Making ends Meet Survey

^{Making Ends Meet Sample 5 Wave 1}

Note: This survey instrument currently contains 152 questions, any or all of which could be part of the final instrument. We may remove several of the questions for the version that we send to respondents to fit space constraints on the paper version of the survey and to ensure a readable and inviting layout. We may also move some questions from this instrument on to the follow-up survey that is part of this collection, and vice versa. Any changes of this nature that we make will not increase the burden hours associated with this collection.

Because we expect to remove and/or reorder questions, all references to particular questions within the instrument (such as those in instructions to skip specific questions) are shown with placeholders.

Consumer Financial

Protection Bureau

An official U.S. Government agency

Making Ends Meet Survey

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 scan the QR code to the right

Web

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

Español

Vaya a www.CFPBMakingEndsMeet.com e ingrese su número PIN único y su código postal de 5 dígitos.

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.

Consumer Financial

Protection Bureau

Privacy Act Statement:
5 U.S.C. 552a(e)(3)

The Consumer Financial Protection Bureau (Bureau) uses an outside firm to obtain the names and addresses of a national list of consumers to contact you for the purpose of participating in this survey. The information you provide through your responses will assist the Bureau in understanding people’s experiences when money gets tight.

The Bureau will only receive de-identified information. Only your de-identified information will be combined with other data that the Bureau has collected in a way that you cannot be identified.

Information collected on behalf of the Bureau will be treated in accordance with the System of Records Notice (“SORN”), CFPB.022, Market and Consumer Research Records, https://www.federalregister.gov/articles/2012/11/14/2012-27582/privacy-act-of-1974-asamended. Although the Bureau does not anticipate further disclosing the information provided, it may be disclosed as indicated in the Routine Uses described in the SORN. Direct identifying information will be kept private except as required by law. The Bureau may make an anonymous version of the survey data publicly available.

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. You may withdraw participation at any time.

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-XXXX. 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 the Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW, Washington, DC 20552, or by email to [email protected].

Making Ends Meet Survey

W hy should I do this?	This survey will help us understand your situation and how it may have changed during these uncertain times. Because people’s experiences can vary widely, please fill out the survey even if you have not had financial difficulties. Learning about people’s views and experiences is particularly important in developing policies to help consumers.
W ho should complete this?	It is important that this survey is only completed by the person named on the enclosed letter. The survey will take around 20 minutes to complete. Your participation is voluntary. Please do not identify yourself in any way in your response.
H ow will 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
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.

1. Your general financial situation

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 comfortable using English to perform financial transactions	□	□	□	□	□
   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	□	□	□	□	□

2. Your work

3. What is your current work status? Please 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.)	□	□

4. In the past year, how often did you typically work from home?

• Never in the past year

• Occasionally

• 1-2 days per week

• 3-4 days per week

• 5 or more days per week

5. Do you own your own business?

• Yes

• No (Skip to question XX)

6. Is this business your primary income source?

• Yes

• No

7. Do you have a separate line of credit or credit card for the business?

• Yes

• No

3. Your household and its finances

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

• Yes

• No

9. Do you have any children, parents, relatives, or other dependents whom 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 whom you share your finances with.

If you answered Yes to Question 8, Question 9, or both, answer the following questions for both you and the people you share your finances with.

10. What was your household’s annual gross income (before taxes) in 2023 from all sources (wages, tips, child support, alimony, investment or rental income, retirement, Social Security, unemployment insurance and government benefits such as rental assistance)?

