Making Ends Meet Survey

Making Ends Meet Survey

Want to take the survey online?

Mobile

Text your unique survey PIN number to 202-883-3381 to receive a link to directly connect to your survey or;

Web

Go to www.CFPBMakingEndsMeet.com and enter your unique survey PIN number and 5-digit zip code.

Questions? If you have any technical difficulties, including problems with the website or any questions about the survey, please call 1-855-246-9457 M-F 8:00 a.m. – 8:00 p.m. CST. For TTY assistance, dial 711. For more information about the CFPB, visit www.consumerfinance.gov.

Making Ends Meet Survey

What is the CFPB?

The Consumer Financial Protection Bureau (CFPB) is sponsoring this survey. The CFPB is a Federal agency created in 2010 to make mortgage, credit card, automobile, and other consumer loans work better and ensure that these markets are fair, transparent, and competitive.

What is the Making Ends Meet survey?

Many households run out of money at one time or another. This survey will help us understand your experiences and decisions when money gets tight. Because people’s experiences can vary widely, please fill out the survey even if you have never run out of or borrowed money. The information you provide will help shape federal policies to ensure that everyone is treated fairly and respectfully when they borrow money to make ends meet.

How long will it take?

We expect the survey will take about 10-20 minutes, but the time may vary based on your experiences.

Who should complete this survey?

It is important that this survey is only completed by the person named on the enclosed letter.

Who will see my responses, and how will my responses be used?

Your responses will be used by researchers at the CFPB and others to understand consumers’ experiences. Your responses will be kept private. Participation in the survey will not affect your credit or credit score.

How was I selected for this survey?

People were selected at random from across the United States.

Privacy Act Statement: This collection of information is authorized by Pub. L. No. 111-203, Title X, Sections 1013 and 1022, codified at 12 U.S.C. §§ 5493 and 5512.  Participation in this study is voluntary and there are no penalties for refusing to answer any questions.  However, your participation is extremely important to ensure the accuracy of the statistical results.

The information you provide will be used to help the Consumer Financial Protection Bureau (“CFPB”) understand people’s experiences when money gets tight.  You were randomly selected for this survey as part of a sample that is representative of consumers. Your responses will be combined with other data that we have collected to understand conditions in consumer credit markets in a way that you cannot be identified. The CFPB may make an anonymous version of the survey data publicly available in accordance with applicable federal law.

Paperwork Reduction Act Statement: 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 3170-0066. It expires on 10/31/2019. The time required to complete this information collection is estimated to average approximately 15 minutes 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 the Bureau at the Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW, Washington, DC 20552, or by email to [email protected].

A. Your General Financial Situation and Experiences

1. How well do these statements describe you or your situation?

	This statement describes my situation . . .
	Completely	Very well	Somewhat	Very little	Not at all
I know how to make complex financial decisions.
I am just getting by financially.
I am concerned that the money I have or will save won’t last.
Because of my money situation, I feel like I will never have the things I want in life.

2. How often do these statements apply to you?

	This statement applies to me . . .
	Always	Often	Sometimes	Rarely	Never
I have money left over at the end of the month.
My finances control my life.

3. What sources of information do you use to make decisions about borrowing, credit, savings, or investments?

	Yes	No
Family or friends
Financial planner, advisor, or broker
Banker
Internet, web service or application
Internet search
Lawyer or accountant
Books, magazines, newspapers, or mail

B. Your Household and its Finances

4. Do you have a spouse or partner you share finances with?

• Yes

• No

5. Do you have any children, parents, relatives, or other dependents that you share your finances with or who are financially dependent on you?

• Yes

• No

The next questions are about your household. By household, we mean you and anyone you share your finances with.

If you answered Yes to question 4, question 5, or both, please answer the following questions for both you and the people you share your finances with.

