Table C.1. Respondent or spouse have a checking, savings, or money market account? Percent, except as noted
Q1
Yes
89.6
No
9.5
Refused to answer
1
Number of respondents
2,600
Table C.2. Respondent or spouse ever had a checking, savings, or money market account? Percent, except as noted
Q2
Yes
42
No
53.6
Refused to answer
4.3
Number of respondents
163
Table C.3. The most important reason why respondent doesn't have any bank account Percent, except as noted
Q3
I don't write enough checks to make it worthwhile
16.4
The minimum balance is too high
2.3
I don't like dealing with banks
10.7
The fees and service charges are too high
5.8
Cannot manage/balance an account
4.3
Credit problems
4.5
Don't have enough money
17.1
Don't need or want an account
22.7
Other
6.8
Refused to answer
9.3
Number of respondents
163
Table C.4. Has respondent ever used payday loans, paycheck advance, or deposit advance services? Percent, except as noted
Q4
Yes
9.5
No
90
Refused to answer
.5
Number of respondents
2,600
Table C.5. Times in the last 12 months that respondent used payday loan or payday advance services? Percent, except as noted
Q5
0
36.2
1
21.8
2
9
3
6.8
4
4.6
5
4.4
6
4.2
7
0.7
8
1.7
9
1
10
1.4
12
0.8
15
0.4
20
2.4
26
0.4
Refused to answer
4.3
Number of respondents
195
Table C.6. How was the most recent payday loan or payday advance spent? Percent, except as noted
Q6
Paying utility bills (phone, power, gas)
36.6
Paying rent or mortgage
20.4
Paying for an emergency expense, such as repairs to your home or car, or a medical bill
24.1
Deposited into a bank account to avoid overdraft change(s)
17.2
Paying miscellaneous bills
30.1
Buying food, groceries, or other living expenses
34.2
Other
6
Refused to answer
12.6
Number of respondents
195
Table C.7. Main reason for using a payday loan rather than a bank loan or credit card? Percent, except as noted
Q7
The location of the payday lender was more convenient
10.2
The payday loan was much quicker to get than a bank loan or credit card
18.5
It was easier to get a payday loan than to qualify for a bank loan or credit card
20.9
Banks don't make loans for small amounts of money
6.2
It felt more comfortable to work with the payday lender than to use a bank
1.7
I didn't want the loan to show up on my credit report
2.5
I didn't think I would qualify for a bank loan or credit card
22
Other
6.6
Refused to answer
11.3
Number of respondents
195
Table C.8. Does respondent have any of the following types of prepaid cards? Percent, except as noted
Q8
Gift card
39.9
General purpose prepaid card
14.1
Payroll card
2.2
Government card
6.2
None of the above
50.4
Refused to answer
0.5
Number of respondents
2,600
Table C.9. Are any of respondent's general purpose prepaid cards or payroll cards reloadable? Percent, except as noted
Q9
Yes
57.5
No
25.8
Don't know
16.7
Number of respondents
396
Table C.10. In the past 12 months, did respondent add money to reload any prepaid cards? Percent, except as noted
Q10
Yes
57
No
43
Number of respondents
199
Table C.11. When was the last time that respondent personally reloaded that prepaid card? Percent, except as noted
Q11
In the past 7 days
15.5
In the past 30 days
35
In the past 90 days
27.1
In the past 12 months
14.3
More than 12 months ago
6.7
Never
1.3
Number of respondents
110
Table C.12. Which financial products or services has respondent used in the past 12 months? Percent, except as noted
Q12
Debit card or check card
69.3
Paper check or money order
65.5
Major credit card (VISA, MasterCard, American Express, Discover)
61.9
Store-branded credit card good only at the store that issued the card
27.5
General purpose prepaid card that you can add funds to
10.8
Auto title loan
3.5
Check cashing services
3
Payday loans
2.8
Pawn shop loan
1.9
None of the above
7.1
Refused to answer
0.7
Number of respondents
2,600
Table C.13. Has respondent visited a bank branch and spoken with a bank employee in the past 12 months? Percent, except as noted
Q13
Yes
84.5
No
15
Refused to answer
0.5
Number of respondents
2,419
Table C.14. Has respondent used an ATM for any banking transactions in the past 12 months? Percent, except as noted
Q14
Yes
73.5
No
25.8
Refused to answer
0.7
Number of respondents
2,419
Table C.15. Has respondent used telephone banking in the past 12 months? Percent, except as noted
Q15
Yes
34.1
No
65.2
Refused to answer
0.8
Number of respondents
2,419
Table C.16. The three main ways respondent or spouse interact with their financial institution? Percent, except as noted
Q16
ATM/cash machine
72
In person
75.9
Mail
13.9
Phone - talking
18.7
Phone - using touchtone service or voice recognition
11.2
Computer/Internet/online service/e-mail
59.3
Mobile phone application, web browser, or SMS/text message
12.5
Family member, friend, or neighbor does the banking for me
4.7
Other
1.5
Number of respondents
2,419
Table C.17. Does respondent have regular access to the Internet? Percent, except as noted
Q17
Yes
88
No
10.9
Refused to answer
1.2
Number of respondents
2,600
Table C.18. Where does respondent use the Internet the most often? Percent, except as noted
Q18
At home
77.7
At work
16
At school
1.3
At a library
3
At someone else's home
0.7
At an Internet café or store with Wi-Fi
0.2
Other
0.6
Refused to answer
