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Board of Governors of the Federal Reserve System
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Consumers and Mobile Financial Services
March 2012

Appendix 2: Consumer Responses to Survey Questionnaire

 

Table B.1. Do you or does your spouse/partner currently have a checking, savings, or money market account?
Percent, except as noted

Q1  
Yes 88.7
No 10.8
Refused to answer 0.5
Number of respondents 2,290

  

Table B.2. Have you or your spouse/partner ever had a checking, savings, or money market account?
Percent, except as noted

Q2  
Yes 36.9
No 58.9
Refused to answer 4.2
Number of respondents 200

  

Table B.3. Please choose the most important reason why you don't have a checking, savings, or money market account from the following list.
Percent, except as noted

Q3  
I don't write enough checks to make it worthwhile 23.5
The minimum balance is too high 2.2
I don't like dealing with banks 24.2
The fees and service charges are too high 13.3
No bank has convenient hours or locations 0.6
No bank will give me an account 10.2
Other 17.8
Refused to answer 8.1
Number of respondents 200

 

Table B.4. Have you or your spouse/partner ever used payday loans, paycheck advance, or deposit advance services?
Percent, except as noted

Q4  
Yes 11.2
No 88.1
Refused to answer 0.8
Number of respondents 2,290

  

Table B.5. How many times in the last 12 months did you or your spouse/partner use payday loan or payday advance services? In answering this question, please count a rollover of a payday loan as a new loan and also count using one payday loan to pay off another as separate loans.
Percent, except as noted

Q5  
0 44.9
1 13.8
2 11.6
3 6.3
4 3.9
5 5.3
6 3.1
7 0.3
8 0.9
9 0.1
10 2.6
12 2.1
16 0.5
20 0.5
24 0.3
40 0.6
Refused to answer 3.1
Number of respondents 223

  

Table B.6. What was the main reason for using a payday loan or payday advance service rather than a bank loan or credit card?
Percent, except as noted

Q6  
The location of the payday lender was more convenient 3.6
The payday loan was much quicker to get than a bank loan or credit card 17.7
It was easier to get a payday loan than to qualify for a bank loan or credit card 24.9
It felt more comfortable to work with the payday lender than to use a bank 1.2
I didn't want the loan to show up on my credit report 2.1
I didn't think I would qualify for a bank loan or credit card 29.2
Other 8
Refused to answer 13.4
Number of respondents 223

 

Table B.7. Do you have any of the following types of prepaid cards?
Percent, except as noted

Q7  
Gift card 48
General purpose prepaid card 14.5
Payroll card 1.7
Government card 4.8
None of the above 45.4
Refused to answer 0.4
Number of respondents 2,290

 

Table B.8. Some general purpose and merchant specific prepaid cards can be reloaded with extra dollar value by the cardholder. Are any of your prepaid cards reloadable?
Percent, except as noted

Q8  
Yes 44.7
No 30.4
Don't know 24.5
Refused to answer 0.4
Number of respondents 1,228

 

Table B.9. In the past 12 months, did you add money to reload any of your prepaid cards?
Percent, except as noted

Q9  
Yes 40.3
No 59.7
Number of respondents 498

 

Table B.10. Think about the prepaid card that you reload most often. When was the last time that you personally reloaded that prepaid card?
Percent, except as noted

Q10  
In the past 7 days 21.2
In the past 30 days 41.1
In the past 90 days 20
In the past 12 months 17.1
More than 12 months ago 0.6
Never 0.1
Number of respondents 207

 

Table B.11. Which of the following financial products or services have you used in the past 12 months?
Percent, except as noted

Q11  
Debit card or check 69
Paper check 66.7
Major credit card 60.2
Store-branded credit card good only at the store that issued the card 30.2
General purpose prepaid card 18.6
Auto title loan 3.5
Check cashing service 4.1
Payday loan 3.3
Layaway plan 3.8
None of the above 7.2
Refused to answer 0.6
Number of respondents 2,290

 

Table B.12. Have you used telephone banking in the past 12 months, either with a landline phone or your mobile phone?
Percent, except as noted

Q12  
Yes 33.3
No 66.3
Refused to answer 0.4
Number of respondents 2,079

 

Table B.13. Which of the following transactions have you performed using telephone banking in the past 12 months?
Percent, except as noted

Q13  
Checked account balances or transactions 78.1
Transferred money between accounts 31.3
Paid bills 29.8
Asked a customer service question 44
Deposited money 4.8
Applied for a credit card or loan 2.4
Other 2.7
Refused to answer 0.3
Number of respondents 653