• $20,000 or less

• $20,001 to $35,000

• $35,001 to $50,000

• $50,001 to $65,000

• $65,001 to $80,000

• $80,001 to $100,000

• $100,001 to $125,000

• $125,001 to $175,000

• $175,001 to $250,000

• $250,001 or more

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

• Income is about the same each month

• Income varies somewhat from month to month

• Income varies a lot from month to month

12. In the past year, did your household receive benefits from any of the following government programs?

    	Yes	No
    Temporary Assistance for Needy Families (TANF)	□	□
    Supplemental Nutrition Assistance Program (SNAP, food stamps, or WIC)	□	□
    Earned Income Tax Credit (EITC)	□	□
    Housing or rental assistance (such as Section 8 housing vouchers or public housing placement)	□	□
    Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI)	□	□
    Medicaid	□	□
    Low-Income Home Energy Assistance Program (LIHEAP)	□	□

13. In the past 12 months, how have your normal household expenses like food, clothing, rent, or other bills that you pay regularly changed?

• Gone up

• About the same

• Gone down

14. In the past 12 months, have you or anyone in your household used any of the following payment or money transfer methods, even once?

    	Yes	No
    Checks	□	□
    Prepaid cards	□	□
    Remittances (international money transfer)	□	□
    Virtual currencies (such as bitcoin or Ethereum)	□	□
    Check cashing services	□	□

15. In the past 12 months, how often has your household received financial assistance from family or friends who are not in your household?

• Never

• Once

• 2-4 times

• 5 or more times

16. In the past 12 months, how often has your household provided financial assistance to family or friends who are not in your household?

• Never

• Once

• 2-4 times

• 5 or more times

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

$___________.00

18. Do you or anyone in your household currently have a checking or savings account? Please include any accounts you can access to pay for things, such as money market or prepaid accounts.

• Yes

• No (Skip to question XX)

19. Altogether, about how much money does your household have right now in all of its checking and savings accounts?

• $0

• Less than $100

• $101 to $500

• $501 to $1,000

• $1,001 to $5,000

• $5,001 to $10,000

• $10,001 to $20,000

• $20,000 or more

20. Do you or anyone in your household currently have a non-retirement savings or investment account(s)?

• Yes

• No (Skip to question XX)

21. Altogether, about how much total money does your household have in these non-retirement savings and investment accounts?

• $0

• Less than $100

• $101 to $500

• $501 to $1,000

• $1,001 to $5,000

• $5,001 to $10,000

• $10,001 to $20,000

• $20,000 or more

22. 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

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

• Yes

• No

24. Is anyone in your household currently saving for retirement?

• Yes

• No

25. Whether or not your household is currently saving for retirement, does anyone in your household have an IRA, 401(k) account, pension plan, or other retirement account?

• Yes

• No

26. Thinking about your non-retirement accounts and any cash savings, about how much money does your household currently have that could be used for unexpected expenses or emergencies?

$___________.00

5. Housing

27. Did you consider flood or fire risk when you last decided where to live?

• Yes

• No

28. Do you agree or disagree with the following statements?

    	Agree	Disagree
    Sellers should have to disclose flood risk to potential homebuyers	□	□
    A property’s flood risk should affect the cost of required insurance	□	□
    The government should provide aid to help repair damage from natural disasters	□	□
    Lenders should consider the risk of a property flooding when making a mortgage	□	□
    Natural disasters are more likely to occur in the future	□	□
    Natural disasters will increase in severity in the future	□	□

29. Do you or someone in your household rent out a property you own for income?

• Yes

• No

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

• Yes (Continue to Question XX)

• No (Skip to question XX)
  
  

If you or someone in your household owns your current residence, respond to questions XX-XX

31. Are any of the following statements true about your experience with homeowner’s insurance?

	Yes	No
I currently have homeowner’s insurance	□	□
I cancelled a homeowner’s insurance policy in the past 12 months	□	□
My insurance company cancelled my homeowner’s insurance in the past 12 months	□	□
I shopped around for a different homeowner’s insurance plan in the past 12 months	□	□

32. About how much does your household spend on your mortgage (including property taxes and homeowner’s insurance) each month?

