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Board of Governors of the Federal Reserve System
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Consumers and Mobile Financial Services
March 2013

Appendix 3: Consumer Responses to Survey Questionnaire

Table C.1. Respondent or spouse have a checking, savings, or money market account?
Percent, except as noted
Q1  
Yes 89.6
No 9.5
Refused to answer 1
Number of respondents 2,600
Table C.2. Respondent or spouse ever had a checking, savings, or money market account?
Percent, except as noted
Q2  
Yes 42
No 53.6
Refused to answer 4.3
Number of respondents 163
Table C.3. The most important reason why respondent doesn't have any bank account
Percent, except as noted
Q3  
I don't write enough checks to make it worthwhile 16.4
The minimum balance is too high 2.3
I don't like dealing with banks 10.7
The fees and service charges are too high 5.8
Cannot manage/balance an account 4.3
Credit problems 4.5
Don't have enough money 17.1
Don't need or want an account 22.7
Other 6.8
Refused to answer 9.3
Number of respondents 163
Table C.4. Has respondent ever used payday loans, paycheck advance, or deposit advance services?
Percent, except as noted
Q4  
Yes 9.5
No 90
Refused to answer .5
Number of respondents 2,600
Table C.5. Times in the last 12 months that respondent used payday loan or payday advance services?
Percent, except as noted
Q5  
0 36.2
1 21.8
2 9
3 6.8
4 4.6
5 4.4
6 4.2
7 0.7
8 1.7
9 1
10 1.4
12 0.8
15 0.4
20 2.4
26 0.4
Refused to answer 4.3
Number of respondents 195
Table C.6. How was the most recent payday loan or payday advance spent?
Percent, except as noted
Q6  
Paying utility bills (phone, power, gas) 36.6
Paying rent or mortgage 20.4
Paying for an emergency expense, such as repairs to your home or car, or a medical bill 24.1
Deposited into a bank account to avoid overdraft change(s) 17.2
Paying miscellaneous bills 30.1
Buying food, groceries, or other living expenses 34.2
Other 6
Refused to answer 12.6
Number of respondents 195
Table C.7. Main reason for using a payday loan rather than a bank loan or credit card?
Percent, except as noted
Q7  
The location of the payday lender was more convenient 10.2
The payday loan was much quicker to get than a bank loan or credit card 18.5
It was easier to get a payday loan than to qualify for a bank loan or credit card 20.9
Banks don't make loans for small amounts of money 6.2
It felt more comfortable to work with the payday lender than to use a bank 1.7
I didn't want the loan to show up on my credit report 2.5
I didn't think I would qualify for a bank loan or credit card 22
Other 6.6
Refused to answer 11.3
Number of respondents 195
Table C.8. Does respondent have any of the following types of prepaid cards?
Percent, except as noted
Q8  
Gift card 39.9
General purpose prepaid card 14.1
Payroll card 2.2
Government card 6.2
None of the above 50.4
Refused to answer 0.5
Number of respondents 2,600
Table C.9. Are any of respondent's general purpose prepaid cards or payroll cards reloadable?
Percent, except as noted
Q9  
Yes 57.5
No 25.8
Don't know 16.7
Number of respondents 396
Table C.10. In the past 12 months, did respondent add money to reload any prepaid cards?
Percent, except as noted
Q10  
Yes 57
No 43
Number of respondents 199
Table C.11. When was the last time that respondent personally reloaded that prepaid card?
Percent, except as noted
Q11  
In the past 7 days 15.5
In the past 30 days 35
In the past 90 days 27.1
In the past 12 months 14.3
More than 12 months ago 6.7
Never 1.3
Number of respondents 110
Table C.12. Which financial products or services has respondent used in the past 12 months?
Percent, except as noted
Q12  
Debit card or check card 69.3
Paper check or money order 65.5
Major credit card (VISA, MasterCard, American Express, Discover) 61.9
Store-branded credit card good only at the store that issued the card 27.5
General purpose prepaid card that you can add funds to 10.8
Auto title loan 3.5
Check cashing services 3
Payday loans 2.8
Pawn shop loan 1.9
None of the above 7.1
Refused to answer 0.7
Number of respondents 2,600
Table C.13. Has respondent visited a bank branch and spoken with a bank employee in the past 12 months?
Percent, except as noted
Q13  
Yes 84.5
No 15
Refused to answer 0.5
Number of respondents 2,419
Table C.14. Has respondent used an ATM for any banking transactions in the past 12 months?
Percent, except as noted
Q14  
Yes 73.5
No 25.8
Refused to answer 0.7
Number of respondents 2,419
Table C.15. Has respondent used telephone banking in the past 12 months?
Percent, except as noted
Q15  
Yes 34.1
No 65.2
Refused to answer 0.8
Number of respondents 2,419
Table C.16. The three main ways respondent or spouse interact with their financial institution?
Percent, except as noted
Q16  
ATM/cash machine 72
In person 75.9
Mail 13.9
Phone - talking 18.7
Phone - using touchtone service or voice recognition 11.2
Computer/Internet/online service/e-mail 59.3
Mobile phone application, web browser, or SMS/text message 12.5
Family member, friend, or neighbor does the banking for me 4.7
Other 1.5
Number of respondents 2,419
Table C.17. Does respondent have regular access to the Internet?
Percent, except as noted
Q17  
Yes 88
No 10.9
Refused to answer 1.2
Number of respondents 2,600
Table C.18. Where does respondent use the Internet the most often?
Percent, except as noted
Q18  
At home 77.7
At work 16
At school 1.3
At a library 3
At someone else's home 0.7
At an Internet café or store with Wi-Fi 0.2
Other 0.6
Refused to answer 0.4
Number of respondents 2,357
Table C.19. Has respondent used online banking on a desktop, laptop, or tablet computer in the past 12 months?
Percent, except as noted
Q19  
Yes 74.1
No 25.7
Refused to answer 0.2
Number of respondents 2,233
Table C.20. Does respondent own or have regular access to a mobile phone (cell phone)?
Percent, except as noted
Q20  
Yes 86.7