 

Table B.14. Do you currently have regular access to the Internet, either at home or outside your home (i.e., school, work, public library)?
Percent, except as noted

Q14  
Yes 95.4
No 4.3
Refused to answer 0.4
Number of respondents 2,290

 

Table B.15. Where do you use the Internet the most often?
Percent, except as noted

Q15  
At home 80.8
At work 14.8
At school 0.8
At a library 1.7
At someone else's home 1
At an Internet café or store with Wi-Fi 0.3
Other 0.3
Refused to answer 0.2
Number of respondents 2,189

 

Table B.16. Have you used online banking on a desktop, laptop, or tablet computer in the past 12 months?
Percent, except as noted

Q16  
Yes 67.7
No 31.9
Refused to answer 0.5
Number of respondents 2,011

 

Table B.17. Which of the following transactions have you done using online banking on a desktop, laptop, or tablet computer in the past 12 months?
Percent, except as noted

Q17  
Checked account balances or transactions 95.8
Transferred money between accounts 67.6
Paid bills 73.1
Asked a customer service question 11.8
Deposited money 11.9
Applied for a credit card or loan 8
Managed investments (i.e., bought and sold stock or mutual funds) 8.8
Other 0.8
Refused to answer 0.4
Number of respondents 1,358

 

Table B.18. Do you own or have regular access to a mobile phone (cell phone)?
Percent, except as noted

Q18  
Yes 87.1
No 12.9
Number of respondents 2,290

 

Table B.19. Is your mobile phone a smartphone?
Percent, except as noted

Q19  
Yes 43.9
No 55.9
Refused to answer 0.2
Number of respondents 2,002

 

Table B.20. Which type of smartphone do you have?
Percent, except as noted

Q20  
Android 43.4
BlackBerry 13.1
iPhone 30.1
Windows Mobile 1.2
Other 7.7
Don't know 3.9
Refused to answer 0.5
Number of respondents 836

 

Table B.21. When was the last time that you used the Internet on your mobile phone?
Percent, except as noted

Q21  
In the past 7 days 83.6
In the past 30 days 5.5
In the past 90 days 2.4
In the past 12 months 1.6
More than 12 months ago 0.3
Never 6.5
Refused to answer 0.1
Number of respondents 836

 

Table B.22. Have you used mobile banking in the past 12 months?
Percent, except as noted

Q22  
Yes 20.9
No 78.9
Refused to answer 0.2
Number of respondents 2,002

 

Table B.23. Do you plan to use mobile banking in the next 12 months?
Percent, except as noted Percent, except as noted

Q23  
Definitely will use 0.8
Probably will use 10.4
Probably will not use 39.6
Definitely will not use 48.6
Refused to answer 0.5
Number of respondents 1,626

 

Table B.24. Do you think you will ever use mobile banking?
Percent, except as noted

Q24  
Definitely will use 0.6
Probably will use 16.4
Probably will not use 45.4
Definitely will not use 36.9
Refused to answer 0.8
Number of respondents 1,449

 

Table B.25. Using your mobile phone, have you done any of the following in the past 12 months?
Percent, except as noted

Q25  
Downloaded your bank's mobile banking application on your mobile phone 48.1
Checked an account balance or checked recent transactions 90.1
Made a bill payment using your bank's online banking website or banking application 25.7
Received a text message alert from your bank 33.4
Transferred money between two accounts 41.7
Deposited a check to your account using your phone's camera 10.6
Located the closest in-network ATM for your bank 20.7
Managed your investments (i.e., bought and sold stock or mutual funds) 2.2
Other banking-related activities 1
Refused to answer 3
Number of respondents 372

 

Table B.26. In a typical month, how many times do you personally use mobile banking?
Percent, except as noted

Q26  
0 6
1 11.7
2 12.6
3 10.7
4 8.8
5 9.7
6 3.6
7 2.1
8 2.4
9 0.5
10 9.5
12 0.6
15 4.3
16 0.8
20 9.5
25 0.8
30 3.1
50 0.3
60 0.6
Refused to answer 2.4
Number of respondents 372

 

Table B.27. Overall, how satisfied are you with your mobile banking experiences?
Percent, except as noted

Q27  
Very satisfied 61.7
Somewhat satisfied 32.3
Somewhat dissatisfied 2.1
Very dissatisfied 1.1
Refused to answer 2.9
Number of respondents 372

 

