Appendix 2: Survey of Household Economics and Decisionmaking--Questionnaire

Below is a reproduction of the survey instrument in its entirety. The bracketed text are programming instructions that (1) indicate whether or not a question is single choice [SP] or multiple choice [MP] and (2) represent any skip pattern used to reach that question and which questions should be grouped together on a page. The respondents only saw the questions and response options; they did not see the program code.

[DISPLAY]

The Federal Reserve Board is interested in learning more about the financial well-being and economic perceptions of the American people. This survey covers a broad range of topics related to household finances, financial decisionmaking, and economic conditions. The data collected in this survey will be used for research, analysis, and policymaking on consumer finances and household financial stability. We appreciate your participation in this survey. All respondents who complete this survey will be provided with the equivalent of $10 through the GfK rewards system.

First, tell us a little about yourself.

[SP]

[PROMPT]

D0. Which one of the following best describes your current circumstances?

1. Married

2. Living with significant other/partner

3. Separated or divorced

4. Widowed

5. Single, never married

[SP]

[PROMPT]

D1. Which one of the following BEST describes your living arrangement?

1. Living alone

2. Living with your immediate family (i.e., spouse/partner and/or dependent children, or parents if never married)

3. Living with your adult children

4. Living with your (or your spouse/partner's) extended family (e.g., parents, siblings, cousins)

5. Living with roommate(s)

CREATE DOV [LIVARR] TO BE USED FOR L1 IN THE LIVING ARRANGEMENTS SECTION:

IF D1 = 2 LIVARR = "immediate family"

IF D1 = 3 LIVARR = "adult children"

IF D1 = 4 LIVARR = "extended family"

IF D1 = 5 LIVARR = "roommate(s)"

[SP]

[PROMPT]

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

1. Employed now

2. Temporarily laid off

3. Not employed, but looking for a job

4. Not employed and not looking for a job

5. Homemaker

6. Student

7. Disabled

8. Retired

[SP][IF D2 = 1]

D3. Thinking of your main job, do you:

1. Work full time for someone else

2. Work part time for someone else

3. Work for yourself (self-employed)

4. Work in a partnership (e.g., partner in law firm, medical practice)

5. Work as a consultant/contractor

[SP][IF D2 = 6]

D4a. Besides being a student, do you also have a paid job?

1. Yes, I work full time

2. Yes, I work part time

3. No

[SP][IF D2 = 8]

D4b. Besides being retired, do you also have a paid job?

1. Yes, I work full time

2. Yes, I work part time

3. No

[SP][IF D3 = 3]

D4c. Besides being self-employed, do you also have another paid job?

1. Yes, I have another full-time job

2. Yes, I have another part-time job

3. No

[SP][IF D0 = 1 OR 2]

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

1. Employed full time

2. Employed part time

3. Not employed, but looking for a job

4. Not employed and not looking for a job

5. Homemaker

6. Student

7. Disabled

8. Retired

****** SCREENER/INCIDENCE QUESTIONS *****

[SP][IF D0 = 1 OR 2]

S1A. Do you and/or your spouse/partner currently have a checking, savings, or money market account?

1. Yes

0. No

[SP][IF D0=3-5 or REFUSED]

S1B. Do you currently have a checking, savings, or money market account?

1. Yes

0. No

[SP]

S2. Which one of the following best describes your housing arrangement?

1. I (and/or my spouse/partner) own my home

2. I (and/or my spouse/partner) pay rent

3. I (and/or my spouse/partner) don't own my home or pay rent

[IF S2 = 2 OR 3]

[SP]

S3. Have you (and/or your spouse/partner) owned a home in the past 12 months?

1. Yes

0. No

[IF (S2 = 1) AND (D0 = 1 OR 2)]

[SP]

[NOTE: MAKE DEFINITIONS OF HOME EQUITY LOAN AND HOME EQUITY LINE OF CREDIT AVAILABLE TO RESPONDENT IF NEEDED]

[program instruction]

[SHOW THIS DEFINITION IN A POP-UP IF HOME EQUITY LOAN IS CLICKED IN S4]

HEL - home equity loan. This is a loan where you borrow a set dollar amount upfront, and pay it back with regular monthly payments. You cannot re-borrow money using this loan even after you have paid some money back.

[SHOW THIS DEFINITION IN A POP-UP IF HOME EQUITY LINE OF CREDIT IS CLICKED IN S5]

HELOC - home equity line of credit. You receive a line of credit for up to a given credit limit (for example, up to $20,000) and can draw on it and make payments on only what you have borrowed. You generally can re-borrow money over time as you pay the money back. You are typically given checks or a bank card to access a HELOC.

S4. Do you (and/or your spouse/partner/significant other) currently have a mortgage on your home? (Do not include home equity lines of credit [provide pop-up
of definition])

1. Yes

0. No

IF S4 = 1]

[SP]

S5. Do you (and/or your spouse/partner/significant other) currently have a home equity loan [provide pop-up of definition (using definition laid out from S4)] or home equity line of credit [provide pop-up of definition (using definition laid out from S4)] in addition to your first mortgage?

1. Yes

0. No

8. Don't know

[IF (S2=1) and (D0=3-5 or refused)]

[SP]

S4A. Do you currently have a mortgage on your home? (Do not include home equity lines of credit [provide pop-up of definition (using definition laid out from S4)])

1. Yes

0. No

[IF S4A = 1]

[SP]

S5A. Do you (and/or your spouse/partner/significant other) currently have a home equity loan [provide pop-up of definition (using definition laid out from S4)]or home equity line of credit [provide pop-up of definition (using definition laid out from S4)] in addition to your first mortgage?

