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

DRAFT - CFPB ANNUAL AWARENESS SURVEY – 2014
LAST UPDATED: 05/15/2014 (OMB PRA REVIEW)
[DISPLAY]
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 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!
Responses to this data collection will be used only for statistical purposes. The reports prepared for
this study will summarize findings across the sample and will not associate responses with a specific
organization or individual. We will not provide information that identifies you or your affiliation to
anyone outside the study team, except as required by law.
[DISPLAY]
Many of the questions in this survey refer to information about financial topics. In this study, when we
say ‘information about financial topics’ we are referring information on financial markets, financial risks
to consumers, comparisons of different financial products and services (for example, investments, debt
consolidation, applying for a mortgage or other types of credit/loans, financial planning, retirement
planning), as well as information about consumer rights and protections.
[NOTE: SA – S4 DELETED]
The following questions are about your media use.
[MP]
[RANDOMIZE]
Q1. In the past 30 days, have you done any the following activities while using the Internet? Please
consider time spent on the internet from any computer or mobile device at home, work or any other
location (Select all that apply)
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.

Banking (such as paying bills, checking account balance, transferring money, etc.)
Downloading/listening to music
Downloading/watching videos
Email
Uploading/sharing photos or videos
Professional networking (such as LinkedIn)
Reading/watching news
Sharing or looking for product information
Shopping
Social networking (such as Facebook or Twitter)

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[GRID, SP ACROSS]
[RANDOMIZE A-F, G ALWAYS LAST]
N1. In the past 30 days, about how often have you used the following resources to find information
about financial topics?
Across:
1. Not at all
2. Less than once per week
3. Once per week
4. A few times a week
5. Every day
Down:
a.
b.
c.
d.
e.
f.
g.

Friends or Family
Read a newspaper?
Read a magazine?
Watch news on TV?
Listen to radio talk shows or news?
Use the internet, other than email?
Other , please specify [TEXT BOX]

The following questions are about resources you use for financial advice
[GRID, SP ACROSS]
[RANDOMIZE A-H, I ALWAYS LAST]
Q2. 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?
Across:
1. Not at all important
2. Not very important
3. Somewhat important
4. Very important
5. Extremely important
Down:
a.
b.
c.
d.
e.
f.
g.
h.
i.

Buying a car
Buying a home
Paying for college
Getting cash quickly
Trying to get out of debt
Applying for a credit card
Planning for retirement
Submitting a complain about a financial institution or service
Other, please specify [Text Box]

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[TEXT BOX]
Q3. 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? [If an organization, institution, or website, please indicate which
one(s).]
[

[MP]
Q4. Which of the following resources might you also use for financial information and advice?

a.
b.
c.
d.
e.
f.
g.
h.
i.
j.

Friends or 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)
Other Government agencies (such as Federal Trade Commission, Federal Reserve,
Federal Deposit Insurance Corporation, etc.)
k. Banks/Credit Unions
l. Brokerage Houses
m. Other, specify: [TEXT BOX]

[SP]
Q6. Prior to taking this survey, had you heard of the Consumer Financial Protection Bureau (CFPB)?
1. Yes
2. No
3. Not sure

[IF Q6=1]
[SP]
Q7. How did you first hear about CFPB?

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a.
b.
c.
d.
e.
f.
g.

Friends or family
Financial advisor
Internet search
News media
Referral from another government agency or non-profit organization
Advertising
Other, specify: [TEXT BOX]

[IF Q6=1]
[TEXT BOX]
Q8. What is the most recent news you have heard about CFPB?

[IF Q6=1]
[SP]
Q9. Have you ever visited the CFPB website?
1. Yes
2. No
3. Not sure
[IF Q6=1]
[SP]
Q10. Have you ever used any of CFPB’s financial tools, such as “Paying for College” (a financial aid comparison
tool)?

1. Yes
2. No
3. Not sure

[SHOW ALL]
[DISPLAY]
Q14. CFPB is a government agency created in the aftermath of the financial crisis in 2008 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.
CFPB makes financial information regarding a variety of financial topics available primarily through its
website.

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How likely would you be to seek out financial information from the CFPB ?
1.
2.
3.
4.
5.

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

[TEXT BOX]
Q18. Are there any other services you’d like CFPB to offer in the future?

[MP]
[RANDOMIZE]
N13. If you wanted to get financial information from CFPB, which of the following methods of
communication would you prefer?
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.

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
CFPB website
Other, specify: [TEXT BOX][ANCHOR]

[IF Q6=1]
[SP]
Q11. How helpful is CFPB as you think about your financial decisions?
1.
2.
3.
4.
5.

Not at all helpful
Not very helpful
Somewhat helpful
Very helpful
Extremely helpful

[IF Q11=1,2 OR 3]
[TEXT BOX]
Q12a. In what ways is CFPB helpful?

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[IF Q11=4,5 ]
[TEXT BOX]
Q12b. In what ways is CFPB not helpful?

[IF Q6=1]
[SP]
Q13. How trustworthy is CFPB?
1. Not at all trustworthy
2. Not very trustworthy
3. Somewhat trustworthy
4. Very trustworthy
5. Extremely trustworthy

[MP]
Q5. If you had a problem or complaint with a financial institution’s products or services, such as your credit card or
loan institution, which of the following actions would you take [select all that apply]?

a.
b.
c.
d.
e.
f.
g.
h.

