trustworthy
o Not at all trustworthy
o Not Applicable
15. CFPB is a government agency created in the aftermath of the financial crisis to regulate
mortgages, credit cards, and other consumer financial products and services. Its mission is to
make the markets for these products and services work better for both responsible consumers
and businesses.
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How likely would you be to seek financial information, resources, or advice from the CFPB?
[single response]
o
o
o
o
o

Not at all likely
Not very likely
Neither likely nor unlikely
Somewhat likely
Very likely

16. [If answered “not at all” or “not very likely” in Q9] Why would you be unlikely to seek financial
information, resources, or advice from the CFPB? [single response]
o Don’t know how to get information from them
o Have other information sources I rely on
o Have tried in the past and was hard to get information
o Would not expect them to have useful information and resources
o Would not trust them
o Other, specify: ____________
17. How likely would you be to submit a complaint about a credit card, bank account, mortgage, car
loan, or student loan to the CFPB, if a problem arose? [single response]
o
o
o
o
o

Not at all likely
Not very likely
Neither likely nor unlikely
Somewhat likely
Very likely

18. If CFPB were to offer the following services in the future, how likely would you be to use them?
[rotate list of items; single response for each]
[Scale Grid:] Not at all likely, Not very likely, Neither likely nor unlikely, Somewhat likely, Very
likely
a. Answers to common financial questions about problems with credit cards and other
consumer financial products
b. Regular tips for managing money wisely
c. Resources to help me navigate big financial decisions, such as owning a home and
paying for college
d. One-on-one personal financial counseling
e. Debt consolidation

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19. Are there any other services you’d like CFPB to offer in the future? [open end]
20. CFPB currently has a website where you can get financial information and you can submit a
complaint. Would you be interested in any of the following other methods to get information
from or communicate with CFPB? Please select all that apply. [rotate responses; multiple
response]
Email
Mobile phone texting
Mobile phone website or App
Social media (such as Facebook or Twitter)
Through community centers and local libraries
Through my bank
Through my place of worship
Toll-free phone number
Other, specify: ____________________
Financial Attitudes and Behaviors
21. The following questions ask about how you (and your family) make financial decisions. Please
indicate the extent to which you agree or disagree with each of the following
statements. [Rotate list of items; single response for each]
[Scale Grid:] Strongly disagree, Disagree, Neither agree nor disagree, Agree, Strongly agree
a. I compare the prices and terms of different financial products and services before making a
decision
b. I have a household budget
c. I stick to my household budget
d. I regularly save money for retirement
e. I regularly save money for an emergency
f. I understand the terms and conditions of the products and services I use
g. [Only show if has children (based on panel)] I talk with my minor children about good
financial habits
h. I enjoy managing my household finances
i. I perform financial activities on my computer (such as pay bills, credit cards, insurance,
mortgages, etc.)
j. I perform financial activities on my mobile phone (such as pay bills, credit cards, insurance,
mortgages, etc.)
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k. Another person has control of my finances
l. I’m confident in my ability to solve financial problems that come up in my everyday life
22. [If indicated in Q15a that they do not compare prices and terms of financial products (strongly
disagree, disagree, neither agree not disagree)]
Why don’t you compare the prices and terms of different financial products and services before
making a decision? Please select all that apply. [rotate responses; multiple response]
I don’t have time
I don’t think it’s necessary
It won’t save me money
It’s not worth the effort
It is too hard to directly compare all of the offers
I get advice from friends or relatives
I don’t understand the terms and conditions
I don’t see how the products and services are different
Other, specify: ____________________
23. In the past year, have you…[single response to each]
[Grid:] Yes
a.
b.
c.
d.

No

Applied for a mortgage
Applied for a car loan
Applied for a student loan
Applied for a credit card

24. [18.1, 18.2, 18.3, 18.4: Only show this question one at a time for those items indicated as “yes” in
prior question (if all “no”, skip to next question)]
Which of the following actions did you take when you were [repeat question for each item
marked “yes” in Q17a-d: “applying for a mortgage”/”applying for a car loan”/”applying for a
student loan”/”applying for a credit card”]? [rotate list of items; single response to each]
[Grid:] Yes
No
a. Ask friends or relatives for information
b. Look at more than one [insert as appropriate: “mortgage”/ “car loan”/ “student loan”/
“credit card”] offer and compare the benefits and drawbacks of each
c. Look up information on the websites of those offering the [insert as appropriate:
“mortgage”/ “car loan”/ “student loan”/ “credit card”]
d. Talk to organization offering [insert as appropriate: “mortgage”/ “car loan”/ “student
loan”/ “credit card”]
e. Visit a website that compares the different options (such as, bankrate.com or
Lendingtree.com)
f. Search online for general information
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g. Visit a bank branch
h. Other, specify: ____________________
25. In the future, if you were going to apply for a mortgage, car loan, student loan, or credit card,
which of the following actions would you take? [rotate list of items; single response to each]
[Grid:] Yes
No
a. Ask friends or relatives for information
b. Look at more than one mortgage, car loan, student loan, or credit card and compare the
benefits and drawbacks of each
c. Look up information on the websites of those offering the mortgage, car loan, student
loan, or credit card
d. Talk to organization offering the mortgage, car loan, student loan, or credit card
e. Visit a website that compares the different options (such as, bankrate.com or
Lendingtree.com)
f. Search online for general information
g. Visit a bank branch
h. Other, specify: ____________________