1. Yes

0. No

8. Don't know

[GRID; SP ACROSS]

S7. Do you currently owe any money or have any loans that you used to pay for the education of any of the categories of people below? Please include any loans on which you are the co-signer. If you do not have that particular relationship (e.g., grandchild) please select "Does not apply."

Across:

1. Yes

0. No

999. Does not apply

Down:

a. Your own education

b. Spouse/partner's education

c. Child's education

d. Grandchild's education

IF S7a "Your own education" = 1 "Yes," SET SDEBT1 = 1, ELSE IF S7a "Your own education" = 0 "No," SET SDEBT1 = 0.

IF S7b "Spouse/Partner's education" = 1 "Yes," SET SDEBT2 = 1, ELSE IF S7b "Spouse/Partner's education" = 0 "No," SET SDEBT2 = 0.

IF S7c "Child education" = 1 "Yes," SET SDEBT3 = 1, ELSE IF S7c "Child education" = 0 "No," SET SDEBT3 = 0.

IF S7d "Grandchild education" = 1 "Yes," SET SDEBT4 = 1, ELSE IF S7d "Grandchild education" = 0 "No," SET SDEBT4 = 0.

[NUMBER BOX]

S11. How many credit cards do you have? [number box; range 0-25]

[SP]

S12. In the last 12 months, have you applied for any credit (such as a credit card, mortgage, or other loan)?

1. Yes

0. No

[IF D2 = 8 AND D4b = 3]

[ALLOW RESPONDENT TO EITHER TYPE ANSWER IN NUMBER BOX OR CHECK DON'T KNOW, PROMPT WITH THE FOLLOWING IF BOTH: Please enter an answer in the number box OR check Not sure.]

S13A. At what age did you retire fully, meaning completely stop working?

[Num box 25-99]

999 Not Sure [SP]

[IF (D2=1-7 OR REFUSED) or (D4b=1-2)]

[SP]

S13B. In which of the following age ranges do you expect to retire fully, meaning completely stop working for pay?

1. Under 55

2. 56 to 60

3. 61 to 64

4. 65 to 68

5. 69 to 72

6. Over 72

7. Will never stop working

9. Not sure

[GRID; SP ACROSS]

S14. In the past 12 months,

Down:

a. Did you spend any money on state lotteries, for example buying Mega Millions, Powerball, or scratch tickets?

b. Did you participate in other types of gambling for money, such as at horse tracks, card rooms, bingo parlors, or casinos?

Across:

1 Yes

0 No

[SP]

S15. Do you own any stock in publicly traded companies directly (i.e., not through a mutual fund or exchange traded fund (ETF))? Please include any stock held in a 401(k) or other pension plan.

1. Yes

0. No

8. Don't know

***** END OF SCREENER/INCIDENCE SECTION *****

Back to section top

***** RENT SECTION *****

[ONLY ASK R1 TO R3 IF S2 = 2]

[MP]

[RANDOMIZE 1-7]

R1. Please select all the reason below for why you rent your home rather than own your home?

1. It's cheaper to rent than own a home

2. It's more convenient to rent (for example you can move easily)

3. I plan on moving in the near future

4. I can't qualify for a mortgage to buy a home

5. I can't afford the down payment to buy a home

6. I simply prefer to rent

7. I'm currently looking to buy a home

8. Other (Please specify): [txt]________________________________

[SP]

R2. Over the past 12 months, have you had to cut back on any spending so that you could make your monthly rent payment, and if so, by how much?

0. No

1. Yes, had to cut back a little

2. Yes, had to cut back some

3. Yes, had to cut back a lot

[NUMBER BOX WITH SP]

[ALLOW RESPONDENT TO EITHER TYPE ANSWER IN NUMBER BOX OR CHECK DON'T KNOW, PROMPT WITH THE FOLLOWING IF BOTH: Please enter an answer in the number box OR check Don't know. ]

R3a. About how much do you pay for rent each month?

$ __________ [Num box 0-99999]

888888. Don't know [SP]

***** END OF RENT SECTION *****

Back to section top

***** OWN SECTION *****

[ONLY ASK H0 - H6 IF S2 = 1]

[NUMBER BOX]

H0. In what year did you buy your current home?

[Num box 1900-2013]

[IF H0 < 2009]

[SP]

H1. Compared to five years ago (since 2008), do you think the value of your home today is higher, lower, or stayed the same?

3. Higher value

2. Value has stayed the same

1. Lower value

8. Don't Know

[SP]

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

5. Go up by more than 5 percent

4. Go up by 5 percent or less

3. Stay about the same

2. Go down by 5 percent or less

1. Go down by more than 5 percent

8. Don't know

[SP]

H5. Thinking about the past 12 months, did you want to sell your home, but did not or could not?

1. Yes, I put it on the market, but could not sell it

2. Yes, I wanted to sell, but did not put it on the market

3. No, I did not want to sell

4. No, I was able to sell my home, or it's currently on the market

[SP][IF H5 = 1 OR 2]

H6. Was the current market value an important reason for why you did not sell your home?

1. Yes

0. No

***** END OF OWN SECTION *****

Back to section top

***** LIVING ARRANGEMENT SECTION *****

[ONLY ASK L1 - L4 IF (S2 = 2 OR 3) AND (D1 = 3, 4, OR 5)]

[IF D0=3-5 or refused]

[SP]

L1. Do you currently live with your [INSERT LIVARR] so that you can save money?

