Appendix C: Consumer Responses to Survey Questionnaire

Questions are listed below in the order in which they were presented to respondents, although not all questions were asked to all respondents. All data are weighted to yield estimates for the U.S. adult population.

Question D0. Do each of the following types of people currently live with you in your household?

Response	Percent
My spouse or partner	62.5
My child or children who are under age 18	27.7
My adult child or children who are age 18 or older	14.7
My parents	15.0
My extended family such as brothers, sisters, or cousins	10.2
Roommate(s) who are not related to me	5.1
Other individuals (please specify)	0.9

Note: Number of unweighted respondents = 5,642.

Question D0A. Which of the following best describes the adult children (who are age 18 or older) who live with you?

Response	Percent
Refused	2.2
All of the adult children living with me are currently enrolled in school	35.3
One or more of the adult children who lives with me is not currently enrolled in school	62.5

Note: Number of unweighted respondents = 769.

Question D2. We are interested in your present job status. Which one of the following BEST describes your current employment situation?

Response	Percent
Refused	0.1
Employed now	56.8
Temporarily laid off	0.7
Not employed, but looking for a job	4.5
Not employed and not looking for a job	1.8
Homemaker	6.1
Student	4.4
Disabled and not working	7.1
Retired	18.7

Note: Number of unweighted respondents = 5,642.

Question D3. Thinking of your main job, do you:

Response	Percent
Refused	0.2
Work full time for someone else	76.7
Work part time for someone else	15.1
Work for yourself (self-employed)	6.5
Work in a partnership (e.g., partner in law firm, medical practice)	0.5
Work as a consultant/contractor	1.0

Note: Number of unweighted respondents = 2,775.

Question D4A. Besides being a student, do you also have
a paid job?

Response	Percent
Yes, I work full time	1.1
Yes, I work part time	37.5
No	61.4

Note: Number of unweighted respondents = 149.

Question D4B. Besides being retired, do you also have
a paid job?

Response	Percent
Refused	0.1
Yes, I work full time	0.7
Yes, I work part time	9.5
No	89.7

Note: Number of unweighted respondents = 1,516.

Question D4C. In addition to your main job, do you have any of the following types of additional paid jobs?

Response	Percent
I have another full-time job	2.4
I have another part-time job	11.4
I do other work for pay that is not through a formal job	11.7

Note: Number of unweighted respondents = 2,775.

Question D4D. Do you do any work for pay, even if not through a formal job?

Response	Percent
Refused	0.0
No	73.3
Yes	26.7

Note: Number of unweighted respondents = 684.

Question D4E. If you were paid the same hourly rate that you make at your main job regardless of the number of hours you work, would you prefer to:

Response	Percent
Work the same number of hours that you currently work	57.5
Work more hours for more money	35.1
Work fewer hours for less money	6.9

Note: Number of unweighted respondents = 2,754.

Question D5. Which one of the following BEST describes your spouse's/partner's current employment status?

Response	Percent
Refused	0.5
Employed full time	57.4
Employed part time	7.3
Temporarily laid off	0.2
Not employed, but looking for a job	2.3
Not employed and not looking for a job	1.5
Homemaker	6.6
Student	0.9
Disabled and not working	3.7
Retired	19.5

Note: Number of unweighted respondents = 3,197.

Question Y1. Thinking about your current education and work experience, how confident are you that you have the skills necessary to get the kind(s) of job(s) you want now?

Response	Percent
Refused	0.1
Very confident	35.3
Somewhat confident	37.3
Not confident	14.0
I am not currently in the workforce and I am not looking for a job	9.4
Don't know	3.9

Note: Number of unweighted respondents = 4,126.

Question Y3. You expressed some lack of confidence in your skills for the kinds of jobs that you might want now. Which of these statements, if any, do you agree with?

Response	Percent
Refused	0.7
I need more education or another degree	52.0
I need more job training	37.2
My skills are out of date because I haven't been using them	25.8
The job market is changing faster than I can keep up with	26.2
The kind of job I'm qualified for is not available	16.6

Note: Number of unweighted respondents = 601.

Question B2. Overall, which one of the following best describes how well you are managing financially these days:

Response	Percent
Refused	0.1
Finding it difficult to get by	9.4
Just getting by	22.0
Doing okay	41.0
Living comfortably	27.6

Note: Number of unweighted respondents = 5,642.

Question B3. Compared to 12 months ago, would you say that you (and your family living with you) are better off, the same, or worse off financially?

Response	Percent
Refused	0.2
Much worse off	3.7
Somewhat worse off	14.8
About the same	54.0
Somewhat better off	21.5
Much better off	5.8

Note: Number of unweighted respondents = 5,642.

Question B6. Think of your parents when they were your age. Would you say you (and your family living with you) are better, the same, or worse off financially than they were?

Response	Percent
Refused	0.5
Much worse off	6.6
Somewhat worse off	16.2
About the same	26.0
Somewhat better off	28.2
Much better off	22.5

Note: Number of unweighted respondents = 5,642.

Question GH1. Which one of the following best describes your housing arrangement?

Response	Percent
I (and/or my spouse/partner) own (our/my) home with a mortgage or loan	41.2
I (and/or my spouse/partner) own (our/my) home free and clear (without a mortgage or loan)	20.3
I (and/or my spouse/partner) pay rent	26.8
I (and/or my spouse/partner) don't own (our/my) home or pay rent	11.4

Note: Number of unweighted respondents = 5,642.

Question GH2. In what year did you buy/start renting/move into your current home?

Response	Value
Refused (percent)	1.2
Mean	2003
Median	2006

Note: Number of unweighted respondents = 5,642.

Question GH3. How satisfied are you with each of the following aspects of your housing situation?

