Savings and Debt Study

OMB No. 3170-0048

About this document

We anticipate multiple waves of data collection with unique respondents, and in each wave selecting a
subset of items from the menu of questionnaire items below. For any wave of data collection, the survey
will be pretested to ensure it takes no more than 15 minutes to complete.

Questionnaire
Privacy Notice
The information you provide will assist the Consumer Financial Protection Bureau in gathering
data from consumers to understand decisions and ideas around savings and credit card usage
and payment.
Participation is voluntary. You may withdraw your participation at any time. No identifying
information will be collected.

Paperwork Reduction Act
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 3170-0048. It expires on XX/XX/XXXX. . 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 Bureau at the Consumer Financial Protection Bureau (Attention: PRA Office),
1700 G Street NW, Washington, DC 20552, or by email to [email protected]

Impacts

Note: We hypothesize that consumers think of savings and debt as being separate, and that savings are
not considered a suitable source of funds to pay down credit card debt. Therefore, these items assess
consumers’ opinions about how much they would use savings to pay down debt under different
scenarios.

[In this segment, all participants will see the instructions, and then will be randomly assigned to one of
the six scenarios below. After reading the scenario, all participants will be asked the same questions. ]
1. Instructions: Imagine that you’re taking stock of your monthly finances. You have already
set aside money for necessities, and all of your bills are paid except for your credit card bill.
You also have $2,000 in a regular bank savings account. The credit card has 16% APR,
which is quite common for cards of that type.

 V1 Imagine also that your credit card has a balance of $1,000. The bill is due in a few days.
After you pay down the balance, you will not use this card ever again.
 V2 Imagine also that your credit card has a balance of $2,500. The bill is due in a few
days. After you pay down the balance, you will not use this card ever again.

 V3 Imagine also that your credit card has a balance of $3,000. The bill is due in a few days.
After you pay down the balance, you will not use this card ever again.

 V4 Imagine also that your credit card has a balance of $1,000. The bill is due in a few days.
After you pay down the balance, you will continue to use this card for future purchases

 V5 Imagine also that your credit card has a balance of $2,500. The bill is due in a few days.
After you pay down the balance, you will continue to use this card for future purchases.

 V6 Imagine also that your credit card has a balance of $3,000. The bill is due in a few days.
After you pay down the balance, you will continue to use this card for future purchases.
2.

How much money from your savings account (you have $2,000) do you want to put toward
paying your credit card? If you would not use any money from your savings, slide the bar to
$0.
Dollars

Mechanisms

Note: Mechanisms are potential reasons for observing the outcomes of the study. We hypothesize that
for many consumers, the idea of using savings to pay debts doesn’t come to mind, and therefore are
unlikely to list savings as a way to pay down debts. We also hypothesize that because consumers are
more likely to work toward a goal when they can see themselves make significant progress, savings
amounts greatly exceeding the amount of debt are more likely to be used to pay down debt. Additionally,
we hypothesize that consumers may not consider savings a suitable source of funds to pay down credit
card debt because these accounts have different attributes.

3. List anything that came to mind as you were thinking about answering the previous
question:

3.2 [line]
3.3 [line]
3.4 [line]
3.5 [line]
3.6 [line]
3.7 [line]

3.8 [line]
3.9 [line]

4. Now, please rate each thought you wrote as either positive or negative.
Very
negative

3.2.1
[thought]

Somewhat
negative

Neither
positive
nor
negative

Somewhat
positive

Very positive

1.

2.

3.

4.

5.

3.3.1[thought]

6.

7.

8.

9.

10.

3.5.1[thought]

16.

17.

18.

19.

20.

3.4.1[thought]
3.6.1[thought]
3.7.1[thought]
3.8.1[thought]
3.9.1[thought]

11.
21.
26.
31.
36.

12.
22.
27.
32.
37.

13.
23.
28.
33.
38.

14.
24.
29.
34.
39.

15.
25.
30.
35.
40.

5. Scale (30 items) from O’Brien, H. L., Cairns, P., & Hall, M. (2018). A practical approach to
measuring user engagement with the refined user engagement scale (UES) and new UES
short form. International Journal of Human-Computer Studies, 112, 28-39.

6. Next you will be shown a list of different sources of income, assets, and debts. For each one,
answer the questions that follow.

Income:

Assets

a. Paycheck (general income)
b. Government/state benefits – social security, disability
c. Earned Income Tax Credit (EITC)
d. Money from a loan
e.
f.
g.
h.
i.
j.

General savings
Emergency savings
Retirement savings
Vacation savings
Education savings
Home equity

Debt

Is this...

k.
l.
m.
n.
o.

Department store credit card bill
Medical debt/unpaid hospital bill(s)
General-use credit card bill (ex. Visa, Mastercard, American Express)
Student Loan
Mortgage
Not at all (1)

...related to serious
purchases? (1)

o

... related to frivolous
purchases? (2)

... related to responsible
purchases? (3)
…related to one specific
event or purchase?
…related to doing
something for someone
else?
… related to needs.

… related to wants.