1. Yes

0. No

[IF D0=3-5 or refused]

[SP]

L2. Would you live on your own if you could afford it?

1. Yes

0. No

[IF D0=1 OR 2]

[SP]

L1A. Do you and your family currently live with your [INSERT LIVARR] so that you can save money?

1. Yes

0. No

[IF D0=1 OR 2]

[SP]

L2A. Would you and your family live on your own if you could afford it?

1. Yes

0. No

[DISPLAY IF (S2 = 2 OR 3) AND (D1 = 3, 4, OR 5)][SHOW ON SAME PAGE AS L3]

You previously mentioned that you live with someone other than your immediate family (spouse/partner and dependent children).

[SP, IF (S2 = 2 OR 3) AND (D1 = 3, 4, OR 5)]

L3. Are you (and your family) planning to live on your own in the next 12 months?

4. Definitely yes

3. Probably yes

2. Probably no

1. Definitely no

***** END LIVING ARRANGEMENT SECTION *****

Back to section top

***** CREDIT APPLICATION SECTION *****

[ASK EVERYONE]

[IF D0= 1 OR 2]

[GRID; SP ACROSS]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS: Please answer yes or no to each option ]

A1A. In the past 12 months, please tell us if [IF S12=1 OR REFUSED, INSERT: each of] the following has or has not happened to you or your spouse/partner: (Please answer yes or no to each option)

PROGRAMMING NOTE: CODE "Yes" AS 1, "No" AS 0, AND REFUSED AS -1.

	1	0
	Yes	No
a. [SHOW IF S12=1 "YES" OR REFUSED] You/spouse/partner were turned down for credit
b. [SHOW IF S12=1 "YES" OR REFUSED] You/spouse/partner were not given as much credit as you applied for
c. You/spouse/partner put off applying for credit because you thought you might be turned down

[IF D0 = 3, 4, OR 5 or refused]

[GRID; SP ACROSS]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS: Please answer yes or no to each option]

A1B. In the past 12 months, please tell us if [IF S12=1 OR REFUSED, INSERT: each of ] the following has or has not happened to you: (Please answer yes or no to each option)

PROGRAMMING NOTE: CODE "Yes" AS 1, "No" AS 0, AND REFUSED AS -1

	1	0
	Yes	No
a. [SHOW IF S12=1 "YES" OR REFUSED] You were turned down for credit
b. [SHOW IF S12=1 "YES" OR REFUSED] You were not given as much credit as you applied for
c. You put off applying for credit because you thought you might be turned down

[SP]

A3. In the past 12 months, have you applied for a mortgage either to refinance an existing mortgage or to buy a home?

1. Yes, to refinance

2. Yes, to buy a home

3. Yes to both refinance AND to buy a home

0. No, have not applied for a mortgage to refinance or buy a home

[SP]

A4. If you were to apply for a mortgage today, how confident are you that your application would be approved?

3. Not confident

2. Somewhat confident

1. Very confident

8. Don't know

[SP][IF A4 = 2 OR 3]

A5. If it became easier to get approved for a mortgage (either to buy a home or refinance) than it is today, how likely is it that you would apply?

4. Very likely

3. Somewhat likely

2. Somewhat unlikely

1. Very unlikely

[SP]

A6. If you were to apply for credit or a loan today (other than a mortgage), how confident are you that your application would be approved?

3. Not confident

2. Somewhat confident

1. Very confident

8. Don't know

[SP][IF S2 = 2 OR 3]

A7. In the past 12 months, have you had a lease application for an apartment or house denied because of your credit history?

1. Yes

0. No

***** END OF CREDIT APPLICATION SECTION *****

Back to section top

***** CREDIT CONDITION SECTION *****

[SP]

C1. If you had to guess, how would you rate your current credit score (such as a FICO score)?

5. Excellent

4. Very good

3. Good

2. Fair

1. Poor

8. Don't know my score or how to rate it

[GRID; SP ACROSS]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS: Please answer yes or no to each option ]

C2. In the past 12 months, have you:

	1	0
	Yes	No
a. Obtained or received a copy of your credit report?
b. Obtained or received your credit score?

[SP][IF S11>0]

C3. In the past 12 months, have you always paid your credit card bills in full each month?

1. Yes

0. No

[IF C3=0]

[GRID; SP ACROSS]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS: Please answer yes or no to each option ]

C4. Also, in the past 12 months, have you ever:

	1	0
	Yes	No
a. Carried over a balance on your credit card and been charged interest
b. Paid only the minimum payment on one or more of your credit card bills
c. Carried a balance on your credit card at a low-interest rate from a special offer or promotion
d. Used a credit card for a cash advance

***** END OF CREDIT CONDITION SECTION *****

Back to section top

***** STUDENT LOANS *****

[ONLY ASK T1 - T8 IF SDEBT1 = 1 OR SDEBT2 = 1 OR SDEBT3 = 1 OR SDEBT4 = 1]

[DISPLAY IF SDEBT1 = 1 OR SDEBT2 = 1 OR SDEBT3 = 1 OR SDEBT4 = 1]

In this section we would like to ask you about your experience borrowing to pay for education.

NOTE: FOR T1 SET VARIABLE NAMES TO BE T1 + COLUMN IDENTIFIER + ROW IDENTIFIER, E.G., T1A1. KEEP ROW IDENTIFIERS TIED TO TYPE OF LOAN (1 = YOUR EDUCATION, 2 = YOUR SPOUSE/PARTNER'S, 3 = CHILD, 4 = GRANDCHILD). SET ALL YES ANSWER = 1 AND ALL NO ANSWER = 0.