Table B.28. What are the top two reasons you are dissatisfied with your mobile banking experience?
Frequency, except as noted

Q28  
I am concerned about my personal information being disclosed 5
I have had problems getting the websites or applications to work properly 4
Banking on my mobile phone takes too long 6
It is too difficult to see on my mobile phone's screen 3
The transactions I want to execute are not available 3
Other 7
Number of respondents 14

 

Table B.29. Have you made a mobile payment in the past 12 months?
Percent, except as noted

Q29  
Yes 12.3
No 87.3
Refused to answer 0.4
Number of respondents 2,002

 

Table B.30. Using your mobile phone, have you done any of the following in the past 12 months?
Percent, except as noted

Q30  
Transferred money directly to another person's bank, credit card, or paypal account 20.5
Received money from another person using my mobile phone 7.9
Waved or tapped my mobile phone at the cash register to pay for a purchase 2.4
Paid bills online (excluding payments made directly from your bank website or application 47.1
Made a charitable donation via text message 5.1
Transferred money to friends or family in another country 0.2
Used my mobile phone as a "virtual wallet" to replace the cards I previously carried in my wallet 0.2
Made online purchases 36
None of the above 23
Refused to answer 0.4
Number of respondents 213

 

Table B.31. Do you make your mobile payments using a credit card number, your bank account, adding the charge to your phone bill, or through a service such as Paypal, Google Wallet, or iTunes, that indirectly charges your credit card or bank account?
Percent, except as noted

Q31  
Credit card, debit card, or prepaid card 66.4
Bank account 45.4
Charged to your phone bill 8.4
Paypal, Google Wallet, iTunes, etc. 21.9
Other 3.9
Number of respondents 161

 

Table B.32. Have you used any of the following methods to make or receive mobile payments in the past 12 months?
Percent, except as noted

Q32  
Used a text message to make or receive a mobile payment 16.2
Waved or tapped my mobile phone at the cash register or other payment sensor 1.3
Scanned a barcode using your mobile phone to make a mobile payment 1
Used your mobile phone's web browser to make or receive a mobile payment 23
Used a downloadable app to make or receive a mobile payment 21
None of the above 45
Refused to answer 5.4
Number of respondents 213

 

Table B.33. In a typical month, how many times do you use your mobile phone to make payments?
Percent, except as noted

Q33  
0 25
1 34.4
2 12.7
3 6.6
4 4.8
5 4.4
6 1.9
7 0.1
8 0.3
9 1.3
10 1.5
12 0.1
14 0.2
15 0.4
24 0.6
Refused to answer 5.7
Number of respondents 213

 

Table B.34. Overall, how satisfied are you with your mobile payment experiences?
Percent, except as noted

Q34  
Very satisfied 55.2
Somewhat satisfied 32.6
Somewhat dissatisfied 1.5
Very dissatisfied 3.3
Refused to answer 7.4
Number of respondents 213

 

Table B.35. What are the top two reasons you are dissatisfied with your mobile payment experiences?
Frequency, except as noted

Q35  
I am concerned about my personal information being disclosed or have had personal information disclosed 10
I find that applications and/or websites for mobile payments are too complicated to use 2
I have had problems getting the websites or applications to work properly 4
Making mobile payments takes too long 1
Making mobile payments is much more complicated than using another payment method 6
It is too difficult to see on my mobile phone's screen 2
Merchants don't generally accept mobile payments 2
Other 1
Number of respondents 14

 

Table B.36. You indicated that you do not use mobile banking. What are the main reasons why you have decided not to use mobile banking?
Percent, except as noted

Q36  
I am concerned about the security of mobile banking 48
My banking needs are being met without mobile banking 57.5
The cost of data access on my wireless plan is too high 18.3
It is too difficult to see on my mobile phone's screen 16.6
It is not offered by my bank or credit union 2.7
My bank charges a fee for using mobile banking 2.2
I don't trust the technology to properly process my banking transactions 21.8
I don't have a banking account with which to use mobile banking 8.8
It is difficult or time consuming to set up mobile banking 9.5
Other 12.6
Refused to answer 0.6
Number of respondents 1626

 

Table B.37. You mentioned that security was one of your top concerns with mobile banking. What security aspects are you most concerned with?
Percent, except as noted

Q37  
Hackers gaining access to my phone remotely 54.3
Someone intercepting my calls or data 18.1
Losing my phone or having my phone stolen 19.3
Malware or viruses being installed on my phone 4.8
Other 3.3
Refused to answer 0.2
Number of respondents 798

