Appendix 3: Consumer Responses to Survey Questionnaire
Not all questions were asked to all respondents. Question numbers are not always sequential in order to preserve continuity with the question numbers from the 2013 survey. Questions are listed below in the order in which they were presented to respondents.
Question D1. Which one of the following BEST describes your living arrangement?
Percent, except as noted
| Response |
Rate |
| Refused |
0.1 |
| Living alone or only with your immediate family (i.e., spouse/partner and/or dependent children) |
80.1 |
| Living with your adult children |
2.4 |
| Living with your (or your spouse's/partner's) parents |
9.7 |
| Living with your (or your spouse's/partner's) extended family (e.g., siblings, cousins) |
3.0 |
| Living with roommate(s) |
4.7 |
| Number of respondents |
5,896 |
Question D2. We are interested in your present job status. Which one of the following BEST describes your current employment situation?
Percent, except as noted
| Response |
Rate |
| Refused |
0.2 |
| Employed now |
55.3 |
| Temporarily laid off |
0.4 |
| Not employed, but looking for a job |
5.3 |
| Not employed and not looking for a job |
1.8 |
| Homemaker |
6.7 |
| Student |
4.5 |
| Disabled and not working |
6.6 |
| Retired |
19.3 |
| Number of respondents |
2,149 |
Question D3. Thinking of your main job, do you:
Percent, except as noted
| Response |
Rate |
| Refused |
0.1 |
| Work full time for someone else |
75.4 |
| Work part time for someone else |
15.7 |
| Work for yourself (self-employed) |
7.8 |
| Work in a partnership (e.g., partner in law firm, medical practice) |
0.4 |
| Work as a consultant/contractor |
0.6 |
| Number of respondents |
2,149 |
Question D4A. Besides being a student, do you also have
a paid job?
Percent, except as noted
| Response |
Rate |
| Refused |
0.4 |
| Yes, I work full time |
2.6 |
| Yes, I work part time |
46.8 |
| No |
50.2 |
| Number of respondents |
194 |
Question D4B. Besides being retired, do you also have
a paid job?
Percent, except as noted
| Response |
Rate |
| Refused |
0.1 |
| Yes, I work full time |
0.4 |
| Yes, I work part time |
9.8 |
| No |
89.8 |
| Number of respondents |
1,482 |
Question D4C. In addition to your main job, do you also have another paid job?
Percent, except as noted
| Response |
Rate |
| Refused |
0.1 |
| Yes, I have another full-time job |
2.1 |
| Yes, I have another part-time job |
13.0 |
| No |
84.7 |
| Number of respondents |
2,871 |
Question D4E. If you were paid the same hourly rate regardless of the number of hours you work, would you prefer to:
Percent, except as noted
| Response |
Rate |
| Refused |
0.4 |
| Work the same number of hours that you currently work |
58.1 |
| Work more hours for more money |
36.0 |
| Work fewer hours for less money |
5.5 |
| Number of respondents |
2,846 |
Question D5. Which one of the following BEST describes your spouse's/partner's current employment status?
Percent, except as noted
| Response |
Rate |
| Refused |
1.0 |
| Employed full time |
54.4 |
| Employed part time |
9.1 |
| Temporarily laid off |
0.6 |
| Not employed, but looking for a job |
3.2 |
| Not employed and not looking for a job |
1.6 |
| Homemaker |
6.9 |
| Student |
1.1 |
| Disabled and not working |
4.2 |
| Retired |
18.0 |
| Number of respondents |
3,442 |
Question D7. Do you (and/or your spouse's/partner) currently have a checking, savings, or money market account?
Percent, except as noted
| Response |
Rate |
| Refused |
0.6 |
| No |
7.6 |
| Yes |
91.9 |
| Number of respondents |
5,896 |
Question D8A. In the past 12 months, have you used a check cashing service, money order, pawn shop loan, auto title loan, paycheck advance/deposit advance, or a payday loan?
Percent, except as noted
| Response |
Rate |
| Refused |
0.6 |
| No |
84.4 |
| Yes |
15.0 |
| Number of respondents |
5,896 |
Question S2. Which one of the following best describes your housing arrangement?
Percent, except as noted
| Response |
Rate |
| Refused |
0.2 |
| I [and/or my spouse/partner] own [my/our] home |
61.4 |
| I [and/or my spouse/partner] pay rent |
28.0 |
| I [and/or my spouse/partner] don't own [my/our] home or pay rent |
10.3 |
| Number of respondents |
5,896 |
Question R0. Would you prefer to own your home rather than rent your home if you could afford it?
Percent, except as noted
| Response |
Rate |
| Refused |
0.7 |
| Definitely no |
5.9 |
| Probably no |
12.3 |
| Probably yes |
28.3 |
| Definitely yes |
52.9 |
| Number of respondents |
1,769 |
Question R1. Please select all the reasons below for why you rent your home rather than own your home.
Percent, except as noted
| Response |
Rate |
| Refused |
0.9 |
| It's cheaper to rent than own a home |
26.6 |
| It's more convenient to rent (for example, you can move easily) |
24.7 |
| I plan on moving in the near future |
22.3 |
| I can't qualify for a mortgage to buy a home |
30.9 |
| I can't afford the down payment to buy a home |
50.2 |
| I simply prefer to rent |
11.7 |
| I'm currently looking to buy a home |
9.4 |
| Other |
9.2 |
| Number of respondents |
1,769 |
Question R7. Do you expect to purchase a home in the next three years?
Percent, except as noted
| Response |
Rate |
| Refused |
0.3 |
| Definitely no |
24.9 |
| Probably no |
27.7 |
| Probably yes |
17.7 |
| Definitely yes |
9.2 |
| Don't know |
20.2 |
| Number of respondents |
2,250 |
Question H0. Please select all the reasons below for why you own your home rather than rent.