$___________.00

33. Has the cost of your homeowner’s insurance increased in the last year?

• Yes

• No (Skip to question XX)

34. About how much was the increase?

$___________.00 per month

Skip to question XX

If nobody in your household owns your current residence, respond to questions XX-XX, and questions XX-XX if applicable

35. 	Yes	No
    Been threatened with eviction?	□	□
    Been given an eviction notice?	□	□
    Moved because of rent increases?	□	□
    Moved because your lease was not renewed?	□	□
    Experienced a rent increase that strained your budget	□	□

    In the past year, have you. . .

36. Do you rent your current residence?

• Yes

• No (Skip to question XX)

37. About how much does your household spend on rent each month?
    $___________.00

38. In the past year, how often did you not pay or were late with the rent payment?

• Never (Skip to question XX)

• 1 time

• 2-3 times

• More than 3 times

39. Are you current on your rent payments?

• Yes

• No

6. Household events

40. In the past 12 months, has your household experienced a significant unexpected expense from any of the following?

	No	Yes	If yes, about how much was the cost?
A major out-of-pocket medical or dental expense	□	□	$______________________.00
An unplanned gift or loan to a family member or friend outside your household	□	□	$______________________.00
A major vehicle repair or replacement	□	□	$______________________.00
A major house or appliance repair	□	□	$______________________.00
A computer or mobile phone repair or replacement	□	□	$______________________.00
Legal expenses, taxes, or fines	□	□	$______________________.00
Increase in childcare or dependent care expenses	□	□	$______________________.00
Increase in homeowner’s insurance costs over the past 12 months	□	□	$______________________.00
Moving costs	□	□	$______________________.00
Some other major unexpected expense	□	□	$______________________.00

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

	No	Yes	If yes, about how much income did you lose because of this circumstance over the past 12 months?
Period of unemployment or furlough	□	□	$___________________.00
Reduction in work hours	□	□	$___________________.00
Reduction in wages at your job	□	□	$___________________.00
Changed to a lower-paying job	□	□	$___________________.00
Loss of government benefits	□	□	$___________________.00
Worked less because of illness or injury	□	□	$___________________.00
Worked less to care for others who were sick or injured	□	□	$___________________.00
Worked less or stopped working to take care of children	□	□	$___________________.00
Lost rental income from a property you own	□	□	$___________________.00
Loss of revenue from a business you own	□	□	$___________________.00
Loss of income due to a natural disaster	□	□	$___________________.00
Other significant drop in income	□	□	$___________________.00

42. 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 had a major illness or injury	□	□
Someone in your household died	□	□
Someone was born, adopted, or moved into your household	□	□
Someone left your household	□	□
Someone in your household retired	□	□
Natural disaster affected your home, employer, or business	□	□
You moved to a new residence	□	□
A car was repossessed	□	□
Someone in your household was arrested, charged with a crime, or held in jail or prison	□	□
You started a new business	□	□
You closed a business you owned	□	□

7. Difficulty paying bills or expenses

43. Do you expect to have difficulty paying for a bill or expense in the next 12 months?

• Yes

• No

44. 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 question XX)

45. 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

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

• In the last month

• 1-3 months ago

• 4-6 months ago

• 7-12 months ago

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

• Yes

• No (Skip to question XX)

48. Was this event expected or unexpected?

• Expected

• Unexpected

49. What was that event or expense?

• 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

• Increase in rent or cost of homeownership

• Other (please specify) _______________

50. Thinking back to the most recent time you had difficulty, which of the following did you have difficulty paying for? Paying for one major expense may make it harder to pay other bills or expenses, so please mark yes for everything you had difficulty paying for.