… related to expensive
purchases

… related to inexpensive
purchases

… related to getting
anything you might need or
want?
…related to a long-term
purchase?

Somewhat (2)
o

Very much so (3)
o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

o

7. Imagine that Lee has some credit card debt carried over from last month. How typical or
normal would it be for Lee to use each of the following to pay the debt?

Paycheck (general
income from primary
job)

Not at all typical or
normal (1)
o

Somewhat typical or
normal (2)
o

Very typical or
normal (3)
o

2

Spouse’s/partner’s
paycheck

o

o

o

o

o

o

o

o

o

o

o

o

Inheritance money

o

o

o

o

o

o

Lottery winnings

o

o

o

o

o

o

o

o

o

Money from a loan

o

o

o

o

o

o

General savings

o

o

o

o

o

o

o

o

o

o

o

o

Income from a second
job

Gift money – birthday,
holiday
Money from selling
stocks or shares
Cash that’s found

Government/state
benefits – social
security

Earned Income Tax
Credit (EITC) or tax
return
Cash from
friends/family

Rainy day funds

Retirement account
(e.g. 401k, IRA)
Money saved for
vacation

Controls and moderators

Note: Control variables will help clarify the patterns of results by allowing us to account for variation that
might be due to individual differences. With information about consumer’s typical financial management
strategies and financial ability, we can account for how that may affect managing savings and debt. And
importantly, to learn about how consumers who manage credit card debt and savings simultaneously, we
need some basic information about the consumer’s balance sheet to determine roughly the consumer’s
ratio of credit card debt to savings.

Note: This section will ask several questions about conventional wisdom with respect to credit. An
example of the type of question that will be asked is:
1. Credit card companies specify the maximum amount a customer can spend on a single
credit card (this is called a credit limit). Which of the following describes your

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understanding of the relationship between your credit limit on your credit cards your credit
score?

If I spend up to my credit limit, my credit score…
a. …definitely improves
b. …probably improves
c. …probably goes down
d. …definitely goes down

2. Do you currently use a credit card(s)? (Yes/ No)
If yes, 3 appears. If no, skip to 11
3. How many credit cards do you currently use? [drop down]

For the following questions, think about the credit card you use most often.
4. How often do you carry over a credit card balance from month to month?
a. Never – I pay it the balance in full every month
b. Sometimes I carry a balance
c. Often I carry a balance
d. Always I carry a balance

5. How often do you pay just the minimum payment on your credit card bill?
a. Never
b. Sometimes
c. Often
d. Always
If 5 = b, c, d, ask

6. What would you do if you needed more money to make a payment on your credit card bill?
Where would the money come from? Please briefly describe what you would do in your
own words.
7. If you wanted to make a large payment on your card, where would the money come from?
Please briefly describe this in your own words.

8. Think of the card you use most often. Now, think of the credit limit on that card and how
much you spend on the card in a typical month. How close are you to hitting your credit
limit?
a. I am far from hitting my limit in a typical month
b. I am about halfway to my limit in a typical month
c. I am close to hitting my limit in a typical month
d. I hit my limit/max out my card in a typical month

9. Think of the card you use most often. In a typical month, about how much do you spend on
that card?

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Dollars [0-10,000+]
10. What is the APR (sometimes just called the “interest rate”) on the credit card you use most
often? If you’re not sure, please make your best guess.
• Less than 15%
• Between 15% and 20%
• More than 20%
• I don’t know

Next we’d like to ask you some questions about your finances. This information helps us learn
about the many different ways Americans manage their money. As a reminder, you can skip any
question you would prefer not to answer.

11. This year, approximately how much is your total household income from all sources?
Include wages/salary, business income, interest, alimony, child support, pension income,
and income from other sources.
a. Under $15,000
b. $15,000 to $34,999
c. $35,000 to $49,999
d. $50,000 to $74,999
e. $75,000 to $99,999
f. $100,00 to $149,999
g. $150,000 to $174,999
h. $175,000 or more

12. Which one of the following best describes how your household’s income changes from
month to month, if at all?
a. Roughly the same amount each month
b. Roughly the same most months, but some unusually high or low months during the
year
c. Often varies quite a bit from one month to the next.

13. Do you have any of the following?
a. Non-retirement investments (including mutual funds, securities, bonds, or other
stock holdings) (Yes/ No)
b. Bank savings account (Yes/ No)
c. Bank Checking Account
d. Housing equity: (Yes/ No)
e. Retirement savings account, e.g., 401K, 503B, TSP, Roth IRA (Yes/ No)
f. Home equity: (Yes/ No)

14. [for each YES in 13, ask:] Could you provide a rough estimate of the amount you have in the
following?