 

Table B.38. Assuming that any concerns you have about mobile banking were addressed, which of the following activities would you be interested in performing with your mobile phone?
Percent, except as noted

Q38  
Download your bank's mobile banking application on your mobile phone 16.6
Check an account balance or check recent transactions 55.4
Make a bill payment using your bank's online banking website or banking application 23.7
Receive text message alerts from your bank 30.2
Transfer money between two accounts 24.5
Other banking-related activities 9
Refused to answer 12.6
Number of respondents 1,626

 

Table B.39. You indicated that you do not use mobile payments. What are the main reasons you have decided not to use mobile payments?
Percent, except as noted

Q39  
I am concerned about the security of mobile payments 41.5
It is easier to pay with another method like cash or a credit card 36
I don't see any benefit from using mobile payments 36.7
I don't know of any stores that let you pay with your mobile phone 9
I don't have the necessary feature on my phone 30.8
The cost of data access on my wireless plan is too high 15.3
It is not offered by my bank or credit union 4.3
My bank charges a fee for using mobile payments 1.9
I don't trust the technology to properly process my payments 19.7
It is difficult or time consuming to set up mobile payments 9.1
Other 12.4
Refused to answer 1.7
Number of respondents 1,780

 

Table B.40. You mentioned that security was one of your top concerns with mobile payments. What security aspect are you most concerned with?
Percent, except as noted

Q40  
Hackers gaining access to my phone remotely 45.6
Someone intercepting my payment information or other data 32.8
Losing my phone or having my phone stolen 16.6
Malware or viruses being installed on my phone 2.7
Other 1.7
Refused to answer 0.6
Number of respondents 745

 

Table B.41. Assuming that the reason(s) you do not currently use mobile payments was addressed, which of the following activities would you be interested in performing with your mobile phone?
Percent, except as noted

Q41  
Making payments directly to another person 17.1
Waving or tapping my mobile phone at the cash register to pay for a purchase 17.2
Paying bills online 34.4
Transferring money to friends or family in another country 7
Using your mobile phone as a "virtual wallet" to replace all the cards you currently carry in your wallet 16.6
Buying goods or services online 21.9
Receiving/using coupons on your phone 27.7
Receiving specials and discount offers based on your location 21.6
Other payment-related activities 12
Refused to answer 15.2
Number of respondents 1,780

 

Table B.42. Please rate the security of SMS (text messaging).
Percent, except as noted

Q42  
Very safe 8.3
Somewhat safe 30.1
Somewhat unsafe 16.4
Very unsafe 10.8
Don't know 33.1
Refused to answer 1.2
Number of respondents 2,002

 

Table B.43. Please rate the security of mobile browsers similar to the way you access the Internet on your PC.
Percent, except as noted

Q43  
Very safe 5.6
Somewhat safe 36
Somewhat unsafe 18.8
Very unsafe 7.6
Don't know 30.2
Refused to answer 2
Number of respondents 2,002

 

Table B.44. Please rate the security of an application downloaded from your phone's mobile app store.
Percent, except as noted

Q44  
Very safe 7.4
Somewhat safe 32.9
Somewhat unsafe 15.1
Very unsafe 6.8
Don't know 36.1
Refused to answer 1.8
Number of respondents 2,002

 

Table B.45. How would you currently rate the overall security of mobile banking for protection?
Percent, except as noted

Q45  
Very safe 5.1
Somewhat safe 27.8
Somewhat unsafe 20.7
Very unsafe 11.2
Don't know 33.9
Refused to answer 1.4
Number of respondents 2,002

 

Table B.46. Would you like to use your mobile phone for any of the following purposes, assuming they were made available to you?
Percent, except as noted

Q46  
Buy things at the point of sale 25.2
Track your finances on a daily basis 31.1
Organize and track gift cards, loyalty and reward points 21.4
Compare prices when shopping 47.9
As a ticket for buses, trains, or subways 18.7
As a key to enter your house 18.4
Purchase tickets to events 22.9
As a membership card (e.g., museums, gym, etc.) 24.2
To receive and manage discount offers and coupons 30.5
To receive offers and promotions based on where you are 33
As a form of photo identification 23.4
Refused to answer 18
Number of respondents 2,002

 

Table B.47. Banks can offer a service whereby checks to be deposited are photographed using your camera phone and the image is sent over the mobile Internet during a mobile banking session so that the bank can deposit the funds into your account without you having to present the physical check. The bank then sends a notification acknowledging receipt of the deposit. If your bank offered this service, how likely would you be to use it?
Percent, except as noted