No 13.3
Number of respondents 2,600
Table C.21. Is respondent's mobile phone a smartphone?
Percent, except as noted
Q21  
Yes 51.9
No 47
Refused to answer 1
Number of respondents 2,291
Table C.22. Which type of smartphone does respondent have?
Percent, except as noted
Q22  
Android 48.2
BlackBerry 5.4
iPhone 34.8
Windows Mobile 2.2
Other 5.4
Don't know 3.2
Refused to answer 0.8
Number of respondents 1,149
Table C.23. Does respondent password protect their smartphone?
Percent, except as noted
Q23  
Yes 54.2
No 45.3
Refused to answer 0.5
Number of respondents 1,149
Table C.24. When was the last time that respondent accessed the Internet on mobile phone?
Percent, except as noted
Q24  
In the past 7 days 86.5
In the past 30 days 5.1
In the past 90 days 1.6
In the past 12 months 0.9
More than 12 months ago 0.4
Never 5.1
Refused to answer 0.4
Number of respondents 1,149
Table C.25. Has respondent used mobile banking in the past 12 months?
Percent, except as noted
Q25  
Yes 27.7
No 71.6
Refused to answer 0.6
Number of respondents 2,291
Table C.26. Does respondent plan to use mobile banking in the next 12 months?
Percent, except as noted
Q26  
Definitely will use 0.8
Probably will use 9.6
Probably will not use 36.4
Definitely will not use 52.9
Refused to answer 0.2
Number of respondents 1,709
Table C.27. Does respondent think he/she will ever use mobile banking?
Percent, except as noted
Q27  
Definitely will use 0.2
Probably will use 14
Probably will not use 46.5
Definitely will not use 38.8
Refused to answer 0.6
Number of respondents 1,543
Table C.27.b Does respondent's bank charge a service fee for the use of mobile banking?
Percent, except as noted
Q27b  
Yes 1.3
No 35.6
Don't know 62.2
Refused to answer 0.8
Number of respondents 2,180
Table C.27.c Monthly fee respondent's bank charges for use of mobile banking?
Percent, except as noted
Q27c  
0 23.2
1 11.3
2 2.7
3 4.8
5 2.5
10 2.6
12 11.4
15 20.5
18 1.3
20 8
30 3.5
50 1.2
Refused to answer 7.1
Number of respondents 25
Table C.28. Using a mobile phone, respondents have done the following in the past 12 months
Percent, except as noted
Q28  
Downloaded your bank's mobile banking application on your mobile phone 48.9
Checked an account balance or checked recent transactions 86.6
Made a bill payment using your bank's online banking website or banking application 27.2
Received a text message alert from your bank 28.5
Transferred money between two accounts 53
Deposited a check to your account electronically using your mobile phone camera 20.5
Located the closest in-network ATM for your bank 23.6
Received a fraud alert 4.4
Other banking related activities 1.1
Refused to answer 4.6
Number of respondents 571
Table C.29. In a typical month, how many times does respondent personally use mobile banking?
Percent, except as noted
Q29  
1 5.8
2 11.5
3 14.4
4 7.9
5 7.6
6 11.3
7 2.1
8 0.4
9 3.6
10 0.5
12 13.5
14 0.7
15 0.1
16 3.7
17 0.3
20 0.1
25 7.5
30 1.2
31 3.8
40 0.2
45 1.1
50 0.1
60 0.3
100 0.2
Refused to answer 2.3
Number of respondents 571
Table C.30. Overall, how satisfied is respondent with mobile banking experiences?
Percent, except as noted
Q30  
Very satisfied 51.8
Satisfied 43.6
Dissatisfied 1
Very dissatisfied 0.3
Refused to answer 3.3
Number of respondents 571
Table C.31. When did respondent start using mobile banking?
Percent, except as noted
Q31  
In the last 6 months 18.2
6 to 12 months ago 16.6
1 to 2 years ago 33.4
More than 2 years ago 24.8
I don't remember 6
Refused to answer 1
Number of respondents 571
Table C.32. The main reason why respondent started using mobile banking?
Percent, except as noted
Q32  
I got a smartphone 37.1
My bank started offering the service 19.2
There is no bank branch near my home 2.5
I became comfortable with the security of mobile banking 3.1
I liked the convenience of mobile banking 30
To receive fraud alerts or check my account for fraudulent transactions 1.9
Other 4.1
Refused to answer 2
Number of respondents 571
Table C.33. Has respondent made a mobile payment in the past 12 months?
Percent, except as noted
Q33  
Yes 14.8
No 84.5
Refused to answer 0.7
Number of respondents 2,291
Table C.34. Using a mobile phone, respondent has done the following in the past 12 months
Percent, except as noted
Q34  
Transferred money directly to another person's bank, credit card or paypal account (i.e., friend, relative, babysitter) 29.6
Received money from another person using my mobile phone 15
Waved or tapped my mobile phone at the cash register to pay for a purchase 5.9
Used a mobile app to pay for a purchase (i.e., Pay with Square, Dwolla) 8.6
Scanned a barcode or QR code using your mobile phone to make a mobile payment (i.e., Starbucks app) 9.1
Used your mobile phone's web browser to make a mobile payment (including paying your bills online) 42.1
Used a text message to make a mobile payment (including charitable donation by text message) 8.1
Made an online purchase (including purchases from iTunes or Google Play) 34.6
None of the above 22.7
Refused to answer 2.8
Number of respondents 308
Table C.35. How does respondent make mobile payments?
Percent, except as noted
Q35  
Credit card 33.3
Debit card 45
Prepaid card 6.9
Bank account 39.7
Charged to your phone bill 5.3
Dwolla 0
Google Wallet 2.4
Pay with Square 1.9
Other 7.9
Refused to answer 6.7
Number of respondents 308
Table C.36. In a typical month, how many times does respondent use mobile phone to make payments?
Percent, except as noted
Q36  
0 21.2
1 19
2 20.3
3 10.4
4 7.7
5 5.5
6 1
7 2.5
8 2.1
10 1.7
12 0.3
13 0.6
14 0.1
15 0.2
16 0.3
20 2
Refused to answer 5.1
Number of respondents 308
Table C.37. Overall, how satisfied is respondent with mobile payment experiences?
Percent, except as noted
Q37  
Very satisfied 43.8
Satisfied 49.4
Dissatisfied 1.5
Refused to answer 5.3
Number of respondents 308
Table C.38. When did respondent start using mobile payments?
Percent, except as noted