Percent, except as noted
| Response |
Rate |
| Refused |
0.5 |
| It's cheaper to own than rent a home |
41.5 |
| Certainty about monthly payments |
20.2 |
| Building equity with payments |
43.7 |
| Don't like to move |
22.7 |
| Less rules/able to customize house |
42.7 |
| Simply prefer to own |
72.2 |
| Other |
6.3 |
| Number of respondents |
3,638 |
Question H1. Compared to 12 months ago, do you think the value of your home today is higher, lower, or stayed the same?
Percent, except as noted
| Response |
Rate |
| Refused |
0.4 |
| Lower value |
13.4 |
| Value has stayed the same |
37.2 |
| Higher value |
42.9 |
| Don't know |
6.1 |
| Number of respondents |
3,402 |
Question H4. In the next 12 months, how much do you think that home prices in your neighborhood will change?
Percent, except as noted
| Response |
Rate |
| Refused |
0.5 |
| Go down by more than 5 percent |
2.2 |
| Go down by less than 5 percent |
3.6 |
| Stay about the same |
41.4 |
| Go up by less than 5 percent |
24.2 |
| Go up by more than 5 percent |
14.7 |
| Don't know |
13.3 |
| Number of respondents |
3,638 |
Question H5. Thinking about the past 12 months, which one of the following categories best describes your situation concerning selling your current home?
Percent, except as noted
| Response |
Rate |
| Refused |
0.7 |
| I wanted to sell, so I put it on the market but could not sell it |
1.2 |
| I wanted to sell, but did not put it on the market |
7.8 |
| I did not want to sell |
89.0 |
| My home is currently on the market |
1.3 |
| Number of respondents |
3,638 |
Question H7. Please select all the sources below that you used to make the down-payment (if any) when you purchased your current home:
Percent, except as noted
| Response |
Rate |
| Refused |
0.8 |
| Proceeds from sale of previous home |
29.3 |
| Personal savings |
52.6 |
| Loan or gift from family/friends |
15.2 |
| Second mortgage |
2.5 |
| Financial assistance from a government program or nonprofit organization |
4.4 |
| Did not make a down payment [EXCLUSIVE] |
19.8 |
| Number of respondents |
1,263 |
Question M0. Do you (and/or your spouse/partner/
significant other) currently have a mortgage on your home?
Percent, except as noted
| Response |
Rate |
| Refused |
0.5 |
| No |
38.0 |
| Yes |
61.5 |
| Number of respondents |
3,638 |
Question M2. In the past 12 months, have or your spouse/partner missed two or more payments on your mortgage?
Percent, except as noted
| Response |
Rate |
| Refused |
0.1 |
| No |
96.6 |
| Yes |
3.2 |
| Number of respondents |
2,016 |
Question M3. Compared to the current value of your home, is the total amount of money you owe:
Percent, except as noted
| Response |
Rate |
| Refused |
0.1 |
| A lot less |
40.3 |
| A little less |
29.5 |
| About the same (as the current value of your home) |
10.0 |
| A little more |
7.9 |
| A lot more |
6.5 |
| Don't know |
5.6 |
| Number of respondents |
2,016 |
Question L1. Please select all the reasons below that you (and your immediate family) currently live with your adult children, your or your spouse's/partner's parents, your or your spouse's/partner's extended family, or roommates.
Percent, except as noted
| Response |
Rate |
| Refused |
6.2 |
| To save money |
53.1 |
| To care for sick/disabled/elderly family member or friend |
12.4 |
| To receive assistance with child care |
2.3 |
| Companionship/prefer living with others |
22.7 |
| To provide financial assistance to those living with me |
18.2 |
| Other |
20.7 |
| Number of respondents |
1,055 |
Question A0. In the last 12 months, have you (and/or your spouse/partner/significant other) applied for any credit?
Percent, except as noted
| Response |
Rate |
| Refused |
0.9 |
| No |
62.6 |
| Yes |
36.5 |
| Number of respondents |
5,896 |
Question A0A. Please select all of the types of credit below that you (and/or your spouse/partner/significant other) have applied for in the past 12 months.
Percent, except as noted
| Response |
Rate |
| Refused |
0.3 |
| Mortgage to buy a new home |
7.0 |
| Refinance of a home mortgage |
7.1 |
| Home equity loan or line of credit |
6.2 |
| Credit card |
65.3 |
| Car/auto loan |
26.2 |
| Student loan |
12.9 |
| Personal loan from friends or family |
6.0 |
| Other |
7.8 |
| Number of respondents |
2,015 |
Question A0B. Was there a time in the past 12 months that you (and/or your spouse/partner/significant other) desired credit but chose not to submit a credit application?
Percent, except as noted
| Response |
Rate |
| Refused |
0.5 |
| No |
88.0 |
| Yes |
11.5 |
| Number of respondents |
3,842 |
Question A1. In the past 12 months, please tell us if each of the following has or has not happened to you (and/or your spouse/partner/significant other):
Percent, except as noted
| Response |
Rate |
| Refused all responses |
1.68 |
| You (and/or your spouse/partner/significant other) were turned down for credit |
24.4 |
| You (and/or your spouse/partner/significant other) were approved for credit, but were not given as much credit as you applied for |
15.5 |
| You (and/or your spouse/partner/significant other) put off applying for credit because you thought you might be turned down |
18.7 |
| Number of respondents |
2,054 |
Question A2A. Why did you (and/or your spouse/partner/significant other) choose not to submit a credit application when you desired credit in the past 12 months?
Percent, except as noted
| Response |
Rate |
| Refused |
0.3 |
| Thought you might be turned down or denied credit |
40.1 |
| Simply did not want to take on more debt |
44.2 |
| Obtained money some other way |
6.8 |
| Other |
8.5 |
| Number of respondents |
460 |
Question A4. If you were to apply for a mortgage today, how confident are you that your application would be approved?