    	Yes	No
    A medical expense	□	□
    A car or vehicle repair	□	□
    A home repair	□	□
    Food	□	□
    Mortgage or rent	□	□
    Utilities	□	□
    Taxes, fees, or legal bills	□	□
    Death or funeral costs	□	□
    Student loan, school, or tuition costs	□	□
    Childcare	□	□
    Other regular household expenses	□	□
    Some other expense	□	□

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

• Did not pay for all of this expense

• Negotiated a lower or delayed payment for this expense

• Used non-retirement savings or investments

• Used retirement savings

• Sold or pawned something

• 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

• Donated plasma or blood for money

• Used a credit card and paid it off over time

• Borrowed money from friends or family

• Took out or used a home equity line of credit

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

• Took out a payday or auto title loan

• Other

52. 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 and friends recommended it to me

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

• Other (please specify) ______________

8. Medical insurance and debt

53. Do you have health insurance (through an employer, purchased independently, or from a government program like Medicare or Medicaid)?

• Yes, from Medicare

• Yes, from Medicaid

• Yes, from another source

• No

54. Does everyone else in your household have health insurance?

• Yes

• No

55. Do you or your household have any medical or dental bills that are past due or that you are unable to pay?

• Yes

• No

56. Do you or your household have any medical or dental bills that you are paying off over time directly to the provider?

• Yes

• No

57. Do you or your household owe money because you took out a loan or used a credit card to pay medical or dental bills?

• Yes

• No

58. Do you have a credit card that only lets you pay for medical or dental expenses with it? Please do not include debit cards for prepaid accounts like a Health Savings Account (HSA) or Flexible Spending Account (FSA).

• Yes

• No

59. In the past year, have you been contacted by someone other than your medical or dental provider to collect a past-due medical or dental bill?

• Yes

• No (Skip to question XX)

60. In the past year, how many different bills has someone other than your medical or dental provider tried to collect from you?

• 1 bill

• 2-4 bills

• 5 or more bills

61. The most recent time you were contacted, about how much was the bill?

$_____________.00

62. The most recent time you were contacted, did you dispute the bill?

• Yes

• No

63. In the past year, have you or anyone in your household been asked to pay out of pocket for one or more medical or dental expenses?

• Yes

• No (Skip to question XX)

64. About how much was your household asked to pay out of pocket for medical and dental expenses in the past year in total? Please include only the amount you or your household were asked to pay out of pocket without reimbursement, not the total cost of your care.

$_____________.00

65. If any of this amount was from a hospital, did the hospital give you information on its financial assistance program?

• None of the amount was from a hospital (Skip to question XX)

• Yes

• No

66. Did you believe you were eligible for financial assistance from the hospital?

• Yes

• No

9. Debt collection

67. In the past year, since January 2021, have you been contacted by a debt collector trying to collect a past-due debt from you? Include instances when you were contacted about debts that you believed you did not owe or someone else's debt. Do not include instances when a debt collector contacted you by mistake and had the wrong phone number or address.

• Yes

• No (Skip to question XX)

68. In the past year, how many different debts have debt collectors tried to collect from you?

• 1 debt

• 2-4 debts

• 5 or more debts

69. Thinking about the debt you were most recently contacted about, what best describes the type of the debt? Please mark only one.

• A credit card

• Mortgage or home equity loan

• An automobile or vehicle loan

• Student loan

• Payday loan

• Personally guaranteed business loan or credit card

• Past-due taxes

• Past-due medical bill(s)

• Past-due rent

• Past-due phone, cable, or internet bill(s)

• Past-due utility bill(s) such as gas, electric, water

• Legal judgment or legal expenses (child support,

• Other type of loan or debt (please specify) _____________

10. Experiences with Credit

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

• Yes

• No (Skip to question XX)

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

• Yes

• No

72. 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

73. In the past year, how many times have you purchased something using a “buy now, pay later” option, in which you did not pay for the full price at the time of purchase, but rather paid in four or fewer interest-free installments? Some retailers offer these payment plans through companies such as Affirm, Afterpay, and Klarna.

• Not in the past year (Skip to question XX)

• 1-2 times

• 3-6 times

• More than 6 times

74. What is the total amount of the merchandise you have bought in the last 12 months using “buy now, pay later” options?