6. Who is responsible for making day-to-day decisions about money in your household?

• I make these decisions by myself

• I make these decisions along with someone else

• Someone else makes these decisions

7. Do you or anyone in your household currently have a checking account?

• Yes

• No

8. How does your household pay for most bills and purchases? Please mark all that apply.

• Cash

• Debit cards

• Checks

• Credit cards

• Pre-paid cards

• Automatic payments

• Pay online

• Money orders

• Mobile app

• Other (please specify)

9. What was your household’s annual income in 2018 from all sources (wages, tips, interest, child support, alimony, investment or rental income, retirement, Social Security, and government benefits such as food stamps)?

• $15,000 or less

• $15,001 to $20,000

• $20,001 to $40,000

• $40,001 to $70,000

• $70,001 to $100,000

• More than $100,000

10. How did this total annual household income in 2018 compare to what you would expect in a “normal” year?

• Higher than normal

• Normal

• Lower than normal

11. Do you expect your income next year to be higher or lower than it was in the past?

• Higher

• About the same

• Lower

12. About how much do you think you and your family need in savings for emergencies and other unexpected things that may come up?

$_____________.00

13. What is your current work status? Mark all that apply including for your spouse or partner if you have one.

    	You	Spouse/ Partner
    Self-employed
    Work full time
    Work part time
    Retired
    Temporarily laid off or on leave
    Unemployed
    Not working for pay (homemaker, student, disabled, etc.)

14. Are you actively looking for a job or another job if you already have one?

• Yes

• No

15. Which best describes your household’s income from month to month?

• Income is about the same each month Skip to question 17

  

• Income varies somewhat from month to month

  

• Income varies a lot from month to month

16. Does your household’s income vary from month to month for any of the following reasons?

    	Yes	No
    Bonuses, commissions, or tips
    Seasonal employment
    Variable work hours or irregular work
    Illness or injury affects my income
    Unemployment
    Investment income
    Tax refunds or unexpected taxes
    Number of paychecks varies
    Variable self-employment income
    Overtime

17. Do you expect your income from month to month to be more or less variable in the next six months than it was in the last year?

• More variable

• About the same

• Less variable

18. Which of the following statements comes closest to describing your household’s monthly savings habits?

• Don’t save – usually spend more than income

• Don’t save – usually spend about as much as income

• Save whatever is left over at the end of the month – no regular plan

• Save regularly by putting money aside each month

19. Does your household have IRAs, 401(k) accounts, a pension plan, or other retirement accounts?

• Yes

• No

20. Does your household have any stocks, bonds, or mutual funds outside of retirement accounts?

• Yes

• No

21. In the past 12 months, have you or others in your household had an overdraft on a checking or savings account or had a payment turned down because the account balance was less than the charge?

• No Skip to question 25

• Yes, had an overdraft

• Yes, payment turned down

22. In the past 12 months, how many times have you or others in your household had an overdraft on a checking or savings account or had a payment turned down?

• 1-3 times

• 4-10 times

• More than 10 times

23. The last time this happened, did you pay a fee?

• Yes

• No

24. The last time this happened, were you surprised or did you expect to overdraft your account when you made the transaction?

• Surprised

• I thought it was possible

• Expected to overdraft

25. Please estimate the total amount of money your household has right now in your checking and savings accounts.

• $0

• Less than $100

• $100 to $500

• $501 to $1,000

• $1,001 to $3,000

• $3,001 to $5,000

• $5,001 to $10,000

• More than $10,000

26. Do you or someone in your household own your current residence?

• Yes

  

• No

27. If No, do you…

• Rent your current residence

• Don’t pay rent because residence owned by a family member

• Don’t pay rent for another reason

28. How much does your household spend on rent or your mortgage each month?

• 0 or not applicable

• Less than $500

• $500 to $1000

• $1001 to $2000

• $2001 to $4000

• More than $4000

29. Imagine your household had an unexpected emergency expense of $2,000 that could not be avoided. How much of this expense could you pay within a week?

• None of it

• Some of it, but less than $1,000

• $1,000 or more, but less than $2,000

• All of the $2,000

30. If your household lost its main source of income, about how long could you cover expenses by, for example, borrowing, using savings, selling assets, or seeking help from family or friends?