Percent, except as noted
| Response |
Rate |
| Refused |
0.9 |
| Very confident |
40.8 |
| Somewhat confident |
19.6 |
| Not confident |
25.7 |
| Don't know |
13.1 |
| Number of respondents |
5,896 |
Question C1. If you had to guess, do you think your current credit score (such as a FICO score) is:
Percent, except as noted
| Response |
Rate |
| Refused |
0.8 |
| Poor |
10.0 |
| Fair |
11.7 |
| Good |
16.4 |
| Very good |
22.4 |
| Excellent |
29.4 |
| Don't know my score or how to rate it |
9.4 |
| Number of respondents |
5,896 |
Question C2A. Do you have at least one credit card?
Percent, except as noted
| Response |
Rate |
| Refused |
0.8 |
| No |
23.3 |
| Yes |
75.9 |
| Number of respondents |
5,896 |
Question C3. In the past 12 months, have you always paid your credit card bills in full each month?
Percent, except as noted
| Response |
Rate |
| Refused |
0.3 |
| No |
43.6 |
| Yes |
56.1 |
| Number of respondents |
4,487 |
Question C4. Also, in the past 12 months, have you ever:
Percent, except as noted
| Response |
Rate |
| Refused all options |
0.1 |
| Carried over a balance on one or more of your credit cards and been charged interest |
81.3 |
| Paid only the minimum payment on one or more of your credit card bills |
48.4 |
| Carried a balance on one or more of your credit cards at a low-interest rate from a special offer or promotion |
38.9 |
| Used a credit card for a cash advance |
11.0 |
| Number of respondents |
1,968 |
Question ED0. What is the highest level of school you completed or the highest degree you have received?
Percent, except as noted
| Response |
Rate |
| Less than high school degree |
6.5 |
| High school degree or GED |
30.2 |
| Some college but no degree (including currently enrolled in college) |
19.3 |
| Certificate or technical degree |
5.8 |
| Associate degree |
8.3 |
| Bachelor's degree |
18.0 |
| Master's degree |
7.4 |
| Professional degree (e.g., MBA, MD, JD) |
2.7 |
| Doctoral degree |
1.7 |
| Number of respondents |
5,896 |
Question ED1. Which one of the following broad categories best describes your most recent educational program?
Percent, except as noted
| Response |
Rate |
| Refused |
0.4 |
| Humanities |
7.9 |
| Social/behavioral sciences |
8.9 |
| Life sciences |
3.8 |
| Physical sciences/math |
3.4 |
| Computer/information sciences |
8.6 |
| Engineering |
6.7 |
| Education |
9.2 |
| Business/management |
20.3 |
| Health |
11.9 |
| Law |
3.5 |
| Vocational/technical training |
8.2 |
| Undeclared |
6.6 |
| Other (please specify): |
0.7 |
| Number of respondents |
3,676 |
Question ED5. Overall, how would you say the lifetime financial benefits of your most recent educational program compares to its financial costs?
Percent, except as noted
| Response |
Rate |
| Refused |
2.9 |
| Financial benefits are much larger |
17.0 |
| Financial benefits are somewhat larger |
16.0 |
| About same financial benefits and financial costs |
34.1 |
| Financial costs are somewhat larger |
12.3 |
| Financial costs are much larger |
17.7 |
| Number of respondents |
1,397 |
Question ED6A. Were each of the following were used to finance your most recent educational program:
Percent, except as noted
| Response |
Rate |
| Refused all options |
1.3 |
| I paid using my own savings or student loans |
47.1 |
| I worked while in school |
58.1 |
| My parent contributed (with or without the use of loans) |
27.9 |
| Tuition reimbursement from my employer (including military) |
15.8 |
| Academic scholarship |
14.6 |
| Financial-aid based scholarship or grant (e.g., Pell grant or other grants determined from FAFSA application) |
34 |
| Number of respondents |
1,397 |
Question ED10. Overall, how would you say the lifetime financial benefits of your bachelor's or associate degree program compares to its financial costs?
Percent, except as noted
| Response |
Rate |
| Refused |
0.5 |
| Financial benefits are much larger |
39.6 |
| Financial benefits are somewhat larger |
23.1 |
| About same financial benefits and financial costs |
20.3 |
| Financial costs are somewhat larger |
8.3 |
| Financial costs are much larger |
8.2 |
| Number of respondents |
2,279 |
Question ED11A. Were each of the following used to finance your associate degree or bachelor's degree?
Percent, except as noted
| Response |
Rate |
| Refused all options |
0.2 |
| I paid using my own savings or student loans |
58.0 |
| I worked while in school |
72.9 |
| My parent contributed (with or without the use of loans) |
57.7 |
| Tuition reimbursement from my employer (including military) |
14.3 |
| Academic scholarship |
35.9 |
| Financial-aid based scholarship or grant (e.g., Pell grant or other grants determined from FAFSA application) |
39.7 |
| Number of respondents |
2,279 |
Question ED12. Now please think about the highest degree that you received (master's, professional, or doctoral degree). Overall, how would you say the lifetime financial benefits of the program from which you received your highest degree compares to its financial costs?
Percent, except as noted
| Response |
Rate |
| Refused |
0.1 |
| Financial benefits are much larger |
47.4 |
| Financial benefits are somewhat larger |
28.0 |
| About same financial benefits and financial costs |
10.9 |
| Financial costs are somewhat larger |
7.2 |
| Financial costs are much larger |
6.3 |
| Number of respondents |
689 |
Question ED13. Which of the following are reasons why you did not attend college?
Percent, except as noted
| Response |
Rate |
| Refused |
0.7 |
| Too expensive |
30.7 |
| Family responsibilities |
25.8 |
| Wanted to work |
30.4 |
| Simply was not interested in college |
38.1 |
| Was not admitted |
1.1 |
| Did not think benefits of attending college were worth the cost |
12.3 |
| Other |
10.9 |
| Number of respondents |
1,828 |
Question ED14. Which of the following are reasons why you did not complete your college degree?