Response	Percent
	Refused	Not at all satisfied	Slightly satisfied	Some- what satisfied	Mostly satisfied	Com- pletely satisfied
Overall quality of your neighborhood	0.0	4.0	8.2	17.5	39.0	31.3
Quality of your local schools	1.0	6.2	10.0	23.6	35.5	23.8
Safety of your neighborhood	0.2	4.2	8.2	19.0	38.8	29.7
Quality of other amenities in your neighborhood	0.4	6.0	11.5	24.5	35.5	22.2
Overall quality of your house/apartment	0.1	4.3	8.0	20.2	40.9	26.6
Cost of your house/apartment	0.3	7.1	10.3	23.6	33.9	24.9

Note: Number of unweighted respondents = 5,642.

Question GH4. Do you (and/or your spouse/partner) expect to purchase a (new) home in the next 12 months?

Response	Percent
Refused	0.2
Definitely no	63.0
Probably no	19.1
Probably yes	6.6
Definitely yes	2.1
Don't know	9.2

Note: Number of unweighted respondents = 5,642.

Question GH5. Have you taken each of the following steps in planning for a home purchase?

Response	Percent
Researched houses on your own (e.g., online, newspaper, etc.)	59.8
Attended an open house or toured homes for sale	26.9
Talked to a real estate agent	35.8
Talked to a bank or lender about a mortgage	26.0
Checked your credit	53.9
Received a preapproval for a mortgage	17.1
Submitted an offer to purchase a house	8.7

Note: Number of unweighted respondents = 913.

Question R0. Would you prefer to own your home rather than rent your home if you could afford it?

Response	Percent
Refused	0.4
Definitely no	7.0
Probably no	11.6
Probably yes	25.7
Definitely yes	55.4

Note: Number of unweighted respondents = 1,547.

Question R4. Did you own your previous home that you moved from in (GH2 response)?

Response	Percent
Refused	0.5
No	88.1
Yes, and I still own that home	1.7
Yes, and I sold that home	9.7

Note: Number of unweighted respondents = 603.

Question R5. Please select all of the reasons that you moved to your current home in (GH2 response).

Response	Percent
Refused	0.2
To save money/cheaper place to live	28.8
Larger or better quality home	18.9
Better quality neighborhood or schools	12.0
Relocated to a new city	35.5
Change in family status (e.g., marriage, divorce, children)	17.6
Other (please specify)	17.1

Note: Number of unweighted respondents = 603.

Question R3. About how much do you (and/or your spouse/partner) pay for rent each month?

Response	Value
Refused (percent)	1.1
Mean (dollars) (>0)	854.5
Median (dollars) (>0)	760.0
Don't know (percent)	7.1

Note: Number of unweighted respondents = 1,547.

Question H1. Compared to 12 months ago, do you think the value of your home today is higher, lower, or stayed the same?

Response	Percent
Refused	0.2
Value is a lot lower	5.1
Value is a little lower	11.8
Value has stayed the same	27.4
Value is a little higher	43.0
Value is a lot higher	8.3
Don't know	4.4

Note: Number of unweighted respondents = 3,514.

Question H4. In the next 12 months, how much do you think that home prices in your neighborhood will change?

Response	Percent
Refused	0.4
Go down by a lot	1.3
Go down by a little	6.9
Stay about the same	40.0
Go up by a little	38.8
Go up by a lot	3.7
Don't know	8.9

Note: Number of unweighted respondents = 3,629.

Question H6. Prior to purchasing your current home did you (or your spouse/partner) ever own another house?

Response	Percent
Refused	0.2
No	41.4
Yes	58.4

Note: Number of unweighted respondents = 1,807.

Question H7. In addition to your mortgage, please select all the sources below that you used to fund the home purchase when you bought your current home:

Response	Percent
Refused	0.3
Proceeds from sale of previous home	34.8
Personal savings	55.6
Loan or gift from family/friends	13.8
Second mortgage	5.2
Financial assistance from a government program or nonprofit organization	4.8
None (exclusive)	13.3
Other (please specify)	4.5

Note: Number of unweighted respondents = 1,807.

Question M2. In the past 12 months, have you (or your spouse/partner) missed two or more payments on your mortgage?

Response	Percent
Refused	0.3
No	95.6
Yes	4.1

Note: Number of unweighted respondents = 2,202.

Question M4. About how much is your total monthly mortgage payment (i.e., the amount you send to the bank)?

Response	Value
Refused (percent)	0.8
Mean (dollars) (>0)	1,225.4
Median (dollars) (>0)	1,100.0
Don't know (percent)	7.3

Note: Number of unweighted respondents = 2,202.

Question BK1. Do you (and/or your spouse/partner) currently have a checking, savings, or money market account?

Response	Percent
Refused	0.4
No	7.8
Yes	91.9

Note: Number of unweighted respondents = 5,642.

Question BK2. In the past 12 months, have you (and/or your spouse/partner):

Response	Percent
Used a money order	19.8
Used a check-cashing service	8.9
Used a tax refund anticipation loan	2.1
Used a pawn shop loan, a payday loan, an auto title loan, or a paycheck advance/deposit advance	5.6
Sent money to a relative or friend (not a business) living outside of the U.S. using a service other than a bank (e.g., Western Union, USPS SureMoney, etc.)	5.0

Note: Number of unweighted respondents = 5,642.

Question A6. If you were to apply for a credit card today, how confident are you that your application would be approved?

Response	Percent
Refused	0.2
Very confident	53.3
Somewhat confident	21.6
Not confident	19.6
Don't know	5.3

Note: Number of unweighted respondents = 5,642.

Question A0. In the last 12 months, have you (and/or your spouse/partner) applied for any credit (such as a credit card, higher credit card limit, mortgage, refinance, student loan, personal loan, or other loan)?

Response	Percent
Refused	0.6
No	60.7
Yes	38.7

Note: Number of unweighted respondents = 5,642.

Question A0A. Please select all of the types of credit below that you (and/or your spouse/partner) have applied for in the past 12 months.

Response	Percent
Refused	0.3
Mortgage to buy a new home	8.1
Refinance of a home mortgage	7.7
Home equity loan or line of credit	5.4
Credit card	66.9
Car/auto loan	26.7
Student loan	9.5
Personal general-purpose loan from a bank	9.9
Personal loan from friends or family	3.9
Other (please specify)	5.4

Note: Number of unweighted respondents = 2,052.