Q47  
I already use it 3.9
Very likely 13.7
Somewhat likely 24.1
Somewhat unlikely 20.8
Very unlikely 36.4
Refused to answer 1.1
Number of respondents 2,002

 

Table B.48. Before going to a retail store to make a large purchase, do you generally compare prices online?
Percent, except as noted

Q48  
Yes 58.4
No 41.1
Refused to answer 0.4
Number of respondents 2,189

 

Table B.49. Before going to a retail store to make a large purchase, do you generally look at product reviews online?
Percent, except as noted

Q49  
Yes 57.6
No 41.6
Refused to answer 0.7
Number of respondents 2,189

 

Table B.50. Online shopping is when you go to a merchant's website through your web browser or an application and make a purchase. Have you ever used your mobile phone for online shopping?
Percent, except as noted

Q50  
Yes 16.4
No 82.3
Refused to answer 1.4
Number of respondents 2,002

 

Table B.51. Have you ever used your mobile phone to comparison-shop over the Internet while at a retail store?
Percent, except as noted

Q51  
Yes 19.4
No 79.4
Refused to answer 1.2
Number of respondents 2,002

 

Table B.52. Have you ever used a barcode scanning application on your mobile phone while shopping at a retail store to find the best price for an item?
Percent, except as noted

Q52  
Yes 12.3
No 86.7
Refused to answer 0.9
Number of respondents 2,002

 

Table B.53. Has using your mobile phone to compare prices while you were shopping at a retail store ever changed where you made your purchase?
Percent, except as noted

Q53  
Yes 65.6
No 34.4
Number of respondents 393

 

Table B.54. Have you ever used your mobile phone to browse product reviews while shopping at a retail store?
Percent, except as noted

Q54  
Yes 16
No 83.2
Refused to answer 0.7
Number of respondents 2,002

 

Table B.55. Has reading product reviews on your mobile phone while shopping at a retail store ever changed which item you ended up purchasing?
Percent, except as noted

Q55  
Yes 76.9
No 22.5
Refused to answer 0.6
Number of respondents 289

 

Table B.56. In the past 12 months, have you used your mobile phone to check your account balance or available credit before making a large purchase?
Percent, except as noted

Q56  
Yes 67.2
No 32.1
Refused to answer 0.7
Number of respondents 372

 

Table B.57. Thinking of the most recent time that you used your mobile phone to check your account balance or available credit before making a large purchase, did you decide not to buy that particular item because of the amount of money left in your account or the amount of your available credit?
Percent, except as noted

Q57  
Yes 59.2
No 40.5
Refused to answer 0.3
Number of respondents 242

 

Table B.58. Have you signed up to receive coupons or special offers by e-mail from retail stores in the past 12 months?
Percent, except as noted

Q58  
Yes 37.9
No 60.7
Refused to answer 1.4
Number of respondents 2,290

 

Table B.59. Have you made a purchase as a result of receiving one of these coupons or special offers?
Percent, except as noted

Q59  
Yes 73.4
No 25.8
Refused to answer 0.8
Number of respondents 881

 

Table B.60. Have you ever signed up to receive coupons/offers from a website such as Groupon or Living Social?
Percent, except as noted

Q60  
Yes 28.2
No 70.5
Refused to answer 1.2
Number of respondents 2,290

 

Table B.61. Have you ever used a coupon from a website such as Groupon or Living Social?
Percent, except as noted

Q61  
Yes 56.7
No 43.3
Number of respondents 657

 

Table B.62. New mobile contactless payments are becoming available from some banks, credit card companies, and transit operators. These let consumers tap or wave their mobile phone at a terminal instead of swiping a card. If you were offered the option of using this service, how likely would you be to use it?
Percent, except as noted

Q62  
I already use it 1
Very likely 9.9
Somewhat likely 23.1
Somewhat unlikely 22.4
Very unlikely 42.3
Refused to answer 1.3
Number of respondents 2,002

 

Table B.63. How likely do you think it is that mobile contactless payments will become a major form of payment in the next five years?
Percent, except as noted

Q63  
Very likely 16.7
Somewhat likely 33.3
Somewhat unlikely 15.5
Very unlikely 11.5
Don't know 21.8
Refused to answer 1.1
Number of respondents 2,002

 

Table B.64. How much responsibility do you have for maintaining the household budget and managing household income?
Percent, except as noted