[GRID WITH NUMBER BOXES AND CHECK BOXES (next to each check box, put "Yes" [? Yes])]

[COLUMN A NUMBER BOXES RANGE: 1-25]

[ONLY SHOW ROWS WHERE S7=1 YES]

T1. For each person whose education you've borrowed money for, please tell us how many loans you've taken out and answer Yes or No to each of the four questions for the loans you have.

		A	B	C	D	E
	Loans	Number of loans	Making payment on one or more of these loans now?	One or more loans are in deferment/ forbearance so do not need to make payments right now?	Behind on payments for one or more of these loans?	One or more of these loans is in collections?
1	For Your Education	RECORD ACTUAL	PROGRAMMING NOTE: INSERT Yes/No boxes INTO CELLS. CODE "YES" AS 1. CODE "NO" AS 0.
2	For Your Spouse's/Partner's Education	RECORD ACTUAL
3	For Your Child's Education	RECORD ACTUAL
4	For Your Grandchild's Education	RECORD ACTUAL

[GRID WITH NUMBER BOXES]

[RANGE FOR ALL NUMBER BOXES; 0-10000000]

[ONLY SHOW ROWS WHERE S7=1 YES]

T1A. Please provide a little more information on the amount owed for each person's education and the monthly payment that you make, if any at this time. If no monthly payment is made, please enter 0 (zero). If you don't know the exact amount an estimate is fine.

		F	G
	Loans	Total $ amount owed	Total $ amount of monthly payment on these loans
1	For Your Education
2	For Your Spouse's/Partner's Education
3	For Your Child's Education
4	For Your Grandchild's Education

[Display IF SDEBT1 = 1]

The following questions ask about the education program that you borrowed money to pay for. When we say educational program we mean any type of degree, certificate, or diploma. If you borrowed money to pay for yourself to enroll in more than one educational program, when answering the next five questions please refer to the most recent program for which you acquired a loan.

[IF SDEBT1 = 1]

[SP]

T2. Did you complete the most recent educational program for which you borrowed money?

1. Yes

0. No

2. Still enrolled in the program

[IF T2 = 1]

[NUMBER BOX]

T3. In what year did you complete the program that you borrowed the money for?

______ [RANGE: 1900 - 2013]

[IF SDEBT1 = 1]

[SP]

T4. Overall, how would you say the lifetime financial benefits of your most recent educational program compare to the lifetime financial costs to you of this education?

1. Much larger financial benefits than costs

2. Somewhat larger financial benefits than costs

3. About same financial benefits and costs

4. Somewhat smaller financial benefits than costs

5. Much smaller financial benefits than costs

[IF SDEBT1 = 1]

[TEXT BOX]

T5. What is the name of the school that you borrowed money to attend? ________________________

[IF SDEBT1 = 1]

[SP]

T6. Which one of the following broad categories best describes your major at the school you borrowed money to attend?

1. Humanities

2. Social/behavioral sciences

3. Life sciences

4. Physical sciences/math

5. Computer/information sciences

6. Engineering

7. Education

8. Business/management

9. Health

10. Law

11. Vocational/technical training

12. Undeclared

13. Other (Please specify): [TXT]__________

[IF SDEBT1 = 1]

[SP]

T7. Still thinking about your most recent educational program, what type of degree or credential did you borrow money for?

1. Certificate or technical training

2. Associate's degree

3. Bachelor's degree

4. Master's degree

5. Professional degree (e.g., MBA, MD, JD)

6. Doctoral degree

7. Other (Please specify): [txt]________________________

[IF T1B1, T1B2, T1B3, OR T1B4=1]

[SP]

T8. Over the past 12 months, have you had to cut back on any spending so that you could make your monthly student loan payment?

0. No

1. Yes, had to cut back a little

2. Yes, had to cut back a lot

***** END OF STUDENT LOAN SECTION *****

Back to section top

*** HEALTH INSURANCE/EXPENSE SECTION ***

[ASK EVERYONE]

[GRID; SP ACROSS]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS: Please answer yes or no to each option ]

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?

PROGRAMMING NOTE: CODE "Yes" AS 1, "No" AS 0, AND REFUSED AS -1.

	1	0
	Yes	No
a. Prescription medicine (including taking less medication than prescribed)
b. To see a doctor
c. Mental health care or counseling
d. Dental care (including check-ups or routine cleaning)
e. To see a specialist (such as an OB/GYN, dermatologist, orthopedic surgeon, etc.)
f. Follow-up care (e.g., going to physical therapy sessions recommended by a doctor )

[SP]

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)?

1. Yes

0. No

[SP]

E3. If you were to have a major unexpected medical expense that you had to pay for out of pocket, how likely is it that you that you would be able to pay your medical bills?

3. Very likely

2. Somewhat likely

1. Not likely

[GRID; SP ACROSS]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS: Please answer yes or no to each option ]

E4. Are you CURRENTLY covered by any of the following types of health insurance or health coverage plans?

PROGRAMMING NOTE: CODE "Yes" AS 1, "No" AS 0, AND REFUSED AS -1.