Question A0B. Was there a time in the past 12 months that you (and/or your spouse/partner) desired credit but chose not to submit a credit application?

Response	Percent
Refused	0.2
No	88.0
Yes	11.8

Note: Number of unweighted respondents = 3,561.

Question A1. In the past 12 months, please tell us if each of the following has or has not happened to you (and/or your spouse/partner):

Response	Percent
You (or your spouse/or your partner) were turned down for credit	26.0
You (or your spouse/or your partner) were approved for credit, but were not given as much credit as you applied for	16.8
You (or your spouse/or your partner) put off applying for credit because you thought you might be turned down	18.5

Note: Number of unweighted respondents = 2,081.

Question A2. You indicated that you (or your spouse/partner) desired credit in the past 12 months but did not submit a credit application. Was this because you thought that you might be turned down or denied credit?

Response	Percent
Refused	0.8
No	42.7
Yes	56.4

Note: Number of unweighted respondents = 432.

Question A3. Which forms of credit that you applied for were you denied or offered less credit than requested:

Response	Percent
Refused	1.5
Mortgage to buy a new home	13.8
Refinance of a home mortgage	21.9
Home equity loan or line of credit	21.6
Credit card	34.8
Car/auto loan	21.2
Student loan	15.0
Personal general-purpose loan from a bank	38.0
Personal loan from friends or family	35.7
Other (please specify)	21.1

Note: Conditioned on having applied for that type of credit.

Question C1. If you had to guess, do you think your current credit score (such as a FICO score) is:

Response	Percent
Refused	0.3
Poor	10.8
Fair	12.3
Good	18.4
Very good	20.5
Excellent	30.1
Don't know my score or how to rate it	7.7

Note: Number of unweighted respondents = 5,642.

Question C2A. Do you have at least one credit card?

Response	Percent
Refused	0.2
No	23.2
Yes	76.6

Note: Number of unweighted respondents = 5,642.

Question C4A. In the past 12 months, how frequently have you carried a balance on one or more of your credit cards?

Response	Percent
Refused	0.3
Never carried a balance (always pay in full)	42.4
Once	6.2
Some of the time	19.7
Most or all of the time	31.4

Note: Number of unweighted respondents = 4,419.

Question C4B. In the past 12 months, how frequently have you paid only the minimum payment on one or more of your credit cards?

Response	Percent
Refused	0.4
Never	40.0
Once	9.2
Some of the time	30.0
Most or all of the time	20.4

Note: Number of unweighted respondents = 2,471.

Question C5. On the credit card you use most often, which of these categories best describes the current interest rate?

Response	Percent
Refused	0.1
0 to 5 percent	8.7
6 to 10 percent	17.3
11 to 15 percent	24.8
16 to 20 percent	18.0
21 to 25 percent	12.8
Over 25 percent	2.1
Don't know	16.2

Note: Number of unweighted respondents = 2,471.

Question ED0. What is the highest level of school you have completed or the highest degree you have received?

Response	Percent
Less than high school degree	7.5
High school degree or GED	29.0
Some college but no degree (including currently enrolled in college)	19.7
Certificate or technical degree	5.5
Associate degree	7.8
Bachelor's degree	18.1
Master's degree	7.6
Professional degree (e.g., MBA, MD, JD)	2.9
Doctoral degree	1.9

Note: Number of unweighted respondents = 5,642.

Question ED0A. Are you currently enrolled in any school, college, or other post-high school educational program that will lead to a degree?

Response	Percent
Refused	0.2
No	89.8
Yes	10.0

Note: Number of unweighted respondents = 5,329.

Question ED0B. What type of degree program are you currently enrolled in?

Response	Percent
Refused	0.8
Certificate or technical degree	9.3
Associate degree	26.1
Bachelor's degree	46.0
Master's degree	10.1
Professional degree (e.g., MBA, MD, JD)	4.8
Doctoral degree	2.9

Note: Number of unweighted respondents = 351.

Question ED0C. In the past 12 months, have you taken any classes towards a degree or completed any educational programs?

Response	Percent
Refused	0.5
No	93.3
Yes	6.2

Note: Number of unweighted respondents = 1,930.

Question ED1. Which one of the following broad categories best describes your (current/most recent) educational program?

Response	Percent
Refused	0.7
Humanities	7.3
Social/behavioral sciences	8.2
Life sciences	2.7
Physical sciences/math	3.4
Computer/information sciences	7.8
Engineering	7.2
Education	9.7
Business/management	20.8
Health	11.1
Law	3.7
Vocational/technical training	7.2
Undeclared	6.7
Other (please specify):	3.5

Note: Number of unweighted respondents = 3,653.

Question ED4. In what year did you last attend this educational program?

Response	Value
Refused (percent)	14.2
Mean	1995
Median	1998

Note: Number of unweighted respondents = 1,271.

Question ED5. Overall, how would you say the lifetime financial benefits of your (current/most recent) educational program compare to its financial costs?

Response	Percent
Refused	3.0
Financial benefits are much larger	18.6
Financial benefits are somewhat larger	16.9
About the same financial benefits and financial costs	34.9
Financial costs are somewhat larger	12.3
Financial costs are much larger	14.4

Note: Number of unweighted respondents = 1,415.

Question ED6A. Knowing what you know now about the benefits and costs of your education, if you could go back and make your education decisions again would you have done each of these things:

Response	Percent
Chosen a different field of study	37.1
Attended a different school	32.3
Completed less education	7.2
Completed more education	69.2
Chosen not to attend college	11.7

Note: Number of unweighted respondents = 1,206.

Question ED9. In what year did you receive your associate/bachelor's degree?

Response	Value
Refused (percent)	1.9
Mean	1994
Median	1997

Note: Number of unweighted respondents = 2,233.

Question ED10. Overall, how would you say the lifetime financial benefits of your (associate/bachelor's) program compare to its financial costs?