Q64  
None or almost none 11.6
Some 10.9
Shared equally with other household members 26.9
Most 13
All or almost all 36.3
Refused to answer 1.3
Number of respondents 2,290

 

Table B.65. How much responsibility do you have for paying monthly bills (e.g., rent or mortgage, utilities, cell phone)?
Percent, except as noted

Q65  
None or almost none 15.2
Some 11.5
Shared equally with other household members 18.9
Most 10.8
All or almost all 42.1
Refused to answer 1.6
Number of respondents 2,290

 

Table B.66. How much responsibility do you have for shopping for household goods and groceries?
Percent, except as noted

Q66  
None or almost none 9.2
Some 16.3
Shared equally with other household members 24.8
Most 13.3
All or almost all 34.8
Refused to answer 1.7
Number of respondents 2,290

 

Table B.67. How much responsibility do you have for making decisions about savings and investments?
Percent, except as noted

Q67  
None or almost none 12.1
Some 9.9
Shared equally with other household members 35.4
Most 11.7
All or almost all 30
Refused to answer 0.9
Number of respondents 2,290

 

Table B.68. Do you or anyone in your household use a program or website to track household finances (for example, Quicken, Mint.com, Excel, or a website provided by your bank)?
Percent, except as noted

Q68  
Yes 21.3
No 78.1
Refused to answer 0.6
Number of respondents 2,290

 

Table B.69. How long have you been using this program or website to manage your household finances?
Percent, except as noted

Q69  
Less than a year 15.6
One to two years 17.9
Three to five years 22.9
More than five years 42.7
Refused to answer 0.8
Number of respondents 514

 

Table B.70. In a typical month, how often do you or another household member use this program or website?
Percent, except as noted

Q70  
0 3.3
1 12.6
2 10.4
3 7.1
4 11.5
5 6.3
6 2.9
7 0.6
8 3.1
10 6.5
12 1.8
14 0.4
15 4.8
20 6.4
21 0.1
24 0.2
25 5.8
26 0.5
27 0.2
30 7.7
31 0.2
35 0.5
40 0.3
45 0.1
50 0.9
60 0.3
Refused to answer 5.4
Number of respondents 514

 

Table B.71. Do you use your mobile phone to track purchases and expenses?
Percent, except as noted

Q71  
Yes 7.3
No 91.7
Refused to answer 1
Number of respondents 2,002

 

Table B.72. What method(s) do you use to track purchases and expenses on your mobile phone?
Percent, except as noted

Q72  
A mobile application for expense tracking 38.3
A spreadsheet 10.1
Online (using the web browser to access a website) 47.6
Send text messages 12.1
Take notes in a notepad or word processor 21.1
Refused to answer 3.4
Number of respondents 115

 

Table B.73. In a typical month, how often do you use your mobile phone to track purchases and expenses?
Percent, except as noted

Q73  
0 2.9
1 2.7
2 16.6
3 10.4
4 5.4
5 15.4
6 0.8
7 0.3
8 0.5
10 5.8
12 0.4
13 0.1
14 0.4
15 8.8
20 7.5
25 2.8
30 4.2
40 2.1
50 0.3
123 0.2
Refused to answer 12.6
Number of respondents 115

 

Table B.74. You previously mentioned that you receive text alerts from your bank. What kind of text alerts do you receive?
Percent, except as noted

Q74  
Low-balance alerts 66.4
Payment due alerts 31.7
Saving reminders 3.1
Fraud alerts 30.3
Other 18.2
Number of respondents 111

 

  Table B.75. Thinking of the most recent low-balance alert you received by text message, which of the following actions did you take after receiving the alert?
Percent, except as noted

Q75  
Transferred money into the account with the low balance 57.6
Deposited money into the account with the low balance 16.2
Reduced my spending 41.1
None of the above 15.9
Number of respondents 78

 

Table B.76. Has receiving payment due alerts improved your ability to pay your bills on time?
Percent, except as noted

Q76  
Yes, by a lot 37.4
Yes, by a little 40.4
No 22.2
Number of respondents 41

 

Table B.77. Imagine that the interest rate on your savings account was 1 percent per year and inflation was 2 percent per year. After one year, how much would you be able to buy with the money in this account?
Percent, except as noted

Q77  
More than today 5.6
Exactly the same 20.9
Less than today 70.4
Refused to answer 3
Number of respondents 2,290

 

Table B.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 15.3
U.S. Government bonds 25
Stocks 55.8
Refused to answer 3.9
Number of respondents 2,290

 