Q38  
In the last 6 months 13.2
6 to 12 months ago 15.9
1 to 2 years ago 29.3
More than 2 years ago 18.1
I don't remember 18.9
Refused to answer 4.6
Number of respondents 308
Table C.39. What was the main reason why respondent started using mobile payments?
Percent, except as noted
Q39  
I got a smartphone 28.9
The ability to make mobile payments became available 13.9
I became comfortable with the security of mobile payments 10.1
I liked the convenience of mobile payments 33.5
A store I visit started offering the service 0.6
Other (please specify) 10.4
Refused to answer 2.5
Number of respondents 308
Table C.40. What are the main reasons why respondent has decided not to use mobile banking?
Percent, except as noted
Q40  
I'm concerned about the security of mobile banking 48.7
My banking needs are being met without mobile banking 53.9
I don't see any reason to use mobile banking 46.6
The cost of data access on my wireless plan is too high 10.9
It is too difficult to see on my mobile phone's screen 9.7
I don't have a smartphone or my phone can't be used for mobile banking 39.9
My bank charges a fee for using mobile banking 1.4
I don't do the banking in my household 4.8
I don't trust the technology to properly process my banking transactions 13.8
I don't have a banking account with which to use mobile banking 6.2
It's difficult or time consuming to set up mobile banking 5.1
Other 5.2
Refused to answer 0.2
Number of respondents 1,709
Table C.41. What security aspect is respondent most concerned with?
Percent, except as noted
Q41  
Hackers gaining access to my phone remotely 30.3
Someone intercepting my calls or data 8.9
Losing my phone or having my phone stolen 11.3
Malware or viruses being installed on my phone 1.9
Companies misusing my personal information 2.7
All of the above 44.2
Other 0.4
Refused to answer 0.3
Number of respondents 832
Table C.42. If addressed, which activities would respondent be interested in doing with mobile phone?
Percent, except as noted
Q42  
Download your bank's mobile banking application on your mobile phone 11.7
Check an account balance or check recent transactions 32.8
Make a bill payment using your bank's online banking website or banking application 16.7
Receive text message alerts from your bank 16.7
Deposit a check electronically using your mobile phone camera 17.2
Transfer money between two accounts 21.4
Other 0.3
None, I don't want to use mobile banking 56.2
Refused to answer 0.6
Number of respondents 1,709
Table C.43. What are the main reasons why respondent decided not to use mobile payments?
Percent, except as noted
Q43  
I'm concerned about the security of mobile payments 38.1
It's easier to pay with another method like cash or a credit card 35.5
I don't see any benefit from using mobile payments 35.1
I don't know of any stores that let you pay with your mobile phone 9.4
The places I shop don't accept mobile payments 3.9
I don't have the necessary feature on my phone 30.3
The cost of data access on my wireless plan is too high 9.6
I don't trust the technology to properly process my payments 16.4
It's difficult or time consuming to set up mobile payments 4.9
I don't need to make any payments or someone else pays the bills 10.1
I don't really understand all the different mobile payment options 13.6
Other 7.4
Refused to answer 1.8
Number of respondents 1,973
Table C.44. What security aspect is respondent most concerned with?
Percent, except as noted
Q44  
Hackers gaining access to my phone remotely 28.7
Someone intercepting my payment information or other data 11.5
Losing my phone or having my phone stolen 9.5
Malware or viruses being installed on my phone 1.5
Companies misusing my personal information 1.5
All of the above 46.3
Other 0.7
Refused to answer 0.2
Number of respondents 767
Table C.45. If addressed, which activities would respondent be interested in doing with mobile phone?
Percent, except as noted
Q45  
Making payments directly to another person (i.e., friend, relative, babysitter) 12.4
Waving or tapping my mobile phone at the cash register to pay for a purchase 12.7
Using a mobile app to pay for purchases 9.6
Paying bills online 19.4
Transferring money to friends or family in another country 4.4
Using your mobile phone as a "virtual wallet" to replace all the cards you currently carry in your wallet 12.1
Buying goods or services online 12.8
Accepting payments from another person 11
Receiving/using coupons on your phone 16.4
Receiving specials and discount offers based on your location (i.e., you walk into a store and a coupon appears on your mobile phone for a product sold there) 14.8
Other payment-related activities 0.4
None, I don't want to use mobile payments 60.1
Refused to answer 0.8
Number of respondents 1,973
Table C.46. Rate the security of SMS (text messaging) for mobile banking
Percent, except as noted
Q46  
Very safe 10.2
Somewhat safe 23.4
Somewhat unsafe 14
Very unsafe 10.9
Don't know 40.4
Refused to answer 1.1
Number of respondents 2,291
Table C.47. Rate the security of using a mobile browser for mobile banking
Percent, except as noted
Q47  
Very safe 9.8
Somewhat safe 27.8
Somewhat unsafe 15.1
Very unsafe 9.6
Don't know 36.4
Refused to answer 1.4
Number of respondents 2,291
Table C.48. Rate the security of using an application downloaded from phone's mobile app store for mobile banking
Percent, except as noted
Q48  
Very safe 9.4
Somewhat safe 25.3
Somewhat unsafe 13.2
Very unsafe 9.4
Don't know 41
Refused to answer 1.8
Number of respondents 2,291
Table C.49. Rate the overall security of mobile banking for protecting respondent's personal information?
Percent, except as noted
Q49  
Very safe 9.2
Somewhat safe 24.9
Somewhat unsafe 14.5
Very unsafe 11.5
Don't know 38.5
Refused to answer 1.4
Number of respondents 2,291
Table C.50. If available, would respondent use mobile phone for any of the following purposes?
Percent, except as noted
