Making Ends Meet Survey Pilot

An official U.S. Government agency

Making Ends Meet Survey

Want to take the survey online?
1

Go to the website www.CFPB----------.com

2

Log in and enter your unique survey PIN number and 5-digit zip code
found in the accompanying letter.

Questions? If you have any technical difficulties, including problems with

the website or any questions about the survey, please call 1-855-246-9457.
For more information about the CFPB, visit www.consumerfinance.gov.

Making Ends Meet
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. Since people’s experiences can vary
widely, please fill out the survey even if you have not run out of money or borrowed. 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 it 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?
Survey recipients 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 3170-0055. It expires on 11/30/2018. 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. Would you say that you are better off or worse off financially than you were a year ago?
Better off now
About the same
Worse off now

2. Now looking ahead—do you think that a year from now you will be better off financially, or worse off, or
just about the same as now?
Will be better off
About the same
Will be worse off

3. 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.

4. How often do
these statements
apply to you?

This statement applies to me . . .
Always
I have money left over at the
end of the month.
My finances control my life.

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Often

Sometimes

Rarely

Never

B. Income and Expenses
5. Do you have a spouse or partner you share finances with?
Yes
No

6. Do you have any children, parents, relatives, or other dependents who you share your finances with or are
financially dependent on you?
Yes
No

•
•

If you answered Yes to question 5, question 6, or both, let’s refer to the people you share your finances with as
your household.
If you answered No to questions 5 and 6, please answer the following household questions just for yourself.

7. 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

8. Do you or anyone in your household currently have a checking account?
Yes
No

9. How does your household typically pay for bills and purchases? Please mark all that apply.
Cash
Debit cards
Checks
Credit cards
Pre-paid cards
Automatic payments or withdrawals from a bank account
On-line bill pay
Money orders
Mobile app
Other (please specify) _______________________________________

10. In the past 12 months, did you or anyone in your household cash a check at a place other than a bank or
financial institution? Please mark all that apply.
Yes – a grocery, convenience or other retail store
Yes – a check cashing or payday-lending store
Yes – other (please specify) _______________________________________
No

11. What was your household’s approximate annual income in 2016 from all sources (wages, tips, interest, child
support, alimony, investment or rental income, retirement, Social Security, government benefits such as
TANF)?
Less than $15,000
$15,000 to $19,999
$20,000 to $39,999
$40,000 to $69,999
$70,000 to $99,999
$100,000 or more
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12. How did this total annual household income in 2016 compare to what you would expect in a “normal” year?
Higher than normal
Normal
Lower than normal

13. Which best describes your household’s income each month?
Income is about the same each month
Skip to question 15
Income varies somewhat from month to month
Income varies a lot from month to month

14. Please indicate whether each of the following is a reason that your household’s income changes from
month to month? Please mark all that apply.
Bonuses
Commissions
Seasonal employment
Unpredictable work hours or irregular work
Unemployment
Investment income
Tax refunds or unexpected taxes
Number of payments varies
Other (please specify) __________________________

15. 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 doing any work for pay
(homemaker, student,
disabled, etc.)

16. About how much do you think you and your family need to have in savings for emergencies and other
unexpected things that may come up?
$____________
17. 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

18. Does your household have IRAs, 401(k) accounts, a pension plan or other retirement accounts?
Yes
No

19. Does your household have any stocks, bonds or mutual funds outside of retirement accounts?
Yes
No

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20. In the past 12 months, have you or others in your household overdrawn 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 17
Yes, and I paid a fee
Yes, but I did not pay a fee

21. In the past 12 months, how many times have you or others in your household overdrawn a
checking or savings account or had a payment turned down?
1-3 times
4-10 times
More than 10 times

22. Please estimate the total amount of money your household has right now in 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

23. Does your household own your current residence?
Yes
No

Skip to question 25

24. If No, do you…
Rent your current residence
Do not pay rent
Other (please specify) ________________________

25. 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
More than $0, but less than $1,000
More than $1,000, but less than $2,000
All of the $2,000