Table B.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 do what?
Percent, except as noted

Q79  
Increase 21
Decrease 52.4
Stay the same 22.5
Refused to answer 4.1
Number of respondents 2,290

 

Table B.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 76
False 20.3
Refused to answer 3.6
Number of respondents 2,290

 

Table B.81. Suppose you owe $1,000 on a loan and the interest rate you are charged is 10 percent per year compounded annually. If you didn'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 two years 11.7
Between two and five years 23.8
Five to nine years 34.2
Ten years or more 25.8
Refused to answer 4.5
Number of respondents 2,290

 

Table B.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 36.4
With the money currently in my checking account 40.8
By taking money out of my savings 21.5
Using money from a bank loan, line of credit, or overdraft 3.4
By borrowing from a friend or family member 17.5
Using a payday loan or deposit advance 2.9
By pawning something 6
Other 5.7
Refused to answer 2.9
Number of respondents 2,290

 

Table B.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 3.3
Take above average financial risks expecting to earn above average returns 14.6
Take average financial risks expecting to earn average returns 36.9
Not willing to take any financial risks 42.5
Refused to answer 2.6
Number of respondents 2,290

 

Table B.84. Suppose that you are the only income earner in the family, and you have a good job guaranteed to give you your current income every year for life. You are given the opportunity to take a new and equally good job, with a 50-50 chance that it will double your income and a 50-50 chance that it will cut your income by one-third (33 percent). Would you take the new job?
Percent, except as noted

Q84  
Yes 24.1
No 73
Refused to answer 2.9
Number of respondents 2,290

 

Table B.85. Now suppose that the chances were 50-50 that it would double your income and 50-50 that it would cut your income by half (50 percent). Would you still take the new job?
Percent, except as noted

Q85  
Yes 36.2
No 63.1
Refused to answer 0.7
Number of respondents 547

 

Table B.86. Now suppose that the chances were 50-50 that it would double your income and 50-50 that it would cut your income by one-fifth (20 percent). Would you now take the new job?
Percent, except as noted

Q86  
Yes 22.5
No 76.8
Refused to answer 0.7
Number of respondents 1,687

 

Table B.87. Summary Statistics for Demographics

  Mean Standard Deviation
Age 46.6209 16.9178
Male 0.4841 0.4999
Female 0.5159 0.4999
Ages 18-29 0.2139 0.4101
Ages 30-44 0.2599 0.4387
Ages 45-60 0.2755 0.4469
Ages over 60 0.2507 0.4335
Less than high school 0.1267 0.3327
High school degree 0.3035 0.4599
Some college 0.2875 0.4527
Bachelor's degree or higher 0.2822 0.4502
White, non-Hispanic 0.6795 0.4668
Black, non-Hispanic 0.1158 0.3200
Other and two or more races, non-Hispanic 0.0679 0.2516
Hispanic 0.1369 0.3438
Less than $25,000 0.2154 0.4112
$25000-$39,999 0.1734 0.3787
$40,000-$74,999 0.2623 0.4400
$75,000-$99,999 0.1293 0.3356
Greater than $100,000 0.2195 0.4140
Married 0.5279 0.4993
Unmarried, widowed, divorced, or living with partner 0.4721 0.4993
Northeast 0.1842 0.3877
Midwest 0.2174 0.4126
South 0.3659 0.4818
West 0.2324 0.4225
Employed 0.5559 0.4970
Unemployed but in labor force 0.0970 0.2961
Not in labor force: retired, disability or other 0.3470 0.4761
Observations 2,290  

 

Table B.88. Use of online banking on a desktop, laptop, or tablet computer in the past 12 months by age
Percent, except as noted

Age categories Yes No Total
18-29 24.6 10.6 20.1
30-44 30.4 16.8 26
45-59 24.7 32.5 27.2
60+ 20.3 40.1 26.7
Number of respondents 1,358 644 2,002

 

Table B.89. Use of mobile banking in the past 12 months by age
Percent, except as noted

Age categories Yes No Total
18-29 43.5 16.8 22.4
30-44 35.7 24.7 27
45-59 14.7 30.2 26.9
60+ 6.1 28.4 23.7
Number of respondents 372 1,626 1,998

 

Table B.90. Use of mobile payments in the past 12 months by age
Percent, except as noted

Age categories Yes No Total
18-29 37.3 20.3 22.4
30-44 35.9 25.6 26.9
45-59 16.9 28.5 27
60+ 10 25.7 23.7
Number of respondents 213 1,780 1,993