Q50  
Buy things at the point of sale 22.4
Track your finances on a daily basis 24.5
Organize, track and store gift cards, loyalty and reward points 20.6
Compare prices when shopping 39
As a ticket for buses, trains, or subways 17.2
As a key to enter your house 16.6
Purchase tickets to events 18.4
As a membership card (such as museums, gym, etc.) 23
To receive and manage discount offers and coupons 27.3
To receive offers and promotions based on where you are (i.e., you walk into a store and a coupon appears on your mobile phone for a product sold there) 26
As a form of photo identification 16.4
None of the above 41.3
Refused to answer 1.3
Number of respondents 2,291
Table C.51. Respondent is willing to allow mobile phone to provide location to companies so that they can offer discounts, promotions, or services based on location
Percent, except as noted
Q51  
Strongly agree 4.1
Agree 26.4
Disagree 27.8
Strongly disagree 40.3
Refused to answer 1.4
Number of respondents 2,291
Table C.52. Respondent is willing to allow mobile phone to provide personal information to companies so that they can offer discounts, promotions, or services based on this information
Percent, except as noted
Q52  
Strongly agree 2.5
Agree 14
Disagree 31.9
Strongly disagree 49.7
Refused to answer 1.8
Number of respondents 2,291
Table C.53. Has respondent used mobile phone to comparison shop over the Internet while at a store?
Percent, except as noted
Q53  
Yes 41.6
No 57.8
Refused to answer 0.6
Number of respondents 1,149
Table C.54. Has respondent ever used a barcode scanning application on mobile phone while shopping at a retail store to find the best price for an item?
Percent, except as noted
Q54  
Yes 31.9
No 67.4
Refused to answer 0.7
Number of respondents 1,149
Table C.55. Has respondent ever scanned a QR code to obtain information about a product on mobile phone?
Percent, except as noted
Q55  
Yes 34.4
No 65
Refused to answer 0.5
Number of respondents 1,149
Table C.56. Has using a mobile phone to compare prices while shopping at a retail store ever changed where respondent made purchase?
Percent, except as noted
Q56  
Yes 64.2
No 35.8
Number of respondents 554
Table C.57. Has respondent ever used mobile phone to browse product reviews or get product information while shopping at a retail store?
Percent, except as noted
Q57  
Yes 43.9
No 54.8
Refused to answer 1.3
Number of respondents 1,149
Table C.58. Has reading product reviews on mobile phone while shopping at a retail store ever changed which item respondent ended up purchasing?
Percent, except as noted
Q58  
Yes 70.1
No 28.9
Refused to answer 1.1
Number of respondents 484
Table C.59. In the past 12 months, has respondent used mobile phone to check account balance or available credit before making a large purchase?
Percent, except as noted
Q59  
Yes 64.2
No 34.5
Refused to answer 1.3
Number of respondents 571
Table C.60. When respondent used mobile phone to check account balance or available credit before making a large purchase, did respondent decide not to buy that particular item?
Percent, except as noted
Q60  
Yes 52.8
No 46.5
Refused to answer 0.7
Number of respondents 337
Table C.61. How likely would respondent be to use mobile contactless payments?
Percent, except as noted
Q61  
I already use it 1.3
Very likely 7.6
Likely 19.4
Unlikely 26.5
Very unlikely 43.5
Refused to answer 1.7
Number of respondents 2,291
Table C.62. How likely does respondent think it is that mobile contactless payments will become a major form of payment in the next five years?
Percent, except as noted
Q62  
Very likely 15.2
Likely 35.1
Unlikely 13
Very unlikely 11.8
Don't know 23.5
Refused to answer 1.5
Number of respondents 2,291
Table C.63. How much responsibility does respondent have for maintaining the household budget and managing household income?
Percent, except as noted
Q63  
None or almost none 10.4
Some 11.5
Shared equally with other household members 26.7
Most 11.8
All or almost all 38.5
Refused to answer 1.1
Number of respondents 2,600
Table C.64. How much responsibility does respondent have for paying monthly bills?
Percent, except as noted
Q64  
None or almost none 15.1
Some 11
Shared equally with other household members 19.1
Most 10.2
All or almost all 42.9
Refused to answer 1.7
Number of respondents 2,600
Table C.65. Where 1 is "extremely dissatisfied" and 10 is "extremely satisfied," how satisfied is respondent with finances?
Percent, except as noted
Q65  
1 6.3
2 4.4
3 6.6
4 8.3
5 16.9
6 11.8
7 15.4
8 16.8
9 7.3
10 4.6
Refused to answer 1.6
Number of respondents 2,600
Table C.66. Has respondent set aside emergency or rainy day funds that would cover expenses for 3 months?
Percent, except as noted
Q66  
Yes 46.6
No 51.8
Refused to answer 1.6
Number of respondents 2,600
Table C.67. How often does respondent use a spending plan or budget for your expenses?
Percent, except as noted
Q67  
Never 12.2
Rarely 17
Sometimes 28.5
Often 22.3
Always 18.8
Refused to answer 1.2
Number of respondents 2,600
Table C.68. Does anyone in household use a program or website to track household finances?
Percent, except as noted
Q68  
Yes 21
No 77.5
Refused to answer 1.5
Number of respondents 2,600
Table C.69. Does respondent use mobile phone to track purchases and expenses?
Percent, except as noted
Q69  
Yes 9.8
No 88.8
Refused to answer 1.4
Number of respondents 2,291
Table C.70. Method(s) respondent uses to track purchases and expenses on mobile phone?
Percent, except as noted
Q70  
A mobile application for expense tracking 36.3
A spreadsheet 11.9
Online (using the web browser to access a website) 34.5
Send text messages 9.8
Take notes in a notepad or word processor 18.5
Other 10.3
Refused to answer 6.5
Number of respondents 173
Table C.71. In a typical month how often does respondent use mobile phone to track purchases and expenses?
Percent, except as noted
Q71  
0 9.4
1 8.3
2 12.3
3 10.9
4 6.8