Percent, except as noted
| Response |
Rate |
| Refused |
0.6 |
| Still enrolled in college |
25.1 |
| Too expensive |
18.3 |
| Family responsibilities |
28.1 |
| Wanted to work |
20.2 |
| Simply not interested in continuing in college |
18.9 |
| Did not think the benefits of continuing college were worth the cost |
12.5 |
| Low grades |
5.5 |
| Other |
13.4 |
| Number of respondents |
1,059 |
Question ED15. What is the highest level of education that your mother completed?
Percent, except as noted
| Response |
Rate |
| Refused |
1.1 |
| Less than high school degree |
19.3 |
| High school degree or GED |
36.1 |
| Some college but no degree |
9.5 |
| Certificate or technical degree |
4.7 |
| Associate degree |
5.4 |
| Bachelor's degree |
10.7 |
| Graduate degree |
5.9 |
| Don't know |
7.4 |
| Number of respondents |
5,896 |
Question ED16. What is the highest level of education that your father completed?
Percent, except as noted
| Response |
Rate |
| Refused |
1.0 |
| Less than high school degree |
21.1 |
| High school degree or GED |
29.6 |
| Some college but no degree |
9.0 |
| Certificate or technical degree |
4.8 |
| Associate degree |
3.4 |
| Bachelor's degree |
10.9 |
| Graduate degree |
8.0 |
| Don't know |
12.3 |
| Number of respondents |
5,896 |
Question S7. Do you currently owe any money used to pay for your own education, your spouse's education, or your child's or grandchild's education?
Percent, except as noted
| Response |
Rate |
| Refused |
0.5 |
| Your own education |
15.4 |
| Spouse's/partner's education |
5.8 |
| Do not have spouse/partner |
39.8 |
| Child's or grandchild's education |
6.3 |
| Do not have children/grandchildren |
29.3 |
| Number of respondents |
5,896 |
Question T0_1. Is the money you owe for your own education a student loan, a home equity loan, a credit card debt, or some other type of loan?
Percent, except as noted
| Response |
Rate |
| Refused |
0.8 |
| Student loan |
92.4 |
| Home equity loan |
3.7 |
| Credit card |
16.3 |
| Other loan |
10.6 |
| Number of respondents |
833 |
Question T0_2. Is the money you owe for your spouse's/partner's education a student loan, a home equity loan, a credit card debt, or some other type of loan?
Percent, except as noted
| Response |
Rate |
| Refused |
0.6 |
| Student loan |
91.6 |
| Home equity loan |
2.7 |
| Credit card |
12.4 |
| Other loan |
7.5 |
| Number of respondents |
296 |
Question T0_3. Is the money you owe for your child's/grandchild's education a student loan, a home equity loan, a credit card debt, or some other type of loan?
Percent, except as noted
| Response |
Rate |
| Refused |
2.5 |
| Student loan |
74.0 |
| Home equity loan |
7.5 |
| Credit card |
10.1 |
| Other loan |
11.8 |
| Number of respondents |
352 |
Question T1_C1. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your own education, are the loans federal (e.g., Perkins or Stafford Loan) loans, private loans, or a mix of both?
Percent, except as noted
| Response |
Rate |
| Refused |
8.1 |
| Federal loan |
49.7 |
| Private loan |
4.3 |
| Mix of both |
28.3 |
| Don't know |
9.5 |
| Number of respondents |
769 |
Question T1_C2. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your spouse's/partner's education, are the loans federal (e.g., Perkins or Stafford Loan) loans, private loans, or a mix of both?
Percent, except as noted
| Response |
Rate |
| Refused |
10.9 |
| Federal loan |
42.5 |
| Private loan |
4.5 |
| Mix of both |
25.0 |
| Don't know |
17.1 |
| Number of respondents |
270 |
Question T1_C3. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your child's/grandchild's education, are the loans federal (e.g., Perkins or Stafford Loan) loans, private loans, or a mix of both?
Percent, except as noted
| Response |
Rate |
| Refused |
10.9 |
| Federal loan |
43.5 |
| Private loan |
10.5 |
| Mix of both |
20.9 |
| Don't know |
14.1 |
| Number of respondents |
264 |
Question T1_D1. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your own education, is one or more loans in deferment, forbearance, or being forgiven so you do not need to make payments right now?
Percent, except as noted
| Response |
Rate |
| Refused |
9.9 |
| No |
51.2 |
| Yes |
38.9 |
| Number of respondents |
769 |
Question T1_D2. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your spouse's/partner's education, is one or more loans in deferment, forbearance, or being forgiven so you do not need to make payments right now?
Percent, except as noted
| Response |
Rate |
| Refused |
13.1 |
| No |
64.5 |
| Yes |
22.4 |
| Number of respondents |
270 |
Question T1_D3. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your child's/grandchild's education, is one or more loans in deferment, forbearance, or being forgiven so you do not need to make payments right now?
Percent, except as noted
| Response |
Rate |
| Refused |
12.6 |
| No |
55.1 |
| Yes |
32.3 |
| Number of respondents |
264 |
Question T1_E1. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your own education, are you behind on payments or in collections for one or more of these loans?
Percent, except as noted
| Response |
Rate |
| Refused |
10.0 |
| No |
75.9 |
| Yes |
14.1 |
| Number of respondents |
769 |
Question T1_E2. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your spouse's/partner's education, are you behind on payments or in collections for one or more of these loans?
Percent, except as noted
| Response |
Rate |
| Refused |
12.2 |
| No |
78.2 |
| Yes |
9.6 |
| Number of respondents |
270 |
Question T1_E3. Thinking specifically about the student loans that you took out to pay for education, please tell us a little more about those loans. For your child's/grandchild's education, are you behind on payments or in collections for one or more of these loans?
Percent, except as noted
| Response |
Rate |
| Refused |
14.9 |
| No |
77.7 |
| Yes |
7.4 |
| Number of respondents |
264 |
Question T2. Did you borrow money or take out any loans to pay for your own education that you have since repaid?