Response	Percent
Refused	0.6
Financial benefits are much larger	37.4
Financial benefits are somewhat larger	24.4
About the same financial benefits and financial costs	21.2
Financial costs are somewhat larger	9.4
Financial costs are much larger	7.0

Note: Number of unweighted respondents = 2,227.

Question ED11A. Knowing what you know now about the benefits and costs of your education, if you could go back and make decisions regarding your (associate/bachelor's) again, would you have done each of these things:

Response	Percent
Chosen a different field of study	33.6
Attended a different school	22.4
Completed less education	4.0
Completed more education	41.9
Chosen not to attend college	3.3

Note: Number of unweighted respondents = 2,227.

Question ED13. Which of the following are reasons why you did not attend college?

Response	Percent
Refused	0.2
Too expensive	29.2
Family responsibilities	23.4
Wanted to work	30.3
Simply was not interested in college	37.5
Was not admitted	1.2
Did not think benefits of attending college were worth the cost	11.9
Other	9.3

Note: Number of unweighted respondents = 1,687.

Question ED14. Which of the following are reasons why you did not complete your college degree?

Response	Percent
Refused	0.6
Too expensive	28.0
Family responsibilities	40.4
Wanted to work	33.5
Simply was not interested in continuing college	22.0
Did not think the benefits of continuing college were worth the cost	16.0
Low grades	9.2
Other	14.4

Note: Number of unweighted respondents = 889.

Question ED15. What is the highest level of education that your mother completed?

Response	Percent
Refused	0.3
Less than high school degree	18.9
High school degree or GED	37.1
Some college but no degree	10.1
Certificate or technical degree	5.1
Associate degree	4.8
Bachelor's degree	10.3
Graduate degree	6.5
Don't know	7.1

Note: Number of unweighted respondents = 5,642.

Question ED16. What is the highest level of education that your father completed?

Response	Percent
Refused	0.3
Less than high school degree	21.4
High school degree or GED	30.3
Some college but no degree	8.1
Certificate or technical degree	4.7
Associate degree	4.0
Bachelor's degree	10.7
Graduate degree	8.9
Don't know	11.6

Note: Number of unweighted respondents = 5,642.

Question SL1. Do you currently have student loan debt or owe any money used to pay for your own education?

Response	Percent
Refused	0.5
No	84.1
Yes	15.5

Note: Number of unweighted respondents = 5,642.

Question SL2. Think about the money you borrowed to pay for your own education. Is the money you owe for that education a student loan, a home equity loan, a credit card debt, or some other type of loan? If you have multiple loans, please select all that apply.

Response	Percent
Student loan	94.3
Home equity loan	2.5
Credit card	20.5
Other loan: please specify	4.3

Note: Number of unweighted respondents = 743.

Question SL3. Thinking specifically about the money that you borrowed to pay for your own education, please tell
us the total amount that you currently owe on each of
these loans.

Response	Mean (dollars) (>0)	Median (dollars) (>0)
Student loan	30,156.1	12,000
Home equity loan	57,549.9	40,400
Credit card	7,574.1	3,000
Other loan	11,968.6	9,000
Total	32,584.8	14,000

Note: Conditioned on having debt of each form; 5.8 percent of respondents who reported that they have education debt refused to provide the amount of the loans.

Question SL4. Approximately how much is the total monthly payment that you make on student loans from your education?

Response	Value
Refused (percent)	3.7
Zero (percent)	26.9
Mean (dollars) (>0)	533.2
Median (dollars) (>0)	180.0

Note: Number of unweighted respondents = 712.

Question SL5. Is one or more of the student loans from your own education in deferment, forbearance, or being forgiven so you do not need to make payments right now?

Response	Percent
Refused	1.0
No	59.6
Yes	39.5

Note: Number of unweighted respondents = 712.

Question SL6. Are you behind on payments or in collections for one or more of the student loans from your own education?

Response	Percent
Refused	0.7
No	81.5
Yes	17.8

Note: Number of unweighted respondents = 712.

Question SL7. Did you borrow money or take out any loans to pay for your own education that you have since repaid?

Response	Percent
Refused	0.7
No	85.2
Yes	14.1

Note: Number of unweighted respondents = 4,899.

Question SL8. Still thinking about the money you borrowed to pay for your own education, did you borrow money for each of the following educational programs (including any loans which you have completely repaid)?

Response	Percent
Certificate or technical training	15.6
Associate degree	21.6
Bachelor's degree	61.8
Professional degree (e.g., MBA, MD, JD)	8.5
Master's degree or doctoral degree	16.1

Note: Number of unweighted respondents = 1,475.

Question SL9. Did you complete the most recent educational program for which you borrowed money?

Response	Percent
Refused	0.2
No	20.6
Yes	65.6
Still enrolled in the program	13.6

Note: Number of unweighted respondents = 1,475.

Question SL10. Do you currently owe any money used to pay for your spouse/partner's education? Please only include any loans on which you are a co-signer that were used to pay for their education beyond high school (including student loans, home equity loans, or credit cards paid off over time).

Response	Percent
Refused	0.2
No	93.4
Yes	6.4

Note: Number of unweighted respondents = 3,197.

Question SL11. Do you currently owe any money used to pay for your child or grandchild's education? Please only include any loans on which you are a co-signer that were used to pay for their education beyond high school (including student loans, home equity loans, or credit cards paid off over time).

Response	Percent
Refused	0.4
No	72.1
Yes	6.2
Do not have children or grandchildren	21.3

Note: Number of unweighted respondents = 4,887.

Question K1B. At what age do you expect to retire fully, meaning completely stop working for pay?

Response	Percent
Refused (percent)	0.9
Mean age	64.7
Median age	65.0
Will never stop working/I do not plan to retire (percent)	13.5
Not sure (percent)	44.3

Note: Number of unweighted respondents = 4,284.

Question K2. Do you currently have each of the following types of retirement savings or pension?