 

Table B.91. Use of online banking on a desktop, laptop, or tablet computer in the past 12 months by race
Percent, except as noted

Race/ethnicity Yes No Total
White, Non-Hispanic 73.3 68.8 71.8
Black, Non-Hispanic 7.6 13.4 9.4
Other, Non-Hispanic 5.7 4.8 5.4
Hispanic 12.4 12.2 12.3
2+ Races, Non-Hispanic 1.1 0.7 1
Number of respondents 1,358 644 2,002

 

Table B.92. Use of mobile banking in the past 12 months by race
Percent, except as noted

Race/ethnicity Yes No Total
White, Non-Hispanic 60.3 71.5 69.2
Black, Non-Hispanic 16.2 10 11.3
Other, Non-Hispanic 5.2 5.8 5.6
Hispanic 17.1 11.6 12.8
2+ Races, Non-Hispanic 1.2 1.1 1.2
Number of respondents 372 1,626 1,998

 

Table B.93. Use of mobile payments in the past 12 months by race
Percent, except as noted

Race/ethnicity Yes No Total
White, Non-Hispanic 58.3 70.8 69.3
Black, Non-Hispanic 12.9 10.9 11.2
Other, Non-Hispanic 7.1 5.4 5.6
Hispanic 20.9 11.6 12.8
2+ Races, Non-Hispanic 0.9 1.2 1.2
Number of respondents 213 1,780 1,993

 

Table B.94. Use of online banking on a desktop, laptop, or tablet computer in the past 12 months by gender
Percent, except as noted

Gender Yes No Total
Female 51.9 52.3 52.1
Male 48.1 47.7 47.9
Number of respondents 1,358 644 2,002

 

Table B.95. Use of mobile banking in the past 12 months by gender
Percent, except as noted

Gender Yes No Total
Female 53.4 52.9 53
Male 46.6 47.1 47
Number of respondents 372 1,626 1,998

 

Table B.96. Use of mobile payments in the past 12 months by gender
Percent, except as noted

Gender Yes No Total
Female 55 52.7 53
Male 45 47.3 47
Number of respondents 213 1,780 1,993

 

Table B.97. Use of online banking on a desktop, laptop, or tablet computer in the past 12 months by education group
Percent, except as noted

Education Yes No Total
Less than high school 5.2 16.7 8.9
High school 23.1 41.3 29
Some college 32.9 25.1 30.4
Bachelor's degree or higher 38.8 16.9 31.8
Number of respondents 1,358 644 2,002

 

Table B.98. Use of mobile banking in the past 12 months by education group
Percent, except as noted

Education Yes No Total
Less than high school 5.5 12.1 10.7
High school 21.5 31.8 29.6
Some college 39 27.4 29.8
Bachelor's degree or higher 34 28.8 29.9
Number of respondents 372 1,626 1,998

 

Table B.99. Use of mobile payments in the past 12 months by education group
Percent, except as noted

Education Yes No Total
Less than high school 7.2 11.2 10.7
High school 27.9 29.9 29.7
Some college 37 28.7 29.7
Bachelor's degree or higher 27.9 30.1 29.9
Number of respondents 213 1,780 1,993

 

Table B.100. Use of online banking on a desktop, laptop, or tablet computer in the past 12 months by income group
Percent, except as noted

Income group Yes No Total
Less than $25,000 10.1 27.1 15.6
$25,000-$39,999 17.2 19.3 17.9
$40,000-$74,999 28.5 27.1 28.1
$75,000-$99,999 15.9 11 14.4
$100,000 or greater 28.2 15.5 24.2
Number of respondents 1,358 644 2,002

 

Table B.101. Use of mobile banking in the past 12 months by income group
Percent, except as noted

Income group Yes No Total
Less than $25,000 12.8 19.9 18.4
$25,000-$39,999 19 16.6 17.1
$40,000-$74,999 27.5 26.5 26.7
$75,000-$99,999 12.9 14 13.8
$100,000 or greater 27.9 22.9 24
Number of respondents 372 1,626 1,998

 

Table B.102. Use of mobile payments in the past 12 months by income group
Percent, except as noted

Income group Yes No Total
Less than $25,000 19.1 18.5 18.5
$25,000-$39,999 20.6 16.7 17.2
$40,000-$74,999 23 27.2 26.7
$75,000-$99,999 11.7 14 13.7
$100,000 or greater 25.6 23.6 23.9
Number of respondents 213 1,780 1,993

 

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Last update: August 2, 2013