Percent, except as noted
| Response |
Rate |
| Refused |
1.2 |
| No |
85.6 |
| Yes |
13.3 |
| Number of respondents |
5,063 |
Question T5. Did you complete the most recent educational program for which you borrowed money?
Percent, except as noted
| Response |
Rate |
| Refused |
0.5 |
| No |
19.8 |
| Yes |
65.4 |
| Still enrolled in the program |
14.3 |
| Number of respondents |
1,525 |
Question T7. Still thinking about your most recent educational program for which you borrowed money, what type of degree or credential did you borrow money for?
Percent, except as noted
| Response |
Rate |
| Refused |
2.8 |
| Certificate or technical training |
11.9 |
| Associate degree |
23.4 |
| Bachelor's degree |
44.2 |
| Master's degree |
10.5 |
| Professional degree (e.g., MBA, MD, JD) |
1.5 |
| Doctoral degree |
1.8 |
| Other (please specify): |
3.8 |
| Number of respondents |
514 |
Question E1. During the past 12 months, was there a time when you needed any of the following, but didn't get it because you couldn't afford it?
Percent, except as noted
| Response |
Rate |
| Refused all options |
1.2 |
| Prescription medicine (including taking less medication than prescribed) |
13.2 |
| To see a doctor |
15.1 |
| Mental health care or counseling |
6.3 |
| Dental care (including skipping check-ups or routine cleaning) |
24.6 |
| To see a specialist (such as an OB/GYN, dermatologist, orthopedic surgeon, etc.) |
10.9 |
| Follow-up care (e.g., skipping physical therapy sessions recommended by a doctor) |
8.2 |
| Number of respondents |
5,896 |
Question E2. During the past 12 months, have you had any unexpected major medical expenses that you had to pay out of pocket (that were not completely paid for by insurance)?
Percent, except as noted
| Response |
Rate |
| Refused |
1.1 |
| No |
74.8 |
| Yes |
24.0 |
| Number of respondents |
5,896 |
Question E4. Are you CURRENTLY covered by any of the following types of health insurance or health coverage plans?
Percent, except as noted
| Response |
Rate |
| Refused all options |
1.2 |
| Insurance through a current or former employer or union (of yourself or a family member) |
56.1 |
| Insurance purchased directly from an insurance company (by yourself or a family member) |
11.5 |
| Medicare, for people 65 or older, or people with certain disabilities |
21.7 |
| Medicaid, Medical Assistance, or any kind of government-assistance plan for those with low incomes or disability |
12.7 |
| TRICARE or other military health care |
3.4 |
| VA (including those who have ever used or enrolled for VA health care) |
4.0 |
| Indian Health Service |
1.6 |
| Insurance purchased through a health insurance exchange |
3.1 |
| Any other type of health insurance or health coverage plan |
5.5 |
| Number of respondents |
5,896 |
Question B2. Which one of the following best describes how well you are managing financially these days?
Percent, except as noted
| Response |
Rate |
| Refused |
1.1 |
| Finding it difficult to get by |
10.3 |
| Just getting by |
24.1 |
| Doing okay |
39.8 |
| Living comfortably |
24.7 |
| Number of respondents |
5,896 |
Question B3. Compared to 12 months ago, would you say that you (and your family living with you) are better off, the same, or worse off financially?
Percent, except as noted
| Response |
Rate |
| Refused |
1.2 |
| Much worse off |
4.6 |
| Somewhat worse off |
16.6 |
| About the same |
48.8 |
| Somewhat better off |
21.8 |
| Much better off |
7.0 |
| Number of respondents |
5,896 |
Question B4. Compared to five years ago (since 2009), would you say that you (and your family living with you) are better off, the same, or worse off financially?
Percent, except as noted
| Response |
Rate |
| Refused |
1.4 |
| Much worse off |
8.8 |
| Somewhat worse off |
18.8 |
| About the same |
30.9 |
| Somewhat better off |
26.7 |
| Much better off |
13.5 |
| Number of respondents |
5,896 |
Question B5. Consider other people your age who had similar financial situations to you five years ago (in 2009). When compared to these people, would you say that your current financial situation is now:
Percent, except as noted
| Response |
Rate |
| Refused |
2.1 |
| A lot worse than their current situation |
5.9 |
| A little worse than their current situation |
14.2 |
| About the same as their current situation |
43.7 |
| A little better than their current situation |
24.0 |
| A lot better than their current situation |
10.0 |
| Number of respondents |
5,896 |
Question B6. Think of your parents when they were your age. Would you say you (and your family living with you) are better, the same, or worse off financially than they were?
Percent, except as noted
| Response |
Rate |
| Refused |
1.6 |
| Much worse off |
7.8 |
| Somewhat worse off |
15.6 |
| About the same |
22.6 |
| Somewhat better off |
28.6 |
| Much better off |
23.8 |
| Number of respondents |
5,896 |
Question B7. Think about the next generation of your family (e.g., your children, nieces, nephews, etc.). When they are your age, do you think that they will be better off, the same, or worse off financially than you are today?
Percent, except as noted
| Response |
Rate |
| Refused |
1.8 |
| Much worse off |
8.0 |
| Somewhat worse off |
20.1 |
| About the same |
26.3 |
| Somewhat better off |
29.3 |
| Much better off |
14.5 |
| Number of respondents |
5,896 |
Question K0. How much thought have you given to the financial planning for your retirement?
Percent, except as noted
| Response |
Rate |
| Refused |
1.2 |
| None at all |
17.1 |
| A little |
22.4 |
| Some |
24.8 |
| A fair amount |
21.4 |
| A lot |
13.1 |
| Number of respondents |
4,414 |
Question K1. Which one of the following best describes your plan for retirement?