5 7.2
6 2.6
7 0.9
8 3.9
9 0.3
10 9.1
12 0.3
14 0.3
15 3.7
20 5.2
30 2.6
31 0.5
45 0.9
50 0.7
Refused to answer 14.2
Number of respondents 173
Table C.72. What kind of text alerts does respondent receive?
Percent, except as noted
Q72  
Low-balance alerts 63.2
Payment due alerts 37.4
Saving reminders 8.1
Fraud alerts 39.1
Other 20.4
Refused to answer 1.5
Number of respondents 168
Table C.73. Most recently, which of the following actions did respondent take after receiving the alert?
Percent, except as noted
Q73  
Transferred money into the account with the low balance 53.7
Deposited money into the account with the low balance 23.5
Reduced my spending 35.7
None of the above 13.6
Number of respondents 109
Table C.74. Has receiving payment due alerts improved respondent's ability to pay bills on time?
Percent, except as noted
Q74  
Yes, by a lot 49.8
Yes, by a little 26.8
No 20.3
Refused to answer 3.1
Number of respondents 64
Table C.75. Does respondent have any regular payments that are directly deposited into bank account?
Percent, except as noted
Q75  
Yes 74.5
No 23.9
Refused to answer 1.6
Number of respondents 2,419
Table C.76. Does respondent have any regular payments automatically withdrawn from bank account?
Percent, except as noted
Q76  
Yes 52.9
No 45.9
Refused to answer 1.3
Number of respondents 2,419
Table C.77. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account?
Percent, except as noted
Q77  
More than today 4
Exactly the same 8.5
Less than today 59.4
Don't know 26.5
Refused to answer 1.6
Number of respondents 2,600
Table C.78. Considering a long time period (for example, 10 or 20 years), which asset normally gives the highest return?
Percent, except as noted
Q78  
Savings accounts 4.2
U.S. government bonds 13.8
Stocks 42.8
Don't know 37.6
Refused to answer 1.5
Number of respondents 2,600
Table C.79. If an investor who only owns two stocks right now decides to instead spread their money among many different assets (i.e., more stocks, add bonds, add real estate), their risk of losing money on their entire portfolio will
Percent, except as noted
Q79  
Increase 11.8
Decrease 43.4
Stay the same 7.3
Don't know 35.8
Refused to answer 1.7
Number of respondents 2,600
Table C.80. If you were to invest $1,000 in a stock mutual fund for a year, it would be possible to have less than $1,000 when you withdraw your money.
Percent, except as noted
Q80  
True 61
False 8.9
Don't know 28.3
Refused to answer 1.8
Number of respondents 2,600
Table C.81. Suppose you owe $1,000 on a loan and the interest rate you are charged is 10% per year compounded annually. If you don't make any payments on this loan, at this interest rate, how many years would it take for the amount you owe to double?
Percent, except as noted
Q81  
Less than 5 years 14.3
Between 5 to 10 years 37
10 years or more 18.2
Don't know 28.8
Refused to answer 1.7
Number of respondents 2,600
Table C.82. Imagine that your car breaks down and requires $400 worth of repairs in order to drive again. 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.
Percent, except as noted
Q82  
Put it on my credit card 36.2
With the money currently in my checking account or with cash 41.3
By taking money out of my savings 16.6
Using money from a bank loan or line of credit 2.3
Use overdraft on my bank account 1.8
By borrowing from a friend or family member 11.6
Using a payday loan or deposit advance 2.5
By pawning something 2
By selling something 4.2
I wouldn't be able to pay for the repairs right now 15.8
Other 3.4
Refused to answer 2.3
Number of respondents 2,600
Table C.83. Which of the following statements comes closest to describing the amount of financial risk that you are willing to take when you save or make investments?
Percent, except as noted
Q83  
Take substantial financial risks expecting to earn substantial returns 3.8
Take above average financial risks expecting to earn above average returns 12.6
Take average financial risks expecting to earn average returns 37
Not willing to take any financial risks 44.3
Refused to answer 2.2
Number of respondents 2,600
Table C.84. Suppose that you are the only income earner in the family. Your doctor recommends that you move because of allergies, and you have to choose between two possible jobs. The first would guarantee your current total family income for life. The second is possibly better paying, but the income is also less certain. There is a 50-50 chance the second job would double your total lifetime income and a 50-50 chance that it would cut it by a third. Which job would you take--the first job or the second job?
Percent, except as noted
Q84  
First job 75.5
Second job 21.2
Refused to answer 3.3
Number of respondents 2,600
Table C.85. Suppose the chances were 50-50 that the second job would double your lifetime income and 50-50 that it would cut it by 20 percent. Would you take the first job or the second job?
Percent, except as noted
Q85  
First job 71.7
Second job 27.8
Refused to answer 0.5
Number of respondents 2,004
Table C.86. Suppose the chances were 50-50 that the second job would double your lifetime income, and 50-50 that it would cut it in half. Would you take the first job or the second job?
Percent, except as noted
Q86  
First job 44
Second job 55.2
Refused to answer 0.8
Number of respondents 528
Table C.87. Suppose the chances were 50-50 that the second job would double your lifetime income and 50-50 that it would cut it by 75 percent. Would you take the first job or the second job?
Percent, except as noted
Q87  
First job 62.6
Second job 36.3
Refused to answer 1.1
Number of respondents 302
Table C.88. Suppose the chances were 50-50 that the second job would double your lifetime income and 50-50 that it would cut it by 10 percent. Would you take the first job or the second job?
Percent, except as noted
Q88  
First job 60.3
Second job 38.6
Refused to answer 1.1
Number of respondents 1,464


