Follow-up Survey

^{Making Ends Meet Sample 4 Wave 2}

Note: This survey instrument currently contains 74 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 main 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

Follow-up

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 follow-up 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 between 10-20 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 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, expenses, and income

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. Do you own your own business?

• Yes

• No (Skip to question XX)

5. 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

6. In the last 12 months, has the amount of money your household has in checking and savings gone up, stayed about the same, or gone down?

• Gone up

• About the same

• Gone down

7. In the last 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

8. 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

9. 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

10. 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)	□	□

11. 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

3. Housing

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

• Yes

• No

13. 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	□	□

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

• Yes

• No

15. 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

16. 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	□	□

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

$___________.00

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

• Yes

• No (Skip to question XX)

19. 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

20. 	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. . .

21. Do you rent your current residence?

• Yes

• No (Skip to question XX)

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

23. 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

24. Are you current on your rent payments?

• Yes

• No

4. Household events

25. 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	□	□	$______________________.00
Moving costs	□	□	$______________________.00
Some other major unexpected expense	□	□	$______________________.00

26. 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

27. 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	□	□

5. Experiences with Credit

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

• Yes

• No (Skip to question XX)

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

• Yes

• No

30. 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

31. 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

• 1-2 times

• 3-6 times

• More than 6 times

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

• Yes

• No

33. 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

34. 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)

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

• For my child

• For my grandchild

• For my spouse or partner

• For someone else

36. 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

37. 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)

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

$_____________

39. 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

40. 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

41. 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

42. 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

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

• Yes

• No

44. Do you currently have a credit card?

• Yes

• No (Skip to question XX)

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

• Yes

• No

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

• Yes

• No (Skip to question XX)

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

• Yes

• No

48. 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

49. 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

50. 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

51. How is your autopay set up?

• To pay the minimum payment

• To pay the full statement balance

• To pay some other amount

52. Do you have the autopay set up to pay . . .

• The minimum

• The statement balance

• Some other amount

53. 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

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

• Yes

• No

55. 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

6. Difficulty paying bills or expenses

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

• Yes

• No

57. 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)

58. 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

59. 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	□	□

7. Medical insurance and debt

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

• Yes

• No

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

• Yes

• No

62. 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

63. 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)

64. 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

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

$_____________.00

65. 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

66. 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

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

• Yes

• No

68. 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)

69. 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

70. 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

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

• Yes

• No

8. Perspectives

72. 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

73. 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

74. 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

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!

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