Percent, except as noted
| Response |
Rate |
| Refused |
1.9 |
| I do not plan to retire |
12.1 |
| Work fewer hours as I get close to retirement |
8.8 |
| Retire from my current career, but then find a different full-time job |
2.4 |
| Retire from my current career, but then find a different part-time job |
11.7 |
| Retire from my current career, but then work for myself |
7.5 |
| Work full time until I retire, then stop working altogether |
20.3 |
| Keep working as long as possible |
25.1 |
| Other (please specify): |
10.3 |
| Number of respondents |
4,414 |
Question K2. Do you currently have each of the following types of retirement savings or pension?
Percent, except as noted
| Response |
Rate |
| Refused all options |
1.7 |
| 401(k), 403(b), thrift, or other defined contribution pension plan through an employer or former employer (i.e., a retirement plan through work, where you contribute a percent of your salary to invest for retirement) |
46.5 |
| Defined benefit pension through an employer or former employer (i.e., a pension that will pay you a fixed amount each year during retirement based on a formula, your earnings, and years of service) |
21.8 |
| Individual Retirement Account (IRA) or Roth IRA |
28.9 |
| Savings outside a retirement account (e.g., a brokerage account, savings account, or stock holdings) |
37.1 |
| Ownership of real estate or land that you plan to sell or rent to generate income in retirement |
15.2 |
| Ownership of my business |
6.5 |
| Other retirement savings |
11.2 |
| Number of respondents |
4,414 |
Question K2A. Thinking about your current savings for retirement, do you think that your retirement savings is on track to allow you to retire with a comfortable standard of living by your planned retirement age of [K1B response]?
Percent, except as noted
| Response |
Rate |
| Refused |
0.6 |
| Definitely no |
14.1 |
| Probably no |
20.8 |
| Probably yes |
43.7 |
| Definitely yes |
13 |
| Don't know |
7.9 |
| Number of respondents |
1,536 |
Question K2B. You indicated that you do not think that your retirement savings is on track. Which one of the following best describes your alternate savings plan or plan for retirement?
Percent, except as noted
| Response |
Rate |
| Refused |
0.6 |
| Continue working full time past your planned retirement age |
17.4 |
| Continue working part time past your planned retirement age |
24.7 |
| Retire at your planned retirement age but spend less in retirement |
12.8 |
| Retire at your planned retirement age but spend less while working to save more for retirement |
14.0 |
| I have no alternate plan |
25.5 |
| Other |
5.0 |
| Number of respondents |
593 |
Question K2C. If you determine that your retirement savings is no longer on track, how you would adjust your savings plan or plans for retirement?
Percent, except as noted
| Response |
Rate |
| Refused |
0.4 |
| Continue working full time past your planned retirement age |
34.4 |
| Continue working part time past your planned retirement age |
26.5 |
| Retire at your planned retirement age but spend less in retirement |
13.6 |
| Retire at your planned retirement age but spend less while working to save more for retirement |
17.3 |
| Would not adjust savings or retirement plan |
5.2 |
| Other |
2.5 |
| Number of respondents |
937 |
Question K14. You stated that you do not participate in a 401(k), 403(b), thrift, or other defined contribution plan from work. Please select all the reasons below for why you do not currently invest in this type of retirement plan.
Percent, except as noted
| Response |
Rate |
| Refused |
3.9 |
| Employer does not offer a plan |
41.5 |
| Employer offers a plan but does not match contributions |
6.2 |
| Unable to afford contributions to a retirement plan |
28.7 |
| Plan to invest through the retirement plan but have not signed up yet |
9.5 |
| Unsure of best way to invest money contributed to the retirement plan |
14.6 |
| Prefer to save for retirement in other ways |
12.3 |
| Prefer to spend the money rather than save |
4.1 |
| Other |
9.2 |
| Number of respondents |
1,143 |
Question K18. How confident are you in your ability to make the right investment decisions when managing and investing the money in your retirement accounts (including IRA, 401(k), 403(b), thrift, or other retirement accounts where you choose the investments for yourself)?
Percent, except as noted
| Response |
Rate |
| Refused |
0.8 |
| Very confident |
11.6 |
| Mostly confident |
36.4 |
| Slightly confident |
34.0 |
| Not confident |
17.3 |
| Number of respondents |
2,566 |
Question K3. Which of the following do you expect will be a source of funds for you (and your spouse/partner) in retirement?
Percent, except as noted
| Response |
Available |
Don't know |
| Refused all options |
1.6 |
|
| Social Security |
64.6 |
21.2 |
| I will continue working |
45.1 |
27.1 |
| Spouse/partner will continue working |
25.8 |
32.8 |
| Defined benefit pension from work (i.e., pension based on a formula, your earnings, and years of service) |
32.3 |
23.4 |
| 401(k), 403(b), thrift, or other defined contribution pension plan from work |
54.0 |
18.1 |
| Individual Retirement Account (IRA) |
37.0 |
24.0 |
| Savings outside a retirement account (e.g., a brokerage account, savings account) |
46.4 |
20.7 |
| Income from real estate or the sale of real estate |
19.6 |
26.6 |
| Income from a business or the sale of a business |
6.9 |
24.6 |
| Rely on children, grandchildren, or other family |
4.9 |
22.3 |
| Rely on inheritance |
8.0 |
22.4 |
| Other retirement savings |
14.8 |
26.9 |
| Number of respondents |
|
3,838 |
Question K5A. In the past 12 months, have you borrowed money from or cashed out (permanently withdrawn) money from any of your retirement savings accounts?
Percent, except as noted
| Response |
Rate |
| Refused |
1.8 |
| No |
88.2 |
| Yes, borrowed money |
4.1 |
| Yes, cashed out |
4.8 |
| Yes, both |
1.2 |
| Number of respondents |
4,414 |
Question K9. Thinking about your transition to retirement, please tell us if you did any of the following:
Percent, except as noted
| Response |
Rate |
| Refused all options |
0.2 |
| Worked fewer hours as I got close to retirement |
16.9 |
| Retired from my previous career, but then found a different full-time job |
5.9 |
| Retired from my previous career, but then found a different part-time job |
17.3 |
| Retired from my previous career, but then started working as self-employed |
9.0 |
| Worked full time until I retired, then stopped working altogether |
51.1 |
| Worked until health problems prevented me from continuing to work |
20.0 |
| Number of respondents |
1,482 |
Question K10. Which of the following are sources of funds for you (and your spouse/partner) in retirement?