$__________

75. Have you ever taken out a loan for your own education? Include loans which no longer have a balance.

• Yes

• No

76. Have you ever taken out a loan (or cosigned on a loan) for someone else’s education? Include loans which no longer have a balance. “Cosigning” is when you agree to be responsible for a loan jointly with the primary borrower, often a family member.

• Yes

• No

77. Has someone else ever borrowed a student loan to help pay for your education? Do not include loans where someone cosigned on your loan.

• Yes

• No (Skip to question XX)

78. For whose education did you borrow? Mark all that apply.

• For my child

• For my grandchild

• For my spouse or partner

• For someone else

79. Have you ever helped repay a student loan someone else took out for their education?

• Yes, for a spouse or partner

• Yes, for a child or grandchild

• Yes, for someone else

• No

80. Do you currently have any student loans? Include any loans that you took out for someone else’s education in addition to any loans you have taken out for your own education.

• Yes

• No (Skip to question XX)

81. About how much are you paying on all of your student loans each month?

$_____________

82. What type of student loans do you have?

• Private student loans only (Skip to question XX)

• Federal student loans only

• Both private and federal student loans

83. Have you started making payments on your federal student loans after the pandemic pause for federal student loan repayment?

• Yes, before October 2023

• Yes, in October - December 2023

• Yes, in January 2024 or later

• I haven't started making payments yet

84. Do you have an auto loan?

• Yes

• No (Skip to question XX)

85. Did you get the auto loan through the dealer or by going to a lender yourself?

• Through the dealer

• By going to a lender myself

• Don’t know

86. In the past year, did a credit card company unexpectedly cancel your credit card or reduce your credit card limit?

• Yes

• No

87. Do you currently have a credit card?

• Yes

• No (Skip to question XX)

88. In the past 12 months, have you incurred a late fee on any of your credit cards?

• Yes

• No

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

• Yes

• No (Skip to question XX)

90. Do you think you will pay the full balance in the next year?

• Yes

• No

91. The last time your credit card limit was increased, did you ask for the increase, or did your credit card issuer give it to you without asking you?

• My limit has never increased (Skip to question XX)

• I asked for it

• The issuer gave it without asking me

92. How do you feel about this limit increase?

• Glad it happened

• Prefer it hadn’t happened

• Don’t feel strongly one way or the other

93. Do you have autopay set up for the credit card you use most regularly? Autopay has an amount automatically deducted from your bank account to pay your credit card bill.

• Yes

• No

94. How is your autopay set up?

• To pay the minimum payment

• To pay the full statement balance

• To pay some other amount

95. In the past 12 months, how many overdraft fees have you or others in your household been charged? An overdraft fee occurs when your account balance is less than a payment, but your bank covers the transaction and charges you a fee.

• Not in the last year

• 1-3 fees

• 4-10 fees

• More than 10 fees

96. In the past 12 months, how many insufficient funds fees have you or others in your household been charged? An insufficient funds fee occurs when your account balance is less than a payment, and your bank denies the payment.

• Not in the last year

• 1-3 fees

• More than 4 fees

97. Have you taken out a payday loan in the past 12 months or continued to owe money on a previous payday loan? A payday loan is a loan that you must repay, make a payment on, or rollover on your next payday.

• Yes

• No (Skip to question XX)

98. Have you rolled over a payday loan in the last 12 months?

• Yes

• No

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

• Yes

• No

100. Have you taken out a pawn shop loan in the past 12 months?

• Yes

• No (Skip to question XX)

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

• Yes

• No

102. Have you taken out an auto title loan in the past 12 months? An auto title loan uses the car’s value to borrow money for a short period of time.

• Yes

• No (Skip to question XX)

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

• Yes

• No

11. Perspectives

104. Imagine that the interest rate on your savings account was 1% per year, and inflation was 2% per year. After 1 year, would you be able to buy:

• More than today with the money in this account

• Exactly the same as today with the money in this account

• Less than today with the money in this account

• Don't know

• Refuse to answer

105. Do you think that the following statement is true or false?
     
     "Bonds are normally riskier than stocks."