• Less than two weeks

• About one month

• About two months

• Three to six months

• More than six months

31. In the past 12 months, did you or anyone in your household cash a check or pay to have funds immediately available? Please mark all that apply.

• Yes – at a bank, credit union, or its mobile app or website

• Yes – at a grocery, convenience, or retail store

• Yes – at a check cashing or payday-lending store

• Yes – with a mobile phone or online

• Yes – at some other place

• No

C. Experiences with Credit

32. In the past year, have you been more than 90 days overdue on a loan or bill?

• Yes

• No

33. Have you applied for any type of credit or loan in the last year?

• Yes

• No

34. In the past year, were you turned down for a loan or not given as much credit as you applied for?

• Yes

• No

35. In the past year, did you think of applying for credit or a loan but changed your mind because you thought you might be turned down?

• Yes

• No

36. Do you use a financial management or budgeting app or website?

• Yes

• No

37. In the past year, have you unexpectedly had a credit card canceled or the limit reduced?

• Yes

• No

38. Do you currently have a credit card?

• Yes

  

• No

39. Did you have an unpaid balance on any of your cards after making your last payment?

• Yes

• No

40. Thinking of all your credit cards, how do you think the following will change in the next 6 months?

	Decrease	Stay the same	Increase
The balance you carry month to month
Your credit card limit
Number of credit cards

41. Have you taken out a payday loan in the past 6 months? (A payday loan is a loan that you must repay, make a payment on, or rollover on your next payday.)

• Yes

• No

42. Have you rolled over a payday loan in the last 6 months?

• Yes

• No

43. Do you still owe money on any payday loan?

• Yes

• No

44. Have you taken out a pawn shop loan in the past 6 months?

• Yes

• No

45. Do you still owe money on any pawn shop loan?

• Yes

• No

46. Have you taken out a new loan to buy a car in the past 6 months?

• Yes

• No

47. Do you still owe money on any auto loan?

• Yes

• No

48. Have you taken out an auto-title loan in the past 6 months? (An auto-title loan uses the car’s value to borrow money for a short period of time.)

• Yes

• No

49. Do you still owe money on any auto-title loan?

• Yes

• No

50. Have you taken out a loan from an online lender in the past 6 months?

• Yes

• No

51. Were any of these online loans from …

• A peer-to-peer or personal lender (such as Prosper, SoFi, or LendingClub)

• A payday lender

• A bank or credit union

• 

  Go to question 52

  Some other source (please specify)

52. How likely do you think it is that you will get one of the following in the next 6 months?

    	Very likely	Likely	Un-likely	Very unlikely
    New credit card
    Mortgage to buy a house
    Loan to buy a car
    Pawn shop loan
    Auto-title loan
    Payday loan
    Some other loan

53. When was the last time you checked your credit score or credit report?

• Never Skip to question 56

  

• At least one year ago

• Within the last year

54. The last time you checked your score or credit report, how did you check it?

• A free website like AnnualCreditReport.com

• A paid website

• A credit monitoring service

• Your credit card statement

• Some other way

55. How do you think your credit score has changed since the last time you checked it?

• Gone up

• Stayed about the same

• Gone down

56. Have you ever tried to improve your credit score?

• Yes

• No

57. 	Mostly True	Mostly False
    All lenders give about the same rates for the same type of loan.
    Having a low credit score may keep you from getting a job.
    Checking your credit score is bad for your credit.
    Applying for a lot of credit in a short time harms your credit score.

    Do you think the following statements are mostly true or mostly false?

D. Running Out of Money

58. Do you expect to have difficulty paying for a bill or expense in the next six months?

• Yes

• No

59. Do you expect to borrow to meet this bill or expense?

• Yes

• No

60. At any time in the past 12 months have you or your household had difficulty paying for a bill or expense?

• Yes

  

• No Skip to section E.