	1	0
	Yes	No
a. Insurance through a current or former employer or union (of yourself or a family member)
b. Insurance purchased directly from an insurance company (by yourself or a family member)
c. Medicare, for people 65 or older, or people with certain disabilities
d. Medicaid, Medical Assistance, or any kind of government-assistance plan for those with low incomes or disability
e. TRICARE or other military health care
f. VA (including those who have ever used or enrolled for VA health care)
g. Indian Health Service
h. Any other type of health insurance or health coverage plan

***** END HEALTH SECTION *****

Back to section top

***** FINANCIAL MANAGEMENT AND STABILITY *****

[ASK EVERYONE]

[GRID; SP ACROSS; RANDOMIZE]

B1. In order to help us to understand your role in the financial activities of your household, please tell us how much responsibility you have for the following financial tasks.

Down:

a. Paying monthly bills (rent or mortgage, utilities, cell phone, etc.)

b. Managing the household's savings and investments

Across:

a. None or almost none

b. Some

c. Shared equally with other household members

d. Most

e. All or almost all

[SP]

B2. Which one of the following best describes how well you are managing financially these days:

4. Living comfortably

3. Doing okay

2. Just getting by

1. Finding it difficult to get by

[SP]

B3. Compared to five years ago (2008), would you say that you (and your family living with you) are better off, the same, or worse off financially?

5. Much better off

4. Somewhat better off

3. About the same

2. Somewhat worse

1. Much worse

** END OF FINANCIAL MANAGEMENT AND STABILITY SECTION **

Back to section top

***** RETIREMENT PLANNING *****

[ASK EVERYONE]

IF D2 NOT = 8, ASK K1 THROUGH K8. IF D2 = 8, ASK K9 THROUGH K13.

[DISPLAY]

In this section we would like to ask you about your plans for retiring from the workforce and paying for your expenses in retirement.

[SP][ASK IF D2 = 1-7 or Refused]

K0. How much thought have you given to the financial planning for your retirement?

0. None at all

1. A little

2. Some

3. A fair amount

4. A lot

[SP][IF K0 = 2, 3 OR 4]

K1. Which one of the following best describes your plan for retirement?

a. I do not plan to retire [EXCLUSIVE]

b. Work fewer hours as I get close to retirement

c. Retire from my current career, but then find a different full-time job

d. Retire from my current career, but then find a different part-time job

e. Retire from my current career, but then work for myself

f. Work full time until I retire, then stop working altogether

g. Keep working as long as possible

h. Other (Please specify): [TXT] _________

[MP; RANDOMIZE B-G]

[ASK IF D2 = 1-7 or Refused]

K2. Please tell us what type(s) of retirement savings or pension you (or your spouse/partner) have.

a. No retirement savings or pension [EXCLUSIVE]

b. Social Security benefits

c. 401(k), 403(b), Thrift or other defined contribution pension plan through an employer

d. Defined benefit pension through an employer (i.e., pension based on a formula, your earnings, and years of service)

e. Individual Retirement Account (IRA)

f. Savings outside a retirement account (e.g., a brokerage account, savings account)

g. Real estate or land

h. Other (Please specify): [txt]________________________________

[ASK IF (K1a IS NOT SELECTED) AND (D2 = 1-7 or Refused)]

[MP; RANDOMZE A - I]

K3. How are you (and your spouse/partner) planning to pay for your expenses in retirement? Please select all that apply.

a. Social Security Old-Age benefits

b. I will continue working

c. Spouse/partner will continue working

d. Defined benefit pension from work (i.e., pension based on a formula, your earnings, and years of service)

e. 401(k), 403(b), Thrift or other defined contribution pension plan from work

f. Individual Retirement Account (IRA)

g. Savings outside a retirement account (e.g., a brokerage account, savings account)

h. Income from real estate or the sale of real estate

i. Income from a business or the sale of a business

j. Rely on children, grandchildren, or other family

k. I don't know [SP]

l. Other (Please specify): [txt]________________________________

[ASK IF (K0 = 2, 3 OR 4) AND (D2 = 1-7 or Refused)]

[SP]

K4. Compared to your retirement plans before 2008, would you say that you now plan to retire earlier, at the same age, later than what you had planned to do at that time?

1. Plan to retire earlier

2. Plan to retire at the same age

3. Plan to retire later

8. Didn't think about retirement prior to 2008

[DISPLAY K5 AND K6 ON THE SAME SCREEN]

[ASK IF (K2a IS NOT SELECTED) AND (D2 = 1-7 or Refused)]

[SP]

K5. In the past 12 months, have you borrowed money from any of your retirement savings accounts?

1. Yes

0. No

[ASK IF (K2a IS NOT SELECTED) AND (D2 = 1-7 or Refused)]

[SP]

K6. In the past 12 months, have you cashed out any of your retirement savings (permanently withdrawn the money)?

1. Yes

0. No

[IF D2 = 1-7 or Refused]

[NUMBER BOX]

K7. On a scale from 0 to 10, where 0 is no chance and 10 is absolutely certain, and you can use any number in between, what are the chances that you will live to at least age 75?

[Num box, 0-10]___

[IF D2 = 1-7 or Refused]

[NUMBER BOX]

K8. On a scale from 0 to 10, where 0 is no chance and 10 is absolutely certain, and you can use any number in between, what are the chances that you will live to at least age 85?

[ Num box, 0-10]___

[ASK IF D2 = 8]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS: Please answer yes or no to each option ]

K9. Thinking about your transition to retirement, please tell us if any of the following happened to you: (Please answer Yes or No to each option)

PROGRAMMING NOTE: CODE "Yes" AS 1, "No" AS 0, AND REFUSED AS -1.