Response	Percent
401(k), 403(b), or other defined contribution plan through an employer or former employer	47.9
Pension with a defined benefit through an employer or former employer	24.9
IRA or Roth IRA	27.3
Savings outside a retirement account	40.8
Ownership of real estate or land that you plan to sell or rent to generate income in retirement	14.5
Ownership of my business	5.7
Other retirement savings	9.9

Note: Number of unweighted respondents = 4,126.

Question DC1. Does your employer offer a 401(k), 403(b), thrift, or other defined contribution retirement plan?

Response	Percent
Refused	0.4
No	53.9
Yes	26.6
Don't Know	19.2

Note: Number of unweighted respondents = 998.

Question DC2. You stated that you do not participate in a 401(k), 403(b), thrift, or other defined contribution plan from work. Please select all the reasons below for why you do not currently invest in this type of retirement plan.

Response	Percent
Refused	1.3
I am not eligible to participate in my employer's plan	18.1
Employer does not match contributions	5.8
Unable to afford contributions to a retirement plan	26.6
Plan to invest through the retirement plan but have not signed up yet	15.6
Unsure of best way to invest money contributed to the retirement plan	17.6
Prefer to save for retirement in other ways	19.6
Prefer to spend the money rather than save	7.2
Other (please specify)	11.5

Note: Number of unweighted respondents = 269.

Question DC3. If your employer did offer a 401(k), 403(b), thrift, or other defined contribution benefit plan, would you contribute to the plan?

Response	Percent
Refused	0.4
Definitely no	4.1
Probably no	11.1
Probably yes	36.1
Definitely yes	22.2
Don't know	26.2

Note: Number of unweighted respondents = 724.

Question DC4. How confident are you in your ability to make the right investment decisions when managing and investing the money in your retirement accounts (including IRA, 401(k), 403(b), thrift, or other retirement accounts where you choose the investments for yourself)?

Response	Percent
Refused	0.2
Very confident	15.0
Mostly confident	36.3
Slightly confident	33.3
Not confident	15.2

Note: Number of unweighted respondents = 2,519.

Question DC5. Which of the following sources of advice do you usually use when deciding how to invest the money in your retirement accounts?

Response	Percent
Refused	0.7
No one (exclusive)	26.4
Friends or relatives	27.9
Financial planner	28.6
Investment broker	15.1
Lawyer or accountant	3.9
Employer	11.3
Internet research, books, or magazines	23.8
Other (please specify)	3.1

Note: Number of unweighted respondents = 2,519.

Question DC6. You indicated that you did not receive advice from others when deciding how to invest the money in your retirement accounts. Is this because you do not feel that you need help, because you do not know where to get it, or because it is too expensive?

Response	Percent
Refused	1.2
I do not feel that I need help managing my investments	46.6
I would like help but do not know where to get it	25.3
I would like help but I cannot afford it or it is too expensive	26.9

Note: Number of unweighted respondents = 688.

Question K3. Which of the following do you expect will be
a source of funds for you (and your spouse/partner) in retirement?

Response	Percent
	Refused	No	Yes	Don't know
Social Security	0.4	12.2	65.3	22.1
I will continue working	1.7	29.0	38.3	31.1
Spouse/partner will continue working	2.0	44.4	21.6	32.0
Pension with a defined benefit from work (i.e., pension based on a formula, your earnings, and years of service)	1.3	43.0	32.7	23.1
401(k), 403(b), or other defined contribution plan from work (i.e., a retirement plan through work, where you contribute a percent of your salary each pay-period to invest for retirement)	1.1	25.6	52.8	20.5
IRA or Roth IRA	1.7	40.2	31.6	26.5
Savings outside a retirement account (e.g., a brokerage account, savings account)	1.4	31.5	44.3	22.8
Income from real estate or the sale of real estate	1.6	52.7	18.0	27.7
Income from a business or the sale of a business	1.6	68.1	6.1	24.2
Rely on children, grandchildren, or other family	1.7	71.4	4.1	22.8
Rely on inheritance	1.6	68.7	7.2	22.5
Other retirement savings	1.8	56.8	13.8	27.7

Note: Number of unweighted respondents = 4,126.

Question K5A. In the past 12 months, have you borrowed money from or cashed out (permanently withdrawn) money from any of your retirement savings accounts?

Response	Percent
Refused	0.2
No	90.8
Yes, borrowed money	4.1
Yes, cashed out	3.6
Yes, both	1.2

Note: Number of unweighted respondents = 4,126.

Question K8A. At what age did you retire fully, meaning completely stop working?

Response	Value
Refused (percent)	0.2
Mean age	61.2
Median age	62.0
Not sure (percent)	8.7

Note: Number of unweighted respondents = 1,355.

Question K10. Which of the following are sources of funds for you (and your spouse/partner) in retirement?

Response	Percent
Social Security	90.2
I have a job	7.2
My spouse/partner has a job	13.8
Pension with a defined benefit from work	64.9
401(k), 403(b), or other defined contribution plan from work	36.4
IRA or Roth IRA	42.6
Savings outside a retirement account	53.2
Income from real estate or the sale of real estate	14.2
Income from a business or the sale of a business	3.6
Relying on children, grandchildren, or other family	3.5
Other retirement savings	19.4

Note: Number of unweighted respondents = 1,516.

Question HOL1. Thinking about the coming holiday season, about how much are you (and your spouse/partner) planning to spend on holiday gifts this year?

Response	Value
Mean (dollars) (>0)	500.0
Median (dollars) (>0)	727.5

Note: Number of unweighted respondents = 4,250.

Question HOL2. Do you (and/or your spouse/partner) plan to use a credit card that you pay off over time, a layaway plan, a loan, or any other form of borrowing to pay for holiday gifts this year?

Response	Percent
Refused	1.0
No	76.9
Yes	22.1

Note: Number of unweighted respondents = 4,250.

Question HOL3. Approximately when do you (and/or your spouse/partner) expect that you will have any credit card debt, loans, or other borrowing from your holiday spending this year completely paid off?