 

Summary Statistics for Demographics

Table C.89. Summary statistics for demographics: Full sample
  Mean Standard deviation
Age 46.8447 16.885
Male 0.4808 0.4997
Female 0.5192 0.4997
Ages 18-29 0.209 0.4066
Ages 30-44 0.258 0.4376
Ages 45-60 0.2756 0.4469
Ages over 60 0.2574 0.4373
Less than high school 0.1211 0.3263
High school degree 0.2982 0.4576
Some college 0.2895 0.4536
Bachelor's degree or higher 0.2912 0.4544
White, non-Hispanic 0.6698 0.4704
Black, non-Hispanic 0.1148 0.3188
Other and two or more races, non-Hispanic 0.0727 0.2597
Hispanic 0.1427 0.3498
Less than $25,000 0.2603 0.4389
$25,000-$39,999 0.2042 0.4032
$40,000-$74,999 0.1857 0.3889
$75,000-$99,999 0.1317 0.3382
Greater than $100,000 0.2181 0.4131
Married 0.4974 0.5001
Not married, widowed, divorced, or living with partner 0.5026 0.5001
Northeast 0.18 0.3842
Midwest 0.2176 0.4127
South 0.3703 0.483
West 0.2321 0.4222
Employed 0.5417 0.4984
Unemployed but in labor force 0.1117 0.315
Not in labor force: retired, disabled, or other 0.3467 0.476
Observations 2,600  
Table C.90. Summary statistics for demographics: Smartphone users
  Mean Standard deviation
Age 40.1448 14.9043
Male 0.4866 0.5
Female 0.5134 0.5
Ages 18-29 0.3096 0.4625
Ages 30-44 0.3356 0.4724
Ages 45-60 0.2316 0.422
Ages over 60 0.1233 0.3289
Less than high school 0.0729 0.2601
High school degree 0.2459 0.4308
Some college 0.3144 0.4645
Bachelor's degree or higher 0.3668 0.4821
White, non-Hispanic 0.6535 0.476
Black, non-Hispanic 0.1113 0.3146
Other and two or more races, non-Hispanic 0.0774 0.2673
Hispanic 0.1578 0.3647
Less than $25,000 0.1752 0.3803
$25,000-$39,999 0.1637 0.3701
$40,000-$74,999 0.1938 0.3955
$75,000-$99,999 0.1485 0.3557
Greater than $100,000 0.3188 0.4662
Married 0.5274 0.4995
Not married, widowed, divorced, or living with partner 0.4726 0.4995
Northeast 0.188 0.3909
Midwest 0.1696 0.3755
South 0.3814 0.486
West 0.2609 0.4393
Employed 0.6948 0.4607
Unemployed but in labor force 0.1077 0.3102
Not in labor force: retired, disabled, or other 0.1974 0.3982
Observations 1,149  
Table C.91. Summary statistics for demographics: Feature phone users
  Mean Standard deviation
Age 52.71 16.0989
Male 0.4574 0.4984
Female 0.5426 0.4984
Ages 18-29 0.1131 0.3169
Ages 30-44 0.1979 0.3986
Ages 45-60 0.3167 0.4654
Ages over 60 0.3723 0.4836
Less than high school 0.1266 0.3326
High school degree 0.3341 0.4719
Some college 0.2824 0.4504
Bachelor's degree or higher 0.2569 0.4371
White, non-Hispanic 0.7198 0.4493
Black, non-Hispanic 0.1019 0.3026
Other and two or more races, non-Hispanic 0.0631 0.2433
Hispanic 0.1152 0.3194
Less than $25,000 0.289 0.4535
$25,000-$39,999 0.2343 0.4237
$40,000-$74,999 0.1913 0.3935
$75,000-$99,999 0.1315 0.3381
Greater than $100,000 0.1539 0.361
Married 0.506 0.5002
Not married, widowed, divorced, or living with partner 0.494 0.5002
Northeast 0.1776 0.3823
Midwest 0.2532 0.4351
South 0.3655 0.4818
West 0.2037 0.4029
Employed 0.438 0.4964
Unemployed but in labor force 0.1046 0.3062
Not in labor force: retired, disabled, or other 0.4574 0.4984
Observations 1,126  
Table C.92. Summary statistics for demographics: All mobile phone users (feature and smartphone)
  Mean Standard deviation
Age 46.2059 16.6981
Male 0.4715 0.4993
Female 0.5285 0.4993
Ages 18-29 0.2151 0.411
Ages 30-44 0.2691 0.4436
Ages 45-60 0.2717 0.4449
Ages over 60 0.2441 0.4296
Less than high school 0.1009 0.3012
High school degree 0.2875 0.4527
Some college 0.2983 0.4576
Bachelor's degree or higher 0.3133 0.4639
White, non-Hispanic 0.6828 0.4655
Black, non-Hispanic 0.1067 0.3087
Other and two or more races, non-Hispanic 0.0733 0.2607
Hispanic 0.1372 0.3442
Less than $25,000 0.2291 0.4204
$25,000-$39,999 0.1977 0.3984
$40,000-$74,999 0.1918 0.3938
$75,000-$99,999 0.1419 0.349
Greater than $100,000 0.2395 0.4269
Married 0.5182 0.4998
Not married, widowed, divorced, or living with partner 0.4818 0.4998
Northeast 0.1825 0.3864
Midwest 0.2094 0.407
South 0.3753 0.4843
West 0.2327 0.4227
Employed 0.573 0.4948
Unemployed but in labor force 0.1063 0.3083
Not in labor force: retired, disabled, or other 0.3207 0.4668
Observations 2,291  