26. If your household absolutely had to pay a large expense but could not use any form of savings, what other
sources of money woud you use? Please mark all that apply.
Charging the expense to a credit card or taking a cash advance on a credit card
Payday loan (online or storefront)
Auto-title loan
Pawning something you own
Overdraft
Taking out a loan from a bank or other financial institution
Borrowing from friends or family
Getting an advance on salary or wage
Selling a household item
Other (please specify) __________________________

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27. How much of your monthly expenses are payments for regular, recurring bills that you cannot easily reduce
should the need arise?
Almost all
More than half
Less than half
Almost none

28. If your household lost its main source of income, about how long could you and your household cover typical
expenses by borrowing money, 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

C. Running Out of Money
29. In the past 12 months, have you or your household had difficulty paying for normal household expenses like
food, clothing, rent, or other bills that you pay regularly (weekly or monthly)?
No
Yes

Skip to question 30

30. When was the most recent time you or your household had trouble paying for a normal household expense?
1-3 months ago
4-6 months ago
7-9 months ago
10-12 months ago

31. In the past 12 months, have you or your household faced an infrequent major expense that your household
had difficulty paying or did not pay?
No
Yes

Skip to question 32

32. Was this expense expected or unexpected?
Expected
Unexpected

33. About how large was the expense?
$____________

34. When was the most recent time you or your household had trouble paying for a major expense?
1-3 months ago
4-6 months ago
7-9 months ago
10-12 months ago

If you No to both questions 27 and 29, please skip to Section D on page 7. Otherwise, continue to the next page.

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32. Please think about the most recent time your household had trouble paying an expense in the last 12
months. Which of the following did you do when you had trouble paying that expense?
Please mark all that apply.
Did not pay for all this expense …
Negotiated a lower or delayed
payment . . .

For this expense
For some other bill or loan

Changed other expenditures by …

Cutting back on other expenses
Paying a bill late or skipping a payment
Other (please specify)________________________________

Increased household income by …

Working overtime, taking an extra job, or seeking extra earnings
Selling something you or someone in your household owned
Seeking assistance from the government, a religious institution, or
community group
Getting an advance on salary or wage
Other (please specify)________________________________

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

Borrowed money by…

Taking out a payday loan (online or store)
Taking out an auto-title loan
Pawning something
Charging the expense to a credit card or taking a cash advance
Taking out a loan from a bank, credit union, or other financial institution
Borrowing from friends or family
Borrowing from a person other than friends or family
Borrowed against retirement account
Other (please specify)________________________________

35. If you borrowed money, why did you choose this way of borrowing money over another option? Please mark
all that apply.
It had the lowest cost
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
The place that provided it was conveniently located
It was available online
Family and friends recommended it to me
I did not want anybody to know that I needed money
Other (please specify) _______________________________

36. If there was a particular event that caused this difficulty, what was that event?

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42. How likely do you think it is that you will take one
of the following loans in the next 6 months?

D. Experiences with Credit
37. Have you taken out a payday loan in the past 6
months? (A payday loan is a loan that you must
repay or rollover on your next payday.)
No
Yes
37a. Do you still owe money on any payday
loan?

Very
likely

Never

Unlikely

Likely

Payday loan in store
Payday loan online
Pawn shop loan
Auto title loan
Loan to buy a car
Bank loan

No
Yes

37b. Did you take out a payday loan online in
the past 6 months?

43. Do you expect to apply for a new credit card in the
next 6 months?

No
Yes

No
Yes

38. Have you taken out a pawn shop loan in the past 6
months?
No
Yes
38a. Do you still owe money on any pawn shop
loan?

44. Do you currently have a credit card?
No
Yes

Skip to question 47

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

No
Yes

No
Yes
46. Adding up all of your credit cards, how do you
think the following will change in the next 6
months?

39. Have you taken out a new loan to buy a car in the
past 6 months?
No
Yes
39a. Do you still owe money on any auto loan?
No
Yes

Decrease

Same

Increase

The balance you carry
month to month
Your credit card limit
Number of credit cards

40. Have you taken out an auto-title loan in the past 6
months? (An auto-title loan uses the car value to loan
money for a short period of time.)
No
Yes
40a. Do you still owe money on any auto-title
loan?