Response	Percent
Refused	0.2
January 2016 or earlier	26.1
February or March 2016	24.3
April, May, or June 2016	22.1
July, August, or September 2016	8.9
October, November, or December 2016	5.9
After December 2016	12.5

Note: Number of unweighted respondents = 927.

Question AL0. Do you (and/or your spouse/partner) own or lease a car or truck?

Response	Percent
Refused	0.4
No, I do not own or lease a car or truck	18.2
Yes, I own a car or truck	73.2
Yes, I lease a car or truck	4.7
Yes, I own a car or truck and I lease a car or truck	3.6

Note: Number of unweighted respondents = 5,642.

Question AL1. Do you (and/or your spouse/partner) currently have any auto loans on cars or trucks that you own?

Response	Percent
Refused	0.2
No	60.3
Yes	39.5

Note: Number of unweighted respondents = 4,448.

Question AL2. In the past 12 months, have you (and/or your spouse/partner) missed or been late making any payments on your auto loan or lease?

Response	Percent
Refused	0.2
No	91.5
Yes	8.3

Note: Number of unweighted respondents = 1,894.

Question AL4. In the past 12 months, have you (and/or your spouse/partner) bought or leased a car or truck?

Response	Percent
Refused	0.3
No, I have not purchased or leased a car or truck in the past year	70.0
Yes, I purchased a new, unused car or truck	11.4
Yes, I purchased a used car or truck from a dealership, car lot, or car salesman	10.6
Yes, I purchased a used car or truck from a private seller (such as the previous owner)	5.0
Yes, I leased a car or truck	2.8

Note: Number of unweighted respondents = 4,683.

Question AL5. Approximately how long do you (and/or your spouse/partner) expect to keep this vehicle?

Response	Value
Refused (percent)	2.2
Mean	7.6
Median	6.0

Note: Number of unweighted respondents = 1,218.

Question AL6. When you bought/leased this vehicle, did you compare prices from different sellers?

Response	Percent
Refused	0.3
No	29.9
Yes	69.9

Note: Number of unweighted respondents = 1,218.

Question AL7. When you (and/or your spouse/partner) bought this vehicle, did you take out an auto loan to pay for the purchase?

Response	Percent
Refused	0.2
No	34.1
Yes, from the location where the car or truck was purchased	32.9
Yes, from a bank or credit union	29.5
Yes, from an Internet lender	1.4
Yes, from another source	1.9

Note: Number of unweighted respondents = 1,100.

Question AL8. When you (and/or your spouse/partner) bought this vehicle, did you compare interest rates or other loan terms from different lenders or from different automobile dealerships/sellers?

Response	Percent
Refused	0.5
No	46.2
Yes	53.3

Note: Number of unweighted respondents = 677.

Question AL9. When you (and/or your spouse/partner) bought/leased this car or truck, which of the following sources of advice did you use when deciding how to finance or pay for it?

Response	Percent
Refused	0.3
No one (exclusive)	50.3
Friends or relatives	22.7
Print or online publication (newspaper, magazines, Consumer Reports, etc.)	7.6
Internet research	19.7
Advice of car dealer or salesman	15.3
Advice of banker or lender	6.6
Other (please specify)	2.1

Note: Number of unweighted respondents = 1,218.

Question AL10. When you (and/or your spouse/partner) bought/leased this car or truck, which of the following
(if any) did you negotiate with the seller?

Response	Percent
Total purchase price	76.1
Monthly payment amount	40.0
Upfront payment due	37.3
Interest rate on the auto loan (if any)	31.6
Length of the auto loan or lease	36.6
Amount offered for trade-in of old vehicle	37.2

Note: Number of unweighted respondents = 1,218.

Question AL11. Among the factors that you negotiated when purchasing/leasing this vehicle, which one of these did you consider to be the most important?

Response	Percent
Refused	0.4
Total purchase price	42.8
Monthly payment amount	36.6
Upfront payment due	2.6
Interest rate on the auto loan (if any)	8.1
Length of the auto loan or lease	2.3
Amount offered for trade-in of old vehicle	7.2

Note: Number of unweighted respondents = 766.

Question AL12. Approximately what was the total purchase price of this vehicle?

Response	Percent
Refused	0.4
Less than $10,000	24.8
$10,000 to $19,999	27.9
$20,000 to $29,999	24.2
$30,000 to $39,999	14.6
$40,000 to $49,999	5.9
Over $50,000	2.2

Note: Number of unweighted respondents = 1,100.

Question AL13. Approximately how much was the total auto loan amount for this vehicle?

Response	Percent
Refused	0.8
Less than $10,000	14.9
$10,000 to $19,999	34.9
$20,000 to $29,999	27.8
$30,000 to $39,999	14.2
$40,000 to $49,999	5.9
Over $50,000	1.5

Note: Number of unweighted respondents = 677.

Question AL14. Approximately what was the interest rate on the auto loan used for the purchase of this vehicle?

Response	Percent
Refused	0.2
0 to 1.99 percent	21.9
2.00 to 3.99 percent	35.7
4.00 to 5.99 percent	15.8
6.00 to 7.99 percent	7.6
8.00 to 9.99 percent	3.1
10 percent or higher	4.6
Don't know	11.2

Note: Number of unweighted respondents = 677.

Question AL15. How many monthly payments were agreed upon when you took out the loan for this vehicle. That is, if you do not pay off the loan early, how long will you be making payments on the auto loan?

Response	Percent
Refused	0.3
0 to 12 months (up to 1 year)	3.8
13 to 24 months (1 to 2 years)	4.6
25 to 36 months (2 to 3 years)	17.2
37 to 48 months (3 to 4 years)	10.2
49 to 60 months (4 to 5 years)	29.9
61 to 72 months (5 to 6 years)	27.3
73 months or longer (over 6 years)	3.8
Don't know	3.1

Note: Number of unweighted respondents = 677.