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Cross-Tabulations for Consumers' Use of Mobile Phones

Table C.93. Do you own or have regular access to a mobile phone (cell phone)?
Percent, except as noted
Age categories Yes No Number of respondents
18-29 89.3 10.7 388
30-44 90.5 9.5 611
45-59 85.5 14.5 760
60+ 82.2 17.8 841
Number of respondents 2,291 309 2,600
Table C.94. Is your mobile phone a smartphone?
Percent, except as noted
Age categories Yes No Number of respondents
18-29 75.1 24.9 350
30-44 65.2 34.8 554
45-59 44.7 55.3 665
60+ 26.8 73.2 706
Number of respondents 1,149 1,126 2,275
Table C.95. Do you own or have regular access to a mobile phone (cell phone)?
Percent, except as noted
Race/ethnicity Yes No Number of respondents
White, non-Hispanic 88.4 11.6 2,005
Black, non-Hispanic 80.6 19.4 201
Other, non-Hispanic 86.4 13.6 95
Hispanic 83.4 16.6 227
2+ races, non-Hispanic 92.1 7.9 72
Table C.96. Is your mobile phone a smartphone?
Percent, except as noted
Race/ethnicity Yes No Number of respondents
White, non-Hispanic 50 50 1,771
Black, non-Hispanic 54.7 45.3 167
Other, non-Hispanic 57.2 42.8 80
Hispanic 60.2 39.8 192
2+ races, non-Hispanic 58.8 41.2 65
Number of respondents 1,149 1,126 2,275
Table C.97. Do you own or have regular access to a mobile phone (cell phone)?
Percent, except as noted
Education Yes No Number of respondents
Less than high school 72.2 27.8 199
High school 83.6 16.4 749
Some college 89.4 10.6 739
Bachelor's degree or higher 93.3 6.7 913
Number of respondents 2,291 309 2,600
Table C.98. Is your mobile phone a smartphone?
Percent, except as noted
Education Yes No Number of respondents
Less than high school 38.9 61.1 140
High school 44.8 55.2 626
Some college 55.1 44.9 665
Bachelor's degree or higher 61.2 38.8 844
Number of respondents 1,149 1,126 2,275
Table C.99. Do you own or have regular access to a mobile phone (cell phone)?
Percent, except as noted
Income group Yes No Number of respondents
Less than $25,000 76.3 23.7 510
$25,000-$39,999 84 16 496
$40,000-$74,999 89.6 10.4 502
$75,000-$99,999 93.4 6.6 379
Greater than $100,000 95.2 4.8 713
Number of respondents 2,291 309 2,600
Table C.100. Is your mobile phone a smartphone?
Percent, except as noted
Income group Yes No Number of respondents
Less than $25,000 40.1 59.9 384
$25,000-$39,999 43.5 56.5 416
$40,000-$74,999 52.8 47.2 454
$75,000-$99,999 55.5 44.5 347
Greater than $100,000 69.6 30.4 674
Number of respondents 1,149 1,126 2,275

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Cross-Tabulations for Consumers' Use of Mobile Banking and Mobile Payments

C. 101.a. Cross-tabulations for consumers' use of mobile banking by age, race, gender, education, and income: Full sample
Mobile Banking
  Yes No Total
Use of mobile banking in the past 12 months by age
18-29 38.6 15.1 21.5
30-44 33.7 24.3 26.9
45-59 19.4 30.1 27.2
60+ 8.3 30.6 24.4
Number of respondents 571 1,709 2,280
 
Use of mobile banking in the past 12 months by race
White, non-Hispanic 63 70.4 68.3
Black, non-Hispanic 12.1 10.1 10.7
Other, non-Hispanic 6.3 5.6 5.8
Hispanic 16.8 12.6 13.8
2+ races, non-Hispanic 1.7 1.3 1.4
Number of respondents 571 1,709 2,280
 