Contact the company that sold me the product or service
Submit a complaint through the Better Business Bureau
Submit a complaint through a social media site (such as Facebook or Twitter)
Post a complaint on a consumer review website (such as Yelp or Epinions)
Submit a complaint through the Consumer Financial Protection Bureau (CFPB)
Contact my State attorney general or other local government office
Contact a lawyer
Other, specify: [TEXT BOX]

[GRID, SP ACROSS]
[RANDOMIZE A-L AND RECORD]
Q20. The following questions ask about how you (and your family, if applicable) make financial
decisions. Please indicate the extent to which you agree or disagree with each of the following
statements.

Across:
1. Strongly disagree
2. Disagree
3. Neither agree nor disagree
4. Agree
5. Strongly agree

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Down:
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. I enjoy managing my household finances
h. I perform financial activities on my computer (such as pay bills, credit cards, insurance, mortgages,
etc.)
i. I perform financial activities on my mobile phone (such as pay bills, credit cards, insurance,
mortgages, etc.)Another person has control of my finances
j. I’m confident in my ability to solve financial problems that come up in my everyday life

[IF Q20_A=1, 2, OR 3]
[MP]
[RANDOMIZE]
Q21. Why don’t you compare the prices and terms of different financial products and services before
making a decision? Please select all that apply.
a. I don’t have time
b. I don’t think it’s necessary
c. It won’t save me money
d. It’s not worth the effort
e. It is too hard to directly compare all of the offers
f. I get advice from friends or relatives
g. I don’t understand the terms and conditions
h. I don’t see how the products and services are different
i. Other, specify: [TEXT BOX][ANCHOR]

[GRID, SP ACROSS]
[RANDOMIZE A-D]
Q22. In the past year, have you…
Across:
1. Yes
2. No
Down:
a. Applied for a mortgage
b. Applied for a car loan
c. Applied for a student loan

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d. Applied for a credit card

[IF Q22A=1]
[GRID, SP ACROSS]
[RANDOMIZEA-G]
Q23a. Which of the following actions did you take when you were applying for a mortgage?
Across:
1. Yes
2. No
Down:
a.
b.
c.
d.
e.

Ask friends or relatives for information
Look at more than one mortgage offer and compare the benefits and drawbacks of each
Look up information on the websites of those offering the mortgage
Talk to organization offering mortgage
Visit a website that compares the different options (such as, bankrate.com or
Lendingtree.com)
f. Search online for general information about mortgages
g. Visit a bank branch
h. Other, specify: [TEXT BOX]

[IF Q22B=1]
[GRID, SP ACROSS]
[RANDOMIZEA-G]
Q23b. Which of the following actions did you take when you were applying for a car loan?
Across:
1. Yes
2. No
Down:
a. Ask friends or relatives for information
b. Look at more than one car loan offer and compare the benefits and drawbacks of each
c. Look up information on the websites of those offering the car loan
d. Talk to organization offering car loan
e. Visit a website that compares the different options (such as, bankrate.com or
Lendingtree.com)
f. Search online for general information about car loans
g. Visit a bank branch
h. Other, specify:[TEXT BOX]

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[IF Q22c =1]
[GRID, SP ACROSS]
[RANDOMIZE A-G]
Q23c. Which of the following actions did you take when you were applying for a student loan?
Across:
1. Yes
2. No
Down:
a. Ask friends or relatives for information
b. Look at more than one student loan offer and compare the benefits and drawbacks of
each
c. Look up information on the websites of those offering the student loan
d. Talk to organization offering student loan
e. Visit a website that compares the different options (such as, bankrate.com or
Lendingtree.com)
f. Search online for general information about student loans
g. Visit a bank branch
h. Other, specify: [TEXT BOX]

[IF Q22D =1]
[GRID, SP ACROSS]
[RANDOMIZE A-G]
Q23d. Which of the following actions did you take when you were applying for a credit card?
Across:
1. Yes
2. No
Down:
a. Ask friends or relatives for information
b. Look at more than one credit card offer and compare the benefits and drawbacks of
each
c. Look up information on the websites of those offering the credit card
d. Talk to organization offering credit card
e. Visit a website that compares the different options (such as, bankrate.com or
Lendingtree.com)
f. Search online for general information about credit cards
g. Visit a bank branch
h. Other, specify: [TEXT BOX]

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[MP]
[RANDOMIZE]
Q25. Now we want to learn about some of the other financial decisions you made in the past year. Did
you in the past year…?
a.
b.
c.
d.
e.
f.
g.
h.
i.

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): [TEXT BOX][ANCHOR]

[MP]
[RANDOMIZE]
Q26. Which of the following consumer financial decisions might apply to you in the next year? In the
next year do you plan to...?

a. Apply for a mortgage
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
m.

Apply for a car loan
Apply for a student loan
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): [TEXT BOX][ANCHOR]

[

[DISPLAY]

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Thank you for your responses, by clicking on the “Next” button your survey will be submitted and you
will not be able to return to it.
[INSERT NO BACK]
[DISPLAY]

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
number. The OMB Control Number for this study is 3170-0034. The control number expires on
03/31/2016. 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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