Retirement
Savings (401K,

Dollars [0-10,000+]

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503B, IRA, TSP,
etc.)
Bank Savings
Account

Bank Checking
Account

Investments or
shares or
stocks or
bonds
Home equity

Dollars [0-10,000+]
Dollars [0-10,000+]
Dollars [0-10,000+]
Dollars [0-10,000+]

15. About how much credit card debt do you currently have? Consider the total amount across
all credit cards. You don’t need to be exact.
$___________

16. About how much do you pay for your home each month? This would be either your rent or
mortgage payment.
a. Less than $300
b. $300-499
c. $500-749
d. $750-999
e. $1,000-1,499
f. $1,500-1,999
g. $2,000-2,999
h. $3,000-4,999
i. $5,000 or more
j. I don’t know
k. Prefer not to say

17. In a typical month, how difficult is it for you to cover your expenses and pay all your bills?
a. Very difficult
b. Somewhat difficult
c. Not at all difficult

18. In the last 12 months, have you had the following? (yes/no)
Loans
Mortgage or home equity loan
Home equity line of credit (HELOC) that you owe money on

Yes

No

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A loan for an automobile or other type of vehicle (such as a motorcycle or boat)
Student loan
Payday loan
Automobile title loan
Other consumer or personal loan or line of credit
If Other, please specify: [ text entry]
Past-due Bills, Payments, or Other Debt
Past-due taxes
Past-due medical bill(s)
Past-due rent
Past-due phone, cable, internet, or other telecommunications bill(s)
Past-due utility bill(s) (gas, electric, water, etc.)
Legal judgment or legal expenses (child support, attorneys' fees, etc.)
Other type of debt
If Other, please specify: [ text entry]
19. If you had a choice, would you rather receive . . .?
a. $816 now
b. $860 in 3 months

20. If you had a choice, would you rather receive . . .?
a. $816 in 3 months
b. $860 in 6 month

21. Scale (10 questions) from Consumer Financial Protection Bureau (2018). Measuring financial
skill: A guide to using the Bureau of Consumer Financial Protection Financial Skill Scale.
22. Planning time horizon (one question) from Federal Reserve Board Survey of Consumer
Finances

23. Connectedness (one question) from Consumer Financial Protection Bureau National Survey
of Financial Well-Being
24. Financial socialization (7 questions) from Consumer Financial Protection Bureau National
Survey of Financial Well-Being

25. Material hardship (6 questions) from Consumer Financial Protection Bureau National Survey
of Financial Well-Being
26. Savings habit (one question) from Consumer Financial Protection Bureau National Survey of
Financial Well-Being

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27. Discounting (two questions) from Consumer Financial Protection Bureau National Survey of
Financial Well-Being
28. Applying for credit (one question) from Federal Reserve Board Survey of Household
Economics and Decisionmaking

29. Scale (ten questions) from Consumer Financial Protection Bureau (2017). CFPB Financial
Well-Being Scale: Scale Development Technical Report.

30. Scale (five questions) from Fagerlin, A., Zikmund-Fisher, B. J., Ubel, P. A., Jankovic, A., Derry,
H. A., & Smith, D. M. (2007). Measuring numeracy without a math test: Development of the
Subjective Numeracy Scale. Medical Decision Making, 27(5), 672-680

31. Scale (twenty questions) from Tangney, J.P., Baumeister, R.F. and Boone, A.L., (2004). High
self‐control predicts good adjustment, less pathology, better grades, and interpersonal
success. Journal of Personality, 72(2), pp.271-324.

32. Subscale (6 questions – planning for money in short run) from Lynch Jr., J. G., Netemeyer, R. G.,
Spiller, S. A., & Zammit, A. (2010). A generalizable scale of propensity to plan: The long and
the short of planning for time and for money. Journal of Consumer Research, 37(1), 108-128.
33. Subscale (9 questions – confidence in finances) from Bruine de Bruin, W., Parker, A.M., &
Fischhoff, B. (2007). Individual differences in Adult Decision-Making Competence. Journal of
Personality and Social Psychology, 92, 938-956.

34. What is your sex?
a. Male
b. Female

35. What is your age?
a. Younger than 25
b. 25–34
c. 35–44
d. 45–54
e. 55–61
f. 62 and older

36. What is your highest level of education?
a. Less than high school degree
b. High school degree or GED
c. Some college, no degree
d. Associate’s degree or technical/vocational degree
e. Bachelor’s degree
f. Graduate or Professional degree (for example, MA, MSW, MD, JD, PhD)

37. Are you of Hispanic, Latino, or Spanish origin?
a. Yes

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b. No

38. What is your race? Mark all that apply
a. White
b. Black or African American
c. American Indian or Alaska Native
d. Asian
e. Native Hawaiian or other Pacific Islander

39. Is English your preferred language?
a. Yes
b. No

40. Do you have a spouse or partner you share finances with?
a. Yes
b. No

41. Which of the following best describes your current work status?
a. Work full time
b. Work part time
c. Retired
d. Unemployed, temporarily laid off ,or on leave
Not working for pay for some other reason (homemaker, student, disabled, etc.)

Design validity and reliability

Note: These measures ensure the study design is effective.

1. Many people read questions fast or incompletely. For this question, please select “I’m barely
paying attention.”
a. I am completely attentive
b. I am barely paying attention
c. I’m paying pretty close attention
d. All of the above

2. Thanks for completing this survey. To receive payment, type the following code carefully
into the box on the HIT.
[Randomly generated code starting with cfpb]

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