Use of mobile banking in the past 12 months by gender
Female 51.2 53.5 52.8
Male 48.8 46.5 47.2
Number of respondents 571 1,709 2,280
 
Use of mobile banking in the past 12 months by education
Less than high school 5.6 11.6 9.9
High school 22.3 31.3 28.8
Some college 35 28 29.9
Bachelor's degree or higher 37.1 29.2 31.4
Number of respondents 571 1,709 2,280
 
Use of mobile banking in the past 12 months by income group
Less than $25,000 16.7 25.5 23
$25,000-$39,999 18.9 20.1 19.7
$40,000-$74,999 20.3 18.8 19.2
$75,000-$99,999 15.7 13.4 14
Greater than $100,000 28.4 22.3 24
Number of respondents 571 1,709 2,280
C. 101.b. Cross-tabulations for consumers' use of mobile payments by age, race, gender, education, and income: Full sample
Mobile Payments
  Yes No Total
Use of mobile payments in the past 12 months by age
18-29 38.1 18.7 21.6
30-44 32.3 26 27
45-59 15.9 29 27.1
60+ 13.7 26.2 24.3
Number of respondents 308 1,973 2,281
 
Use of mobile payments in the past 12 months by race
White, non-Hispanic 62.3 69.5 68.5
Black, non-Hispanic 13.1 10.2 10.6
Other, non-Hispanic 7 5.6 5.8
Hispanic 16.3 13.3 13.7
2+ races, non-Hispanic 1.2 1.4 1.4
Number of respondents 308 1,973 2,281
 
Use of mobile payments in the past 12 months by gender
Female 51.3 53.1 52.8
Male 48.7 46.9 47.2
Number of respondents 308 1,973 2,281
 
Use of mobile payments in the past 12 months by education
Less than high school 10.7 9.8 9.9
High school 24.1 29.6 28.8
Some college 35.6 28.7 29.8
Bachelor's degree or higher 29.6 31.8 31.5
Number of respondents 308 1,973 2,281
 
Use of mobile payments in the past 12 months by income group
Less than $25,000 26 22.4 23
$25,000-$39,999 21.7 19.4 19.8
$40,000-$74,999 18.5 19.3 19.2
$75,000-$99,999 12.3 14.3 14
Greater than $100,000 21.5 24.5 24
Number of respondents 308 1,973 2,281
C. 102.a. Cross-tabulations for consumers' use of mobile banking by age, race, gender, education, and income: Smartphone users
Mobile banking
  Yes No Total
Use of mobile banking in the past 12 months by age by smartphone users
18-29 38.2 24.4 31
30-44 35.3 31.7 33.4
45-59 19.8 26.3 23.2
60+ 6.7 17.6 12.4
Number of respondents 517 628 1,145
 
Use of mobile banking in the past 12 months by race by smartphone users
White, non-Hispanic 63.5 66.9 65.3
Black, non-Hispanic 13.2 9.3 11.2
Other, non-Hispanic 6 6.4 6.2
Hispanic 15.6 16 15.8
2+ races, non-Hispanic 1.7 1.4 1.6
Number of respondents 517 628 1,145
 
Use of mobile banking in the past 12 months by gender by smartphone users
Female 51.8 50.9 51.3
Male 48.2 49.1 48.7
Number of respondents 517 628 1,145
 
Use of mobile banking in the past 12 months by education by smartphone users
Less than high school 4.2 10.1 7.3
High school 22.3 26.6 24.6
Some college 34.7 28.6 31.5
Bachelor's degree or higher 38.8 34.7 36.6
Number of respondents 517 628 1,145
 
Use of mobile banking in the past 12 months by income group by smartphone users
Less than $25,000 15.8 19 17.5
$25000-$39,999 18.3 14.6 16.4
$40,000-$74,999 20.4 18.4 19.4
$75,000-$99,999 15.3 14.5 14.9
Greater than $100,000 30.2 33.4 31.9
Number of respondents 517 628 1,145
C. 102.b. Cross-tabulations for consumers' use of mobile payments by age, race, gender, education, and income: Smartphone users
Mobile Payments
  Yes No Total
Use of mobile payments in the past 12 months by age by smartphone users
18-29 39.7 28.2 31
30-44 34.7 33.2 33.6
45-59 16.4 25.2 23.1
60+ 9.3 13.3 12.4
Number of respondents 257 889 1,146
 
Use of mobile payments in the past 12 months by race by smartphone users
White, non-Hispanic 61.2 66.6 65.3
Black, non-Hispanic 15 10 11.2
Other, non-Hispanic 7.4 5.8 6.2
Hispanic 15.2 15.9 15.7
2+ races, non-Hispanic 1.3 1.7 1.6
Number of respondents 257 889 1,146
 
Use of mobile payments in the past 12 months by gender by smartphone users
Female 50.4 51.5 51.3
Male 49.6 48.5 48.7
Number of respondents 257 889 1,146
 
Use of mobile payments in the past 12 months by education by smartphone users
Less than high school 8.2 7 7.3
High school 24.2 24.7 24.6
Some college 37.6 29.3 31.3
Bachelor's degree or higher 30 38.9 36.8
Number of respondents 257 889 1,146
 
Use of mobile payments in the past 12 months by income group by smartphone users
Less than $25,000 24.1 15.4 17.5
$25000-$39,999 19.2 15.4 16.3
$40,000-$74,999 19.3 19.4 19.4
$75,000-$99,999 13.6 15.3 14.9
Greater than $100,000 23.8 34.6 32
Number of respondents 257 889 1,146

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Last update: April 19, 2013