26. Now we want to learn about the financial decisions you made in the past year. Did you in the
past year…? [rotate responses; multiple response]
Open a savings account
Open a checking account
Obtain overdraft protection on your checking account
Use a payday loan
Obtain a pre-paid card
Use a debt consolidation service
Purchase stocks, bonds, or mutual funds
Purchase investment properties
Other (please specify)__________________________________________
27. Which of the following consumer financial decisions might apply to you in the next year? In the
next year do you plan to…? [Do not show those that were marked “yes” in Q20] [rotate
responses; multiple response]
Apply for a mortgage
Apply for a car loan
Apply for a student loan
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Apply for a credit card
Open a savings account
Open a checking account
Obtain overdraft protection on your checking account
Use a payday loan
Obtain a pre-paid card
Use a debt consolidation service
Purchase stocks, bonds, or mutual funds
Purchase investment properties
Other (please specify)__________________________________________
28. Please indicate the extent to which you agree or disagree with each of the following statements.
[Rotate list of items; single response to each]
[Scale Grid:] Strongly disagree, Disagree, Neither agree nor disagree, Agree, Strongly agree
a.
b.
c.
d.

I know how well I’m doing financially by comparing myself with friends and relatives
I think that finance is a “game” that always has winners and losers
I spend many hours researching every aspect of a financial decision
I believe financial decisions come down to going with your gut and believing in yourself

29. If you found out that you lost money because of a bad financial decision, what would be your
immediate next step? [rotate responses; single response]
o Ask friends and family what to do next
o Just put it behind me and make a fresh start
o Try to get the money back, such as by complaining to the authorities or taking legal action
o Think about the decision and try to figure out what went wrong
30. What was the most recent big financial decision you made? [open end]
31. Which of the feelings listed below comes closest to how you felt about your most recent big
financial decision? [rotate responses; single response] [Note: will not show words in parens in
final survey]
o Excited to tell my friends (follower)
o Smart because I got a great deal (gamer)
o Fulfilled because I earned it (believer)
o Confident that I did the research and made the best possible decision (investigator)
o Embarrassed that friends or family members have gotten better deals in the past (follower)
o Dissatisfied because I probably could have gotten a better deal (gamer)
o Worried about whether I made a mistake (believer)
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o

Annoyed that I was unable to research the decision as much as I would have liked
(investigator)

[Only ask this section to those who answered yes to Screener 1 and Screener 2 and No or Yes, but did not
graduate to Screener 3]
Paying for College
The following questions are about your decision whether to send your child to college.
32. What are the most important factors that will help you decide which college your child will
attend? Please select all that apply. [rotate responses; multiple response]
Cost of tuition
Total cost of attendance
Student loan debt at graduation
Size of school
School reputation or ranking
How my child will fit in
Financial aid offer
Types of programs offered
College sports
Post-graduation career opportunities
Recommendation of friend or relative
Distance from home
33. Of those you selected, which is the most important factor? [single response]
o [Programming: list those answers selected in Q26]
34. When choosing the schools your child will apply to, how important was (or is) the amount of
debt you (and your family) will have to take on? [single response]
o
o
o
o
o

Not at all important
Somewhat important
Very important
The most important consideration
Have not thought about it yet

35. When did you first begin thinking about the monthly loan payments to be made after college
graduation? [single response]
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o
o
o
o
o

Before deciding about college for my child
During the college application process
After college application and before selecting college
After selecting college
Have not thought about it yet

36. Who will you rely on for guidance to help you make decisions about college financing? [rotate
responses; multiple response]
High school guidance counselors
High school teachers
College financial aid officers
Friends/family
Parents of your child’s peers
Financial institutions (banks, credit unions)
Other (please specify)_____________________________________

37. How do you feel about sending your child to college? Please select all that apply. [rotate
responses; multiple response]
Excited
Satisfied
Prepared
Under control
Sad
Stressed out
Unprepared
Worried
Other, specify __________
38. Please answer the following questions about your child who might go to college in the next
three years. [single response to each]
[Grid:] Yes
a.
b.
c.
d.
e.
f.

No

Don’t know

Does your child have a savings account?
Does your child have a credit card?
Does your child have a debit card?
Does your child have a checking account?
Will your child get involved in the financial aspect of college decisions?
Will your child research financial aid/loans on his or her own?

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g. Will your child apply for financial aid/loans on his or her own?
h. Do you have a dedicated college savings account for your child, such as a 529 account?
39. How do you plan to pay for college? Please answer all that apply. [Rotate responses; multiple
response]
Parent or other family income and savings
Parent or other family loans
Student loans
Student savings
Student job
Grants and scholarships
Military benefits
Other, specify ___________
Demographics—NO Questions
Information provided from panel (not needed to ask):
• Age
• Household size
• Ages of household members
• Education level
• Race/ethnicity
• Gender
• Employment
• Income
• Who makes financial decisions
• Region of US (9 regions)
• Metro vs. non-metro area
• Ownership status of living quarters
• Marital status

Thank you for participating in this survey!
The survey sponsor, the Consumer Financial Protection Bureau (CFPB), will not obtain or access
any personally identifiable information about survey participants. CFPB will only obtain and
access anonymous results and aggregated analyses of those results. CFPB will treat the
information received consistent with its confidentiality regulations at 12 C.F.R. Part 1070, et
seq.
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
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number. The OMB Control Number for this study is 3170-xxxx. The control number expires on
XX/XX/XXXX. If you have any comments regarding the time estimates associated with this study or
suggestions on making this process simpler, please contact the Consumer Financial Protection Bureau
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552; 202-435-9011; or [email protected].

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