Percent, except as noted
| Response |
Rate |
| Refused all options |
0.2 |
| Social Security |
89.4 |
| I have a job |
7.6 |
| My spouse/partner has a job |
16.5 |
| Defined benefit pension from work (i.e., pension based on a formula, your earnings, and years of service) |
62.4 |
| 401(k), 403(b), thrift, or other defined contribution pension plan from work |
32.2 |
| Individual Retirement Account (IRA) |
44.8 |
| Savings outside a retirement account (e.g., a brokerage account, savings account) |
50.1 |
| Income from real estate or the sale of real estate |
11.9 |
| Income from a business or the sale of a business |
2.4 |
| Relying on children, grandchildren, or other family |
3.8 |
| Other retirement savings |
21.4 |
| Number of respondents |
1,482 |
Question X1. Over the past year, have you or your family living with you experienced any financial hardship such as a job loss, drop in income, health emergency, divorce, or loss of your home?
Percent, except as noted
| Response |
Rate |
| Refused |
1.2 |
| No |
74.6 |
| Yes |
24.1 |
| Number of respondents |
5,896 |
Question X2. Which of the following did you or your family living with you experience in the past year?
Percent, except as noted
| Response |
Rate |
| Refused |
1.6 |
| I lost a job |
23.1 |
| I had my work hours and/or pay reduced |
19.1 |
| My spouse/partner lost a job |
14.0 |
| My spouse/partner had their work hours and/or pay reduced |
13.0 |
| Received a foreclosure or eviction notice |
5.2 |
| A business I owned had financial difficulty |
3.8 |
| Had a health emergency |
37.3 |
| Divorce |
5.1 |
| Death of primary breadwinner |
2.5 |
| Other |
17.0 |
| Number of respondents |
1,527 |
Question X9. Over the past 12 months, have you or your household received any financial assistance from your family or a friend to cover expenses after a financial hardship?
Percent, except as noted
| Response |
Rate |
| Refused |
0.4 |
| No |
71.9 |
| Yes |
27.7 |
| Number of respondents |
1,527 |
Question X10. Over the past 12 months, have you or your household provided any financial assistance to a friend or family member to cover expenses after a financial hardship?
Percent, except as noted
| Response |
Rate |
| Refused |
1.5 |
| No |
75.4 |
| Yes |
23.1 |
| Number of respondents |
5,896 |
Question I1. In the past 12 months, would you say that your household's total spending was:
Percent, except as noted
| Response |
Rate |
| Refused |
1.6 |
| Less than your income |
41.3 |
| The same as your income |
36.8 |
| More than your income |
20.3 |
| Number of respondents |
5,896 |
Question I2A. How do you think that the percent of your income that you saved in the past 12 months
Percent, except as noted
| Response |
Rate |
| Refused |
0.2 |
| Much lower |
16.1 |
| A little lower |
22.8 |
| About the same |
30.2 |
| A little higher |
21.1 |
| Much higher |
9.5 |
| Number of respondents |
2,587 |
Question I3. Which of the following categories, if any, are you saving money for?
Percent, except as noted
| Response |
Rate |
| Refused |
0.7 |
| Education (yours or someone else's) |
19.2 |
| Retirement |
57.1 |
| Your children |
25.0 |
| Major appliance, car, or other big purchase (excluding a home) |
23.7 |
| Home purchase |
16.3 |
| Pay off debts |
28.6 |
| Unexpected expenses |
56.7 |
| Just to save |
50.4 |
| Taxes |
15.7 |
| To leave behind some inheritance or charitable donation |
9.3 |
| Other |
3.9 |
| Number of respondents |
2,587 |
Question 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?
Percent, except as noted
| Response |
Rate |
| Refused |
1.6 |
| Lower |
9.1 |
| About the same |
60.2 |
| Higher |
29.1 |
| Number of respondents |
5,896 |
Question 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?
Percent, except as noted
| Response |
Rate |
| Refused |
2.0 |
| No |
53.5 |
| Yes |
44.5 |
| Number of respondents |
5,896 |
Question 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?
Percent, except as noted
| Response |
Rate |
| Refused |
1.3 |
| No |
59.4 |
| Yes |
39.3 |
| Number of respondents |
3,166 |
Question E3A. 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.
Percent, except as noted
| Response |
Rate |
| Refused |
1.7 |
| Put it on my credit card and pay it off in full at the next statement |
28.6 |
| Put it on my credit card and pay it off over time |
17.9 |
| With the money currently in my checking/savings account or with cash |
47.6 |
| Using money from a bank loan or line of credit |
4.1 |
| By borrowing from a friend or family member |
12.6 |
| Using a payday loan, deposit advance, or overdraft |
2.5 |
| By selling something |
9.9 |
| I wouldn't be able to pay for the expense right now |
14.3 |
| Other |
2.1 |
| Number of respondents |
5,896 |
Question E3B. Based on your current financial situation, what is the largest emergency expense that you could pay right now using cash or money in your checking/savings account?