• True

• False

• Don't know

• Refuse to answer

106. Considering a long time period (for example, 10 or 20 years), which asset described below normally gives the highest return?

• Savings account

• Stocks

• Bonds

• Don't know

• Refuse to answer

107. Normally, which asset described below displays the highest fluctuations over time?

• Savings account

• Stocks

• Bonds

• Don't know

• Refuse to answer

108. When an investor spreads his money among different assets, does the risk of losing a lot of money:

• Increase

• Decrease

• Stay the same

• Don't know

• Refuse to answer

109. Do you think that the following statement is true or false?
     
     "If you were to invest $1,000 in a stock mutual fund, it would be possible to have less than $1,000 when you withdraw your money."

• True

• False

• Don't know

• Refuse to answer

110. Do you think that the following statement is true or false?
     
     "A stock mutual fund combines the money of many investors to buy a variety of stocks."

• True

• False

• Don't know

• Refuse to answer

111. Do you think that the following statement is true or false?
     
     "After age 73, you have to withdraw at least some money from your 401(k) plan or IRA."

• True

• False

• It depends on the type of IRA and/or 401(k) plan

• Don't know

• Refuse to answer

112. Do you think that the following statement is true or false?
     
     "A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less."

• True

• False

• Don't know

• Refuse to answer

113. Suppose you have $100 in a savings account, and the interest rate is 20% per year, and you never withdraw money or interest payments. After 5 years, how much would you have in this account in total?

• More than $200

• Exactly $200

• Less than $200

• Don't know

• Refuse to answer

114. Which of the following statements is correct?

• Once one invests in a mutual fund, one cannot withdraw the money in the first year

• Mutual funds can invest in several assets, for example, invest in both stocks and bonds

• Mutual funds pay a guaranteed rate of return which depends on their past performance

• None of the above

• Don't know

• Refuse to answer

115. Which of the following statements is correct? If somebody buys a bond of firm B:

• He owns a part of firm B

• He has lent money to firm B

• He is liable for firm B's debts

• None of the above

• Don't know

• Refuse to answer

116. Suppose you owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an annual percentage rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional new charge?

• Less than 5 years

• Between 5 and 10 years

• Between 10 and 15 years

• Never

• Don't know

• Refuse to answer

117. For the following hypothetical situation, please indicate how likely you would be to exhibit the described behavior.
     
     If my credit card bill arrives at the end of the month, I would pay it in full instead of only paying some of it.

• Very unlikely

• Unlikely

• Unsure

• Likely

• Very likely

118. For the following hypothetical situation, please indicate how likely you would be to exhibit the described behavior.
     
     If my paycheck arrived next month, I would deposit some of it in a savings account instead of depositing everything in my checking account.

• Very unlikely

• Unlikely

• Unsure

• Likely

• Very likely

119. For the following hypothetical situation, please indicate how likely you would be to exhibit the described behavior.
     
     I would start saving for my retirement today, instead of spending more of my money while I'm young.

• Very unlikely

• Unlikely

• Unsure

• Likely

• Very likely

120. For the following hypothetical situation, please indicate how likely you would be to exhibit the described behavior.
     
     If I bought new clothes over the next few months, I would buy high-quality clothing instead of cheaper clothing that I would need to replace sooner.

• Very unlikely

• Unlikely

• Unsure

• Likely

• Very likely

121. For the following hypothetical situation, please indicate how likely you would be to exhibit the described behavior.
     
     If I had bills to pay today, I would pay them immediately instead of letting them pile up.

• Very unlikely

• Unlikely

• Unsure

• Likely

• Very likely

122. Imagine that we rolled a fair, six-sided die 1,000 times. Out of 1,000 rolls, how many times do you think the die would come up even (2, 4, or 6)?