	1	0
	Yes	No
a. Worked fewer hours as I got close to retirement
b. Retired from my previous career, but then found a different full-time job
c. Retired from my previous career, but then found a different part-time job
d. Retired from my previous career, but then started working as self-employed
e. Worked full time until I retired, then stopped working altogether

[ASK IF D2 = 8]

[MP; RANDOMIZE A - I]

K10. Are you (and your spouse/partner) using any of these to pay for your expenses in retirement? Please select all that apply.

a. Social Security Old-Age benefits

b. I have a job

c. My spouse/partner has a job

d. Defined benefit pension from work (i.e., pension based on a formula, your earnings, and years of service)

e. 401(k), 403(b), Thrift or other defined contribution pension plan from work

f. Individual Retirement Account (IRA)

g. Savings outside a retirement account (e.g., a brokerage account, savings account)

h. Income from real estate or the sale of real estate

i. Income from a business or the sale of a business

j. Relying on children, grandchildren, or other family

k. Other (Please specify): [txt]________________________________

[SP][IF D2 = 8 AND (xyear + S13A) >= 2008]

K11. Did the recent recession affect your decision to retire?

1. Yes, retired earlier than planned

2. Yes, retired later than planned

0. No

[IF D2 = 8 AND XYEAR > 1938]

K12. On a scale from 0 to 10, where 0 is no chance and 10 is absolutely certain, and you can use any number in between, what are the chances that you will live to at least age 75?

[Num box, 0-10]___

[IF D2 = 8 AND XYEAR > 1928, ASK:]

K13. On a scale from 0 to 10, where 0 is no chance and 10 is absolutely certain, and you can use any number in between, what are the chances that you will live to at least age 85?

[Num box, 0-10]___

***** END RETIREMENT SECTION *****

Back to section top

***** RECESSION RECOVERY SECTION *****

[ASK EVERYONE]

[DISPLAY]

The questions in this section are about how the recent recession that began in 2008 affected you and your household's finances.

[SP]

X1. Since 2008, have you or your family living with you experienced any significant major life change or financial hardship such as a job loss, drop in income, health emergency, divorce, or loss of your home?

1. Yes

0. No

[MP; RANDOMIZE A - J]

[IF X1 = 1]

X2. Which of the following did you or your family living with you experience since 2008?

PROGRAMMING NOTE: CODE SELECTED ITEMS AS 1 AND NON-SELECTED ITEMS AS 0.

a. I lost a job

b. I had my work hours and/or pay reduced

c. My spouse/partner lost a job

d. My spouse/partner had their work hours and/or pay reduced

e. Received a foreclosure notice

f. A business I owned had financial difficulty

g. Had a health emergency

h. Divorce

i. Had a baby

j. Death of primary breadwinner

k. Other (Please specify): [TXT]_________________

[SP]

X3. Did you delay any major expenses or purchases because of the recession that began in 2008, such as buying a house, a car, appliance, or going on vacation?

1. Yes

0. No

[MP; RANDOMIZE A-D]

[IF X3=1]

X4. What major purchase(s) did you delay?

PROGRAMMING NOTE: CODE SELECTED ITEMS AS 1 AND NON-SELECTED ITEMS AS 0.

a. Buying a home

b. Buying a car

c. Buying a major appliance

d. Going on vacation

e. Home improvements

f. Other (Please specify): [TXT]_________________

[SP]

X5. Did you delay any major life decisions because of the recession that began in 2008, such as marriage, having a child, retirement, buying a home, or moving?

1. Yes

0. No

[MP; RANDOMIZE A-E]

[IF X5 = 1]

X6. What major life decision(s) did you delay?

PROGRAMMING NOTE: CODE SELECTED ITEMS AS 1 AND NON-SELECTED ITEMS AS 0.

a. Marriage

b. Retirement

c. Having a child

d. Buying a home

e. Moving to a new city or state

f. Changing jobs

g. Other (Please specify): [TXT]_________________

[SP]

X7. Before 2008, did you or your household have any savings, including stocks, money in a savings account, or pensions?

1. Yes

0. No

8. Don't know

[SP]

[IF X7 = 1]

X8. Since 2008, have you or your household had to use up some, nearly all, or all of your savings to pay for bills and expenses?

1. Yes, some

2. Yes, nearly all

3. Yes, all

0. No

[SP]

X9. Since 2008, have you or your household received any financial assistance from your family or a friend?

1. Yes

0. No

[SP]

X10. Since 2008, have you or your household provided any financial assistance to a friend or family member?

1. Yes

0. No

[Textbox, 150 characters]

X11. In a sentence or two please describe the main financial challenges or concerns facing you or your family? If none please click the "None" box.

999 None [SP]

***** END OF RECESSION RECOVERY SECTION *****

Back to section top

***** LABOR MARKET AND SKILLS *****

[ASK Y1 - Y4 IF D2 = 1-6 OR REFUSED]

[DISPLAY IF D2 = 1-6 OR REFUSED]

The questions in this section are about your work experience, job skills, and job readiness.

[SP]

Y1. Thinking about your current education and work experience, how confident are you that you have the skills necessary to get the kinds of jobs you want now?

1. Very confident

2. Somewhat confident

3. Not confident

4. I am not currently in the workforce and I am not looking for a job

8. Don't know

[SP]

Y2. Thinking about the types of jobs you believe will be available in ten years, how confident are you that you have the skills necessary to get the kinds of jobs you want?