61. How often did you have trouble in the last 12 months?

• Only once in the last 12 months

• 2 times

• 3 or 4 times

• 5 to 12 times

• More than 12 times

62. When was the most recent time that you or your household had trouble paying a bill or expense?

• 1-3 months ago

• 4-6 months ago

• 7-9 months ago

• 10-12 months ago

63. Thinking about the most recent time you had trouble, was there an event that caused this difficulty?

• Yes

• No

64. What was that event? Please mark all that apply.

• Medical expenses or fees

• Loss of income from illness

• Loss of job

• Other loss of income

• Home repair

• Auto repair

• Taxes or fees

  

• Legal bills

• Death or funeral costs

• Helping children, parents, or other family members

• Student loan, school, or tuition costs

• Moving costs

• Fraud or theft

• Other (please specify)

65. About how large was the bill, expense, or loss of income from this event?

$____________.00

66. Was this event expected or unexpected?

Skip to 67 on the next page

• Expected

• Unexpected

67. Which of the following did you do when you had difficulty paying that bill or expense? Please mark all that apply.

• Did not pay all of this expense

• Negotiated a lower or delayed payment for this expense

• Cut back on other expenses

• Paid another bill late or skipped a payment

• Increased income, for example, by working overtime or taking an extra job

• Sold something

• Pawned something

• Took money from a savings, investments, or a retirement account

  

• Borrowed from an IRA, 401k, or retirement account

• Used a credit card

• Took out or used a home equity line of credit

• Took out a loan from a bank, credit union, or other financial institution

• Borrowed from friends or family

• Took out a payday loan

• Took out an auto-title loan

• Borrowed from an unlicensed lender who charges interest

• Other (please specify)

68. If you borrowed money, why did you choose this way of borrowing money over another option? Please mark all that apply.

• It was the lowest cost option

• It was familiar; I had used it before

• The terms, like price or repayment options, were easy to understand

• It was convenient

• It was the only option I could qualify for

• I could get the money quickly

• There was no credit check

• It was available online

• Family or friends recommended it to me

• I did not want anybody to know that I needed money

• Other (please specify)

69. Paying for one major expense may make it harder to pay other bills or expenses. When you ran out of money, what did you have difficulty paying for? Please mark all that apply.

• A medical expense

• A car or vehicle repair

• A home repair

• Food

• Mortgage or rent

• Utilities

• Other regular household expenses

• Another major expense

• Other (please specify)

E. Household Events

70. In the past 12 months, has your household experienced a significant drop in income from any of the following?

    	Yes	No
    Period of unemployment
    Reduction in work hours
    Changed to a lower-paying job
    Loss of government benefits
    Worked less because of illness or injury
    Retired
    Could not work because someone in your household was in jail
    Other significant drop in income

71. In the past 12 months, have any of the following happened to your household?

    	Yes	No
    Someone in your household got married
    Someone in your household divorced or separated
    Someone in your household died, including a parent
    Someone was born, adopted, or moved into your household
    Someone left your household
    Someone in your household went to jail
    Natural disaster affected your home, employer, or business
    You moved to a new residence

    

    
    
    

    
    
    

    
    
    

72. In the past 12 months, has your household experienced a significant unexpected expense from …

    	Yes	No
    A major medical or dental expense
    Giving a gift or loan to a family member or friend outside your household
    A major vehicle repair or replacement
    A major house or appliance repair
    A TV, computer, or mobile phone repair or replacement
    Legal expenses or fines
    Taxes or fees
    Theft or robbery
    Increase in child care or dependent care expenses
    Some other major unexpected expense

73. In the next 6 months, do you expect to…

    	Yes	No
    Move to a new residence
    Be unemployed for some period
    Lose income for some other reason
    Have a major medical expense
    Get a promotion
    Go on vacation
    Pay a large education related expense
    Buy a house
    Buy a car
    Have a major home renovation or repair
    Have an addition to your household from birth, adoption, or some other reason
    Have someone in your household get married

74. If you answered yes to any of the events in question 73, do you expect to need to borrow to cover any of these expenses?

• Yes

• No

75. If your household absolutely had to pay a large expense after using savings, investment, or retirement accounts, what other sources would you turn to? Please mark all that apply.