• ________________________________________________________________

123. In the BIG BUCKS LOTTERY, the chances of winning a $10.00 prize is 1%. What is your best guess about how many people would win a $10.00 prize if 1,000 people each buy a single ticket to BIG BUCKS?

• ________________________________________________________________

124. In the ACME PUBLISHING SWEEPSTAKES, the chance of winning a car is 1 in 1,000. What percent of tickets to ACME PUBLISHING SWEEPSTAKES win a car?

• ________________________________________________________________

125. Which of the following numbers represents the biggest risk of getting a disease?

• 1 in 100

• 1 in 1000

• 1 in 10

126. Which of the following represents the biggest risk of getting a disease?

• 1%

• 10%

• 5%

127. If person A's risk of getting a disease is 1% in 10 years, and person B's risk is double that of A's, what is B's risk?

• [Enter number]

128. If person A's chance of getting a disease is 1 in 100 in 10 years, and person B's risk is double that of A, what is B's risk?

• [Enter number]

129. If the chance of getting a disease is 10%, how many people would be expected to get the disease out of 100?

• [Enter number]

130. If the chance of getting a disease is 10%, how many people would be expected to get the disease out of 1000?

• [Enter number]

131. If the chance of getting a disease is 20 out of 100, this would be the same as having a ____% chance of getting the disease.

• [Enter number]

132. The chance of getting a viral infection is .0005. Out of 10,000 people, about how many of them are expected to get infected?

• [Enter number]

133. Without looking it up, what is your approximate credit score? It is okay if you have to guess.

• My credit score is (enter a number ranging from 300 to 850): [Enter number]

• I have never checked my credit score before or do not have a credit score.

134. Without looking it up, what do you think the average credit score is for people in the United States who have a credit score? It is okay if you have to guess.

• The average credit score is (enter a number ranging from 300 to 850): [Enter number]

• I have never checked my credit score before or do not have a credit score.

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

• Never

• At least one year ago

• Within the last year

136. How do you think your credit score has changed over the last year?

• Gone up

• Stayed about the same

• Gone down

137. Suppose you won a prize and could decide when you would get the amount. Would you rather get:

• $1000 in one month or

• $1050 in six months

138. Suppose you won a prize and could decide when you would get the amount. Would you rather get:

• $1000 in one month or

• $1100 in six months

139. Suppose you won a prize and could decide when you would get the amount. Would you rather get:

• $1000 in one month or

• $1150 in six months

12. You and your household

140. Would you say your health in general is…?

• Excellent

• Very Good

• Good

• Fair

• Poor

141. What is your current marital status?

• Married

• Never married, living with a partner

• Never married, not living with a partner

• Separated

• Divorced

• Widowed

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

• No others

• 1 other

• 2 or more

143. How many children live in your household?

• No children

• 1

• 2 or more

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

• Yes

• No

145. What is your race? Please mark all that apply.

• White

• Black or African American

• American Indian or Alaska Native

• Asian

• Native Hawaiian or other Pacific Islander

• Some other race

146. Were you born in the United States?

• Yes

• No

147. 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)

148. Are you currently attending school?

• Yes, full time

• Yes, part time

• No

149. Did either of your parents complete a four-year college degree?

• Yes

• No

150. What is your current military status?

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

151. What is your gender? Please mark all that apply

• Male

• Female

• Non-binary

• Prefer not to answer

152. Do you consider yourself to be?

• Straight or heterosexual

• Gay, lesbian, or homosexual

• Bisexual

• Other or don’t know

• Prefer not to answer

We have provided the space below if you wish to share additional comments or further explain any of your responses. Please do not share any Personally Identifiable Information (PII), including, but not limited to, your name, address, phone number, email address, Social Security number, etc.

Thank you for completing our survey!

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Consumer Financial Protection Bureau

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Rockville, MD 20850

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