1. Very confident

2. Somewhat confident

3. Not confident

4. I do not expect to be working ten years from now

8. Don't know

[IF Y1 = 3 AND Y2 = 1, 2, OR 8 OR REFUSED, ASK Y3]

[IF Y1 = 1, 2, OR 8 OR REFUSED AND Y2 = 3, ASK Y4]

[IF Y1 = 3 AND Y2 = 3, RANDOMLY ASSIGN TO Y3 OR Y4 (DO NOT ASK BOTH) AND RECORD IN DOV_Y3Y4]

[MP]

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

1. I need more education or another degree

2. I need more job training

3. My skills are out of date because I haven't been using them

4. The job market is changing faster than I can keep up with

5. The kind of job I'm qualified for is not available

[MP]

Y4. You expressed some lack of confidence in your skills for the kinds of jobs that you will want in ten years. Which of these statements, if any, do you agree with?

1. I will need more education or another degree to be competitive

2. I will need more job training to be competitive

3. My skills will be out of date in ten years

4. The job market will change faster than I can keep up with

5. The kind of job I'm qualified for may not be available in ten years

***** END OF LABOR MARKET AND SKILLS SECTION *****

Back to section top

**** INCOME AND CONSUMPTION SECTION ****

[ASK EVERYONE]

[SP]

I1. In 2012, would you say that your household's total spending was more than your income, that it was about the same as your income, or that you spent less than your income?

3. Spending was more than income

2. Spending was same as income

1. Spending was less than income

[NUMBER BOX]

I2. In 2012, about how much of your income did your household set aside as savings as a percent of your total gross household income (before taxes and deductions)?

Please include all types of savings, even those through a pension or 401(k) at work. If you did not save any money in 2012 please enter zero in the box below.

____ % [NUM-BOX 0 TO 100]

[MP; RANDOMIZE A - J]

[IF I2 > 0]

I3. Which of the following categories, if any, are you saving money for?

PROGRAMMING NOTE: CODE SELECTED ITEMS AS 1 AND NON-SELECTED ITEMS AS 0.

a. Education (yours or someone else's)

b. Retirement

c. Your children

d. Major appliance, car, or other big purchase (excluding a home)

e. Home purchase

f. Pay off debts

g. Unexpected expenses

i. Taxes

h. Just to save

j. To leave behind some inheritance or charitable donation

k. Other (Please specify): [txt]________________________________

[NUMBER BOX]

I4. How much was the total income your household received in 2012 from all sources, before taxes and other deductions were made?

$_________ [NUM box 0-9999999]

999999999999 REFUSED

[SP][IF I4 = REFUSED]

I4A. Which of the following categories best describes your total household income from all sources, before taxes and deductions, in 2012?

1. $0 to $4,999

2. $5,000 to $14,999

3. $15,000 to $24,999

4. $25,000 to $49,999

5. $50,000 to $74,999

6. $75,000 to $99,999

7. $100,000 to $149,999

8. $150,000 to $199,999

9. $200,000 to $249,000

10. $250,000 or higher

[SP]

I5. Was your total household income in 2012 higher or lower compared to what you would expect in a normal year, or was it normal?

3. High

1. Low

2. Normal

[IF I5 = 3 or 1]

I6. What would you say your total household income is in a normal year?

$_________[NUM BOX 0-9999999]

999999999999 REFUSED

[SP][IF I5 = (3 or 1) AND (I6 = REFUSED)]

I6A. Which of the following categories best describes your total household income in a normal year?

1. $0 to $4,999

2. $5,000 to $14,999

3. $15,000 to $24,999

4. $25,000 to $49,999

5. $50,000 to $74,999

6. $75,000 to $99,999

7. $100,000 to $149,999

8. $150,000 to $199,999

9. $200,000 to $249,000

10. $250,000 or higher

[SP]

I7. During the next 12 months, do you expect your total income to be higher, about the same, or lower than during the past 12 months?

3. Higher

2. About the same

1. Lower

[NUMBER BOXES]

I8. If you received $1,000 in unexpected income today, such as a bonus at work, how much of the $1,000 you would spend, how much you would save, and how much you would use to pay down any debt within one month?

a. Spend: $____

b. Save: $____

c. Pay down existing debt: $____ [Num boxes 0-1000; total must sum to 1000]

[SP]

I9. Which one of the following best describes how your household's income changes from month to month, if at all?

1. Roughly the same amount each month

2. Roughly the same most months, but some unusually high or low months during the year

3. Often varies quite a bit from one month to the next

[MP; RANDOMIZE; A-F]]

[IF I9 = 2 OR 3]

I10. Please indicate whether each of the following is a reason that your income changes from month to month: (Select all that apply)

PROGRAMMING NOTE: CODE SELECTED ITEMS AS 1 AND NON-SELECTED ITEMS AS 0.

a. Bonuses

b. Commissions

c. Seasonal employment

d. Irregular work schedule (i.e., your work hours change from week to week)

e. Periods of unemployment

f. Investment Income

g. Other (Please specify:) [TXT]: ______

***** END OF INCOME AND CONSUMPTION SECTION *****

Back to section top

***** EMERGENCY FUND *****

[RANDOMLY ASSIGN PARTICIPANTS TO E1A OR E1B AND RECORD IN DOV]

[SP]

E1A. 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?

1. Yes

0. No

[SP]

E1B. 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?

1. Yes

0. No

[MP]

E3b. 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.