Percent, except as noted
| Response |
Rate |
| Refused |
1.7 |
| Under $100 |
38.9 |
| $100 to $199 |
15.7 |
| $200 to $299 |
13.1 |
| $300 to $399 |
8.7 |
| Over $400 |
21.9 |
| Number of respondents |
2,707 |
Summary Statistics
Summary statistics for numeric questions
|
Weighted |
Observations |
| Mean |
Median |
| In what year did you buy your current home? |
1,998.7 |
2,002 |
3,608 |
| About how much do you [if d0=1, insert: and your spouse / if d0=2, insert: and your partner] pay for rent each month? |
807.2 |
700 |
1,663 |
| About how much is your total monthly mortgage payment (i.e., the amount you send to the bank)? |
1,338.3 |
1,060 |
1,873 |
| In what year did you start living with your [living situation]? |
2,001.0 |
2,007 |
949 |
| In what year did you first attend this educational program? |
1,995.8 |
2,001 |
1,308 |
| In what year did you last attend this educational program? (excludes those still enrolled) |
1,994.1 |
1,998 |
1,102 |
| In what year did you first attend your associate degree or bachelor's degree program? |
1,988.9 |
1,991 |
2,228 |
| In what year did you receive your associate degree or bachelor's degree? |
1,993.1 |
1,996 |
2,203 |
| For students loans to fund your own education, total dollar amount owed: |
30,181.8 |
16,000 |
696 |
| For students loans to fund your spouse's/partner's education, total dollar amount owed: |
27,012.5 |
16,000 |
236 |
| For students loans to fund your child's/grandchild's education, total dollar amount owed: |
37,443.6 |
15,000 |
219 |
| For students loans to fund your own education, total dollar amount of monthly payment: |
681.3 |
200 |
466 |
| For students loans to fund your spouse's/partner's education, total dollar amount of monthly payment: |
255.8 |
200 |
177 |
| For students loans to fund your child's/grandchild's education, total dollar amount of monthly payment: |
348.3 |
200 |
154 |
| How much money did you borrow for your certificate or technical training? |
7,698.9 |
5,000 |
210 |
| How much money did you borrow for your associate degree? |
10,828.7 |
5,000 |
309 |
| How much money did you borrow for your bachelor's degree? |
21,221.6 |
15,000 |
849 |
| How much money did you borrow for your professional degree (e.g., MBA, MD, JD)? |
44,563.0 |
20,000 |
106 |
| How much money did you borrow for your master's degree or doctoral degree? |
27,087.2 |
18,000 |
209 |
| How much money did you borrow for your other educational programs? |
13,390.1 |
5,000 |
56 |
| At what age do you expect to retire fully, meaning completely stop working for pay? |
65.7 |
65 |
1,594 |
| What percent of your paycheck do you contribute to your 401(k), 403(b), thrift, or other defined contribution benefit plan? |
9.4 |
7 |
1,078 |
| What is the maximum percent of your salary that your employer will contribute to your account? |
6.2 |
5 |
1,045 |
| At what age did you retire fully, meaning completely stop working? |
61.1 |
62 |
1,205 |
| In the past 12 months, what percent of your household's total gross income (before taxes and deductions) did you set aside as savings? |
10.3 |
5 |
4,263 |
Note: These are values for valid responses only.
Summary statistics for demographics
| |
Weighted |
Unweighted |
Observations |
| Mean |
Standard deviation |
Mean |
Standard deviation |
| Age |
46.9756 |
17.3009 |
50.6654 |
17.3996 |
5,896 |
| Male |
0.4821 |
0.4997 |
0.4800 |
0.4996 |
5,896 |
| Female |
0.5179 |
0.4997 |
0.5200 |
0.4996 |
5,896 |
| 18-29 |
0.2126 |
0.4092 |
0.1610 |
0.3675 |
5,896 |
| 30-44 |
0.2537 |
0.4352 |
0.2137 |
0.4100 |
5,896 |
| 45-60 |
0.2870 |
0.4524 |
0.2960 |
0.4565 |
5,896 |
| Ages over 60 |
0.2467 |
0.4311 |
0.3294 |
0.4700 |
5,896 |
| Less than high school |
0.1233 |
0.3288 |
0.1041 |
0.3055 |
5,896 |
| High school degree |
0.2963 |
0.4567 |
0.3019 |
0.4591 |
5,896 |
| Some college |
0.2874 |
0.4526 |
0.2878 |
0.4528 |
5,896 |
| Bachelor's degree or higher |
0.2930 |
0.4552 |
0.3061 |
0.4609 |
5,896 |
| White, non-Hispanic |
0.6577 |
0.4745 |
0.7330 |
0.4424 |
5,896 |
| Black, non-Hispanic |
0.1151 |
0.3192 |
0.1046 |
0.3061 |
5,896 |
| Other, non-Hispanic |
0.0636 |
0.2441 |
0.0321 |
0.1762 |
5,896 |
| Hispanic |
0.1508 |
0.3579 |
0.0975 |
0.2967 |
5,896 |
| 2 or more races, non-Hispanic |
0.0128 |
0.1125 |
0.0327 |
0.1780 |
5,896 |
| Less than $40,000 |
0.3152 |
0.4646 |
0.5061 |
0.5000 |
5,896 |
| $40,000-$100,000 |
0.4076 |
0.4914 |
0.3016 |
0.4590 |
5,896 |
| Greater than $100,000 |
0.2773 |
0.4477 |
0.1923 |
0.3942 |
5,896 |
| Married |
0.5208 |
0.4996 |
0.5114 |
0.4999 |
5,896 |
| Not married |
0.4792 |
0.4996 |
0.4886 |
0.4999 |
5,896 |
| Northeast |
0.1822 |
0.3861 |
0.1815 |
0.3854 |
5,896 |
| Midwest |
0.2137 |
0.4100 |
0.2456 |
0.4305 |
5,896 |
| South |
0.3708 |
0.4831 |
0.3531 |
0.4780 |
5,896 |
| West |
0.2332 |
0.4229 |
0.2198 |
0.4142 |
5,896 |
| Employed |
0.5657 |
0.4957 |
0.5058 |
0.5000 |
5,896 |
| Unemployed, in labor force |
0.0878 |
0.2830 |
0.0782 |
0.2685 |
5,896 |
| Not in labor force |
0.3465 |
0.4759 |
0.4160 |
0.4929 |
5,896 |
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