Question I0. In the past 12 months, did you (and/or your spouse/partner) receive any income from the following sources:

Response	Percent
Wages or salaries	67.9
Self-employment	13.9
Freelance work or hobbies (do not include income from GfK)	12.5
Interest, dividends, or rental income	23.0
Social Security	25.6
Supplemental Security (SSI)	4.7
Unemployment income	3.1
Pension income	17.3
Any other income	12.1

Note: Number of unweighted respondents = 5,642.

Question I0A. Did you (and/or your spouse/partner) receive any income from any source in the past year?

Response	Percent
Refused	3.9
No	78.5
Yes	17.6

Note: Number of unweighted respondents = 332.

Question I0B. Besides you (and/or your spouse/partner) did anyone else in your household receive any income in the past 12 months from any source?

Response	Percent
Refused	0.5
No	68.7
Yes	30.8

Note: Number of unweighted respondents = 4,456.

Question I4A. Which of the following categories best describes the total income that you (and/or your spouse/partner) received from all sources, before taxes and deductions, in the past 12 months?

Response	Percent
Refused	1.0
None	5.6
$0 to $4,999	5.9
$5,000 to $14,999	8.2
$15,000 to $24,999	10.1
$25,000 to $39,999	12.2
$40,000 to $49,999	7.9
$50,000 to $74,999	15.7
$75,000 to $99,999	10.5
$100,000 to $149,999	15.6
$150,000 to $199,999	4.1
$200,000 or higher	3.2

Note: Number of unweighted respondents = 5,642.

Question I1. In the past 12 months, would you say that your (and your spouse/partner's) total spending was:

Response	Percent
Refused	0.5
Less than your income	50.8
The same as your income	32.6
More than your income	16.1

Note: Number of unweighted respondents = 5,376.

Question I2. In the past 12 months, about what percent of your (and your spouse/partner's) total gross income (before taxes and deductions) did you set aside as savings?

Response	Percent
Refused	0.9
None	30.7
1 to 5 percent	27.1
6 to 10 percent	18.6
11 to 15 percent	9.2
16 to 20 percent	6.3
Over 20 percent	7.2

Note: Number of unweighted respondents = 4,032.

Question I9. In the past year, which one of the following best describes how your (and your spouse/partner's) income changes from month to month, if at all?

Response	Percent
Refused	0.8
Roughly the same amount each month	67.2
Roughly the same most months, but some unusually high or low months during the year	20.3
Often varies quite a bit from one month to the next	11.7

Note: Number of unweighted respondents = 5,642.

Question I10. Please indicate whether each of the following is a reason that your (and your spouse/partner's) income changed from month to month in the past year:

Response	Percent
Refused	5.6
Bonuses	15.6
Commissions	7.9
Seasonal employment	12.8
Irregular work schedule (i.e., your work hours change from week to week)	43.1
Periods of unemployment	14.7
Investment income	8.0
Other (please specify)	19.3

Note: Number of unweighted respondents = 1,715.

Question I11. In the past year, which one of the following best describes how your (and your spouse/partner's) expenses change from month to month, if at all?

Response	Percent
Refused	1.2
Roughly the same amount each month	55.4
Roughly the same most months, but some unusually high or low months during the year	33.4
Often varies quite a bit from one month to the next	10.0

Note: Number of unweighted respondents = 5,642.

Question I12. In the past year, did you (and your spouse/partner) have any months where you struggled to pay your bills either because your income was unusually low or because your expenses were unusually high?

Response	Percent
Refused	0.6
No	57.2
Yes	42.2

Note: Number of unweighted respondents = 3,069.

Question I7. During the next 12 months, do you expect your (and your spouse/partner's) total income to be higher, about the same, or lower than during the past 12 months?

Response	Percent
Refused	0.8
Lower	7.9
About the same	68.3
Higher	23.0

Note: Number of unweighted respondents = 5,642.

Question EF1. Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?

Response	Percent
Refused	0.7
No	51.9
Yes	47.4

Note: Number of unweighted respondents = 5,642.

Question EF2. If you were to lose your main source of income (e.g., job, government benefits), could you cover your expenses for 3 months by borrowing money, using savings, selling assets, or borrowing from friends/family?

Response	Percent
Refused	0.9
No	59.4
Yes	39.6

Note: Number of unweighted respondents = 2,931.

Question EF3. Suppose that you have an emergency expense that costs $400. Based on your current financial situation, how would you pay for this expense? If you would use more than one method to cover this expense, please select all that apply.

Response	Percent
Refused	1.1
Put it on my credit card and pay it off in full at the next statement	28.6
Put it on my credit card and pay it off over time	17.4
With the money currently in my checking/savings account or with cash	46.6
Using money from a bank loan or line of credit	3.1
By borrowing from a friend or family member	12.6
Using a payday loan, deposit advance, or overdraft	1.9
By selling something	7.9
I wouldn't be able to pay for the expense right now	13.9
Other (please specify)	2.1

Note: Number of unweighted respondents = 5,642.

Question EF4. Based on your current financial situation, what is the largest emergency expense that you could pay right now using cash or money in your checking/savings account?

Response	Percent
Refused	1.2
Under $100	38.9
$100 to $199	15.7
$200 to $299	13.0
$300 to $399	8.7
Over $400	22.5

Note: Number of unweighted respondents = 2,539.

Question E1. During the past 12 months, was there a time when you needed any of the following, but didn't get it because you couldn't afford it?

Response	Percent
Prescription medicine (including taking less medication than prescribed)	11.1
To see a doctor	12.4
Mental health care or counseling	5.0
Dental care (including skipping check-ups or routine cleaning)	19.7
To see a specialist (such as an OB/GYN, dermatologist, orthopedic surgeon, etc.)	8.5
Follow-up care (e.g., skipping physical therapy sessions recommended by a doctor )	7.5

Note: Number of unweighted respondents = 5,642.

Question E2. During the past 12 months, have you had any unexpected major medical expenses that you had to pay out of pocket (that were not completely paid for by insurance)?

Response	Percent
Refused	0.5
No	77.5
Yes	22.0

Note: Number of unweighted respondents = 5,642.

Question E2A. Approximately how much did you pay out of pocket for unexpected major medical expenses in the past 12 months?