47. Have you unexpectedly had a credit card cancelled
or a limit reduced in the past year?
No
Yes

No
Yes

48. When was the last time you checked your

41. Have you taken out a loan from a bank in the last 6
months other than to buy a car, house, or for
education? (Banks sometimes call these installment
loans, personal loans, or lines of credit.)
No
Yes
41a. Do you still owe money on any of these
loans?

credit score?
Never
At least one year ago
Within the last year

49. Have you ever tried to improve your credit

score?
Yes
No

No
Yes

50. Have you ever not done something because you

were worried it would hurt your credit score?
Yes
No
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E. Household Events

F. Perspectives

51. In the past 12 months, have any of the following
happened to your household? Please mark all that
apply.
Yes

54. Suppose you had $100 in a savings account and
the interest rate was 2% per year. After five
years, how much do you think you would have in
the account if you left the money to grow?

No

Someone in your household got married
Someone in your household divorced or
separated
Death of a family member, including a
parent
Birth, adoption, or other addition to your
household
Someone left your household
Someone in your household went to jail
Natural disaster affected your home
Chose to move to a new residence
Was forced to move to a new residence
Moved to a different state

More than $102
Exactly $102
Less than $102

55. Imagine that the interest rate on your savings
account was 1% per year and inflation was 2%
per year. After one year, how much would you be
able to buy with the money in this account?
More than today
Exactly the same
Less than today

56. Please tell us whether this statement is true or
false: “Buying a single company’s stock usually
provides a safer return than a stock mutual
fund.”

52. In the past 12 months, have you or anyone in your
household experienced a significant unplanned
expense from any of the following? Please mark all
that apply.
Yes

True
False

No

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

A major illness, injury or medical/dental
expense
Gift or loan to a family member or friend
outside your household
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
Other major unanticipated expense

Most people can be trusted
Need to be very careful

58. Generally speaking, how much confidence do you
have in the following institutions?
A great
deal
The press

53. In the past 12 months, have you or anyone in your
household experienced a significant, unplanned or
involuntary drop in income from any of the
following? Please mark all that apply.
Yes

The police
The banks
The public schools

No

Period of unemployment
Reduction in work hours
Changed jobs to a lower-paying job
Loss of government benefits
Worked less because of illness or injury
Could not work because of incarceration
Other drop in income

8

Quite a
lot

Some

Very
little

G. You and Your Household
59. What is your sex?

67. How many adults live in your household?

Male
Female

No others
1 other
2 or more

60. How old are you?

68. How many children live in your household?

Less than 25 years
25–34 years
35–44 years
45–54 years
55–61 years
62 years or older

No children
1
2 or more

69. Do you have any children in college?
No children
1
2 or more

61. What is your highest level of education?
Less than a high school degree
High school degree
Some college (excluding technical or
vocational schools)
Two year college degree
Four year college degree
Postgraduate degree (for example, MA, PhD,
JD, MBA, MD)

70. In what year did you first have a child begin
attending college?
Never attended / Not applicable
(Please specify the year) _______

71. In what year did you most recently have a
child finish attending college?

62. Are you currently attending school?

Never attended / not applicable
(Please specify the year) ______
Still attending

Yes
No

63. Is English your preferred language?

72. Do you have a mobile phone?

Yes
No

Yes
No

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

73. How do you access the internet? Mark all that
apply.

Yes
No

Yes

No

Your phone
A computer at home
A computer at work
A tablet or similar portable device
Other (for example, library or a
relative’s home)

65. 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

74. What is your military status?

66. What is your current marital status?

You
No military service
Active
Reserve or National Guard
Veteran or Retired

Married
Living with a partner
Never married
Separated
Divorced
Widowed

9

Spouse/
Partner

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

Web Survey Instructions
1
2

Go to the website www.CFPB----------.com
Log in and enter your unique survey PIN number and 5-digit zip code found in
the accompanying letter.

Questions? If you have any technical difficulties, including problems with the

website or any questions about the survey, please call 1-855-246-9457.

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

10