• A credit card

• A loan from a bank or credit union

• Home equity line of credit

• Borrowing from friends or family

• Payday loan or auto-title loan

• Pawning or selling something you own

• Some other source

F. Perspectives

The questions in this section ask about your perspectives and how you make decisions. There are no right answers.

76. When making major decisions about borrowing money or getting credit, some people search for the best terms while others don't. Which of the following comes closest to describing how much you search when borrowing or getting credit?

• Not at all

• A little

• A moderate amount

• A great deal

77. Generally speaking, would you say that most people can be trusted or that you need to be very careful in dealing with people?

• Most people can be trusted

• Need to be very careful

78. Suppose you were offered several possible lotteries, but you could choose only one. In each lottery, outcomes A and B are equally likely. Which one of these three lotteries would you prefer:

		Outcome A 50% chance	Outcome B 50% chance
	Lottery 1	Get $26	Get $2
	Lottery 2	Get $18	Get $6
	Lottery 3	Get $10	Get $10

Suppose you won a prize and could decide when you would get the amount.

79. Would you rather get:

• $1000 in one month or

• $1050 in six months

80. Would you rather get:

• $1000 in one month or

• $1100 in six months

81. Would you rather get:

• $1000 in one month or

• $1150 in six months

G. You and Your Household

82. What is your sex?

• Male

• Female

83. How old are you?

• Less than 25 years

• 25–34 years

• 35–44 years

• 45–54 years

• 55–61 years

• 62 years or older

84. What is your highest level of education?

• Less than a high school degree

• High school degree

• Technical or vocational degree

• Some college, but no degree

• Two-year college degree

• Four-year college degree

• Postgraduate degree (for example, MA, PhD, JD, MBA, MD)

85. Are you currently attending school?

• Yes

• No

86. Is English your preferred language?

• Yes

• No

87. Are you of Hispanic, Latino, or Spanish origin?

• Yes

• No

88. What is your race? Mark all that apply.

• White

• Black or African American

• American Indian or Alaska Native

• Asian

• Native Hawaiian or other Pacific Islander

89. What is your current marital status?

• Married

• Living with a partner

• Never married

• Separated

• Divorced

• Widowed

90. Besides you and your spouse/partner, how many other adults over 18 live in your household?

• No others

• 1 other

• 2 or more

91. How many children live in your household?

• No children

• 1

• 2 or more

92. How many children do you currently have in college?

• None or not applicable

  

• 1

  

• 2 or more

93. Thinking of the child who most recently started college, in what year did that person first enroll in college?

94. If you helped any of your children pay for college, how did you do so?

• Took money out of savings (including a retirement account)

• Took out a parental education loan

• Used a home equity loan or refinanced a mortgage

• Took out another loan

95. What is your military status?

    	You	Spouse/ Partner
    No military service
    On active duty
    Reserve or National Guard
    Veteran or retired

96. Do you have a mobile phone?

• Yes

• No

97. 	Yes	No
    Your phone
    A computer at home
    A computer at work
    A tablet or similar portable device
    Other (for example, at the library or a relative’s home)

    How do you access the internet?

We have provided the space below if you wish to share additional comments or further explain any of your responses. Please do not put your name or address on the questionnaire.

Thank you for completing our survey!

Please use the enclosed business reply envelope to return your completed questionnaire to:

Consumer Financial Protection Bureau

1600 Research Blvd., RC B16

Rockville, MD 20850

Want to take the survey online?

Mobile

Text your unique survey PIN number to 202-883-3381 to receive a link to directly connect to your survey or;

Web

Go to www.CFPBMakingEndsMeet.com and enter your unique survey PIN number and 5-digit zip code.

Questions? If you have any technical difficulties, including problems with the website or any questions about the survey, please call 1-855-246-9457 M-F 8:00 a.m. – 8:00 p.m. CST. For TTY assistance, dial 711.

For more information about the CFPB, visit www.consumerfinance.gov

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