PROGRAMMING NOTE: CODE SELECTED ITEMS AS 1 AND NON-SELECTED ITEMS AS 0.

a. Put it on my credit card and pay it off in full at the next statement

b. Put it on my credit card and pay it off over time

c. With the money currently in my checking/savings account or with cash

d. Using money from a bank loan or line of credit

e. By borrowing from a friend or family member

f. Using a payday loan, deposit advance, or overdraft

g. By selling something

h. I wouldn't be able to pay for the expense right now

i. Other (Please specify): [txt]___________________________

[SP][ASK E4b IF S1a= 1 OR S1b = 1]

E4b. Do you regularly set aside part of any income you receive in some type of savings account?

1. Yes

0. No

***** END OF EMERGENCY FUND SECTION *****

Back to section top

**** GAMBLING/RISKY BEHAVIOR SECTION ****

[ASK G1- G3 IF S14A =1 OR S14B =1 OR S15 = 1]

[SP; RANDOMIZE 1-3]

[IF S14A =1 OR S14B =1]

G1. Which one of these is the main reason that you play lotteries or other types of gambling?

1. For the money or prizes

2. As a pastime or for entertainment

3. As a form of charitable donation

4. Other [Please specify]: __________

[SP]

[IF S14A =1 OR S14B =1]

G2. During the past 12 months, about how much money would you say that you spent on state lotteries and other types of gambling?

1. Less than $100

2. $100 to $249

3. $250 to $499

4. More than $500

8. Don't know

[SP][IF S15 = 1]

G3. In a typical year, about how often do you buy or sell stocks in individual companies, including trades in a retirement account like a 401(k)? Please do not include buying or selling stock mutual funds or Exchange Traded Funds (ETFs).

1. Buy or sell at least once a week

2. Buy or sell at least once a month

3. Buy or sell at least once a quarter

4. Buy or sell at least once a year

5. Buy or sell less than once a year

***** END OF GAMBLING/RISKY BEHAVIOR SECTION *****

Back to section top

***** DEMOGRAPHICS/ATTITUDES *****

ASK EVERYONE

*** RISK ATTITUDES ****

[SP]

P3. Which one 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?

1. Take substantial financial risks expecting to earn substantial returns
2. Take above average financial risks expecting to earn above average returns
3. Take average financial risks expecting to earn average returns
4. Not willing to take any financial risks

[DISPLAY]

The following sequence of questions is used by us to figure out how willing you are personally to take risks. You will be asked to compare two jobs that offer you different potential incomes and then to pick the one that you prefer. This is not a test and there are no ‘right' answers.

[SP]

P4. Suppose that you are the only income earner in the family. You have to choose between the following two possible jobs. Which job would you take?

RANDOMLY DISPLAY ONE JOB ON THE LEFT HAND SIDE OF THE SCREEN AND THE OTHER ON THE RIGHT HAND SIDE. PROVIDE RADIAL BUTTONS FOR THE SELECTION OF ONE JOB. REGARDLESS OF DISPLAYED SIDE, MAINTAIN LABELS OF "FIRST JOB" AND "SECOND JOB" FOR PROGRAMMING LOGIC. DO NOT DISPLAY "FIRST JOB" OR "SECOND JOB."

FIRST JOB: This job would guarantee your current total family income for life.

SECOND JOB: This job is better paying, but the income is also less certain. There is a 50-50 chance this job would double your total lifetime income and a 50-50 chance that it would cut it by a third.

[SP] [IF P4 = FIRST JOB]

P5. Now which job would you take?

PROVIDE RADIAL BUTTONS FOR THE SELECTION OF ONE JOB. DO NOT DISPLAY "FIRST JOB" OR "SECOND JOB."

MAINTAIN ORDER FROM Q4:

FIRST JOB: This job would guarantee your current total family income for life.

SECOND JOB: This job is better paying, but the income is also less certain. Suppose the chances were 50-50 that this job would double your lifetime income and 50-50 that it would cut it by 20 percent.

[SP][IF P4 = SECOND JOB]

P6. Now which job would you take?

PROVIDE RADIAL BUTTONS FOR THE SELECTION OF ONE JOB. DO NOT DISPLAY "FIRST JOB" OR "SECOND JOB."

MAINTAIN ORDER FROM P4:

FIRST JOB: This job would guarantee your current total family income for life.

SECOND JOB: This job is better paying, but the income is also less certain. Suppose the chances were 50-50 that this job would double your lifetime income, and 50-50 that it would cut it in half.

[SP][IF P6 = SECOND JOB]

P7. Now which job would you take?

PROVIDE RADIAL BUTTONS FOR THE SELECTION OF ONE JOB. DO NOT DISPLAY "FIRST JOB" OR "SECOND JOB."

MAINTAIN ORDER FROM P4:

FIRST JOB: This job would guarantee your current total family income for life.

SECOND JOB: This job is better paying, but the income is also less certain. Suppose the chances were 50-50 that this job would double your lifetime income and 50-50 that it would cut it by 75 percent.

[SP][IF P5 = FIRST JOB]

P8. Now which job would you take?

PROVIDE RADIAL BUTTONS FOR THE SELECTION OF ONE JOB. DO NOT DISPLAY "FIRST JOB" OR "SECOND JOB."

MAINTAIN ORDER FROM P4:

FIRST JOB: This job would guarantee your current total family income for life.

SECOND JOB: This job is better paying, but the income is also less certain. Suppose the chances were 50-50 that this job would double your lifetime income and 50-50 that it would cut it by 10 percent.

[INSERT STANDARD CLOSE] (In standard close change wording to "survey" not "topic")

Back to section top

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