Response	Value
Refused (percent)	3.7
Mean (dollars) (>0)	2781.9
Median (dollars) (>0)	1200.0

Note: Number of unweighted respondents = 1,349.

Question E2B. Do you currently have an unpaid balance or owe any debt related to the unexpected major medical expenses that you had in the past 12 months?

Response	Percent
Refused	0.4
No	54.0
Yes	45.6

Note: Number of unweighted respondents = 1,349.

Question E5. Are you currently covered by each of the following types of insurance?

Response	Percent
	Refused	No	Yes	Don't know
Health insurance (including insurance provided by an employer, private insurance company, Medicare, Medicaid, or any other type of health insurance)	0.5	10.1	86.1	3.2
Auto/car insurance	0.6	13.2	82.6	3.6
Homeowners or renters insurance	1.0	27.3	66.3	5.4
Disability insurance	1.7	62.6	25.1	10.6
Long-term care insurance (i.e., insurance that covers expenses for assisted living facilities, home care, or nursing homes)	1.6	74.0	13.3	11.1
Life insurance	1.2	37.2	54.6	7.0
Funeral insurance	1.8	79.2	8.4	10.6

Note: Number of unweighted respondents = 5,642.

Question E6. Please answer yes or no to each option.

Response	Percent
	Refused	No	Yes
Do you have a health problem or disability which prevents you from working or which limits the kind or amount of work that you can do?	0.5	80.4	19.1
Do you have serious difficulty hearing or difficulty seeing even with glasses (including being blind or deaf)?	0.6	94.0	5.4
Because of a physical, mental, or emotional condition, do you have serious difficulty concentrating, remembering, or making decisions?	0.6	91.3	8.1
Do you have difficulty walking or climbing stairs?	1.0	85.0	14.0

Note: Number of unweighted respondents = 5,642.

Question X1. Over the past year, have you or your family living with you experienced any financial hardship such as a job loss, drop in income, health emergency, divorce, or loss of your home?

Response	Percent
Refused	0.7
No	81.2
Yes	18.1

Note: Number of unweighted respondents = 5,642.

Question X2. Which of the following did you or your family living with you experience in the past year?

Response	Percent
Refused	2.2
I lost a job	25.5
I had my work hours and/or pay reduced	18.1
My spouse/partner lost a job	13.2
My spouse/partner had their work hours and/or pay reduced	11.8
Received a foreclosure or eviction notice	4.0
A business I owned had financial difficulty	2.7
Had a health emergency	36.0
Divorce	6.1
Death of primary breadwinner	4.0
Other (please specify)	19.5

Note: Number of unweighted respondents = 1,069.

Question X3. We are interested in how people choose to prioritize payments when money is tight. Suppose that you only had enough money to pay one of the following bills this month. Which would you choose to pay?

Response	Percent
Refused	0.7
Rent/mortgage	81.1
Credit card bill	10.5
Student loan	1.5
Auto loan or lease	6.2

Note: Number of unweighted respondents = 4,602.

Summary Statistics

Summary statistics for demographics

Demographic characteristic	Weighted			Unweighted
	Mean	Standard deviation	Observations	Mean	Standard deviation	Observations
Age	47.2028	17.3671	5,642	52.0550	17.0927	5,642
Male	0.4823	0.4997	5,642	0.4977	0.5000	5,642
Female	0.5177	0.4997	5,642	0.5023	0.5000	5,642
18-29	0.2120	0.4088	5,642	0.1338	0.3405	5,642
30-44	0.2510	0.4337	5,642	0.2051	0.4038	5,642
45-59	0.2852	0.4515	5,642	0.3041	0.4601	5,642
Ages 60+	0.2517	0.4340	5,642	0.3570	0.4791	5,642
Less than high school	0.0753	0.2639	5,642	0.0544	0.2269	5,642
High school degree	0.2901	0.4539	5,642	0.2995	0.4581	5,642
Some college, certificate, or technical school	0.2520	0.4342	5,642	0.2512	0.4337	5,642
Associate degree	0.0781	0.2683	5,642	0.0814	0.2734	5,642
Bachelor's degree or higher	0.3044	0.4602	5,642	0.3135	0.4640	5,642
White, non-Hispanic	0.6516	0.4765	5,642	0.7297	0.4442	5,642
Black, non-Hispanic	0.1164	0.3208	5,642	0.1005	0.3007	5,642
Other, non-Hispanic	0.0661	0.2485	5,642	0.0362	0.1867	5,642
Hispanic	0.1533	0.3603	5,642	0.1044	0.3058	5,642
2+ races, non-Hispanic	0.0125	0.1112	5,642	0.0292	0.1685	5,642
Family income less than $40,000	0.4201	0.4936	5,642	0.4970	0.5000	5,642
Family income $40,000-$100,000	0.3444	0.4752	5,575	0.3218	0.4672	5,575
Family income greater than $100,000	0.2312	0.4216	5,575	0.1752	0.3802	5,575
Household income less than $40,000	0.3059	0.4608	5,642	0.4823	0.4997	5,642
Household income $40,000-$100,000	0.3895	0.4877	5,642	0.3135	0.4640	5,642
Household income greater than $100,000	0.3046	0.4603	5,642	0.2042	0.4031	5,642
Married	0.5283	0.4992	5,642	0.5213	0.4996	5,642
Not married	0.4717	0.4992	5,642	0.4787	0.4996	5,642
Northeast	0.1812	0.3852	5,642	0.1783	0.3828	5,642
Midwest	0.2140	0.4102	5,642	0.2457	0.4305	5,642
South	0.3708	0.4831	5,642	0.3506	0.4772	5,642
West	0.2340	0.4234	5,642	0.2255	0.4179	5,642
Employed	0.5682	0.4954	5,636	0.4924	0.5000	5,636
Unemployed, in labor force	0.0511	0.2203	5,636	0.0479	0.2136	5,636
Not in labor force	0.3629	0.4809	5,636	0.4418	0.4966	5,636

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