0.4
Number of respondents
2,357
Table C.19. Has respondent used online banking on a desktop, laptop, or tablet computer in the past 12 months? Percent, except as noted
Q19
Yes
74.1
No
25.7
Refused to answer
0.2
Number of respondents
2,233
Table C.20. Does respondent own or have regular access to a mobile phone (cell phone)? Percent, except as noted
Q20
Yes
86.7
No
13.3
Number of respondents
2,600
Table C.21. Is respondent's mobile phone a smartphone? Percent, except as noted
Q21
Yes
51.9
No
47
Refused to answer
1
Number of respondents
2,291
Table C.22. Which type of smartphone does respondent have? Percent, except as noted
Q22
Android
48.2
BlackBerry
5.4
iPhone
34.8
Windows Mobile
2.2
Other
5.4
Don't know
3.2
Refused to answer
0.8
Number of respondents
1,149
Table C.23. Does respondent password protect their smartphone? Percent, except as noted
Q23
Yes
54.2
No
45.3
Refused to answer
0.5
Number of respondents
1,149
Table C.24. When was the last time that respondent accessed the Internet on mobile phone? Percent, except as noted
Q24
In the past 7 days
86.5
In the past 30 days
5.1
In the past 90 days
1.6
In the past 12 months
0.9
More than 12 months ago
0.4
Never
5.1
Refused to answer
0.4
Number of respondents
1,149
Table C.25. Has respondent used mobile banking in the past 12 months? Percent, except as noted
Q25
Yes
27.7
No
71.6
Refused to answer
0.6
Number of respondents
2,291
Table C.26. Does respondent plan to use mobile banking in the next 12 months? Percent, except as noted
Q26
Definitely will use
0.8
Probably will use
9.6
Probably will not use
36.4
Definitely will not use
52.9
Refused to answer
0.2
Number of respondents
1,709
Table C.27. Does respondent think he/she will ever use mobile banking? Percent, except as noted
Q27
Definitely will use
0.2
Probably will use
14
Probably will not use
46.5
Definitely will not use
38.8
Refused to answer
0.6
Number of respondents
1,543
Table C.27.b Does respondent's bank charge a service fee for the use of mobile banking? Percent, except as noted
Q27b
Yes
1.3
No
35.6
Don't know
62.2
Refused to answer
0.8
Number of respondents
2,180
Table C.27.c Monthly fee respondent's bank charges for use of mobile banking? Percent, except as noted
Q27c
0
23.2
1
11.3
2
2.7
3
4.8
5
2.5
10
2.6
12
11.4
15
20.5
18
1.3
20
8
30
3.5
50
1.2
Refused to answer
7.1
Number of respondents
25
Table C.28. Using a mobile phone, respondents have done the following in the past 12 months Percent, except as noted
Q28
Downloaded your bank's mobile banking application on your mobile phone
48.9
Checked an account balance or checked recent transactions
86.6
Made a bill payment using your bank's online banking website or banking application
27.2
Received a text message alert from your bank
28.5
Transferred money between two accounts
53
Deposited a check to your account electronically using your mobile phone camera
20.5
Located the closest in-network ATM for your bank
23.6
Received a fraud alert
4.4
Other banking related activities
1.1
Refused to answer
4.6
Number of respondents
571
Table C.29. In a typical month, how many times does respondent personally use mobile banking? Percent, except as noted
Q29
1
5.8
2
11.5
3
14.4
4
7.9
5
7.6
6
11.3
7
2.1
8
0.4
9
3.6
10
0.5
12
13.5
14
0.7
15
0.1
16
3.7
17
0.3
20
0.1
25
7.5
30
1.2
31
3.8
40
0.2
45
1.1
50
0.1
60
0.3
100
0.2
Refused to answer
2.3
Number of respondents
571
Table C.30. Overall, how satisfied is respondent with mobile banking experiences? Percent, except as noted
Q30
Very satisfied
51.8
Satisfied
43.6
Dissatisfied
1
Very dissatisfied
0.3
Refused to answer
3.3
Number of respondents
571
Table C.31. When did respondent start using mobile banking? Percent, except as noted
Q31
In the last 6 months
18.2
6 to 12 months ago
16.6
1 to 2 years ago
33.4
More than 2 years ago
24.8
I don't remember
6
Refused to answer
1
Number of respondents
571
Table C.32. The main reason why respondent started using mobile banking? Percent, except as noted
Q32
I got a smartphone
37.1
My bank started offering the service
19.2
There is no bank branch near my home
2.5
I became comfortable with the security of mobile banking
3.1
I liked the convenience of mobile banking
30
To receive fraud alerts or check my account for fraudulent transactions
1.9
Other
4.1
Refused to answer
2
Number of respondents
571
Table C.33. Has respondent made a mobile payment in the past 12 months? Percent, except as noted
Q33
Yes
14.8
No
84.5
Refused to answer
0.7
Number of respondents
2,291
Table C.34. Using a mobile phone, respondent has done the following in the past 12 months Percent, except as noted
Q34
Transferred money directly to another person's bank, credit card or paypal account (i.e., friend, relative, babysitter)
29.6
Received money from another person using my mobile phone
15
Waved or tapped my mobile phone at the cash register to pay for a purchase
5.9
Used a mobile app to pay for a purchase (i.e., Pay with Square, Dwolla)
8.6
Scanned a barcode or QR code using your mobile phone to make a mobile payment (i.e., Starbucks app)
9.1
Used your mobile phone's web browser to make a mobile payment (including paying your bills online)
42.1
Used a text message to make a mobile payment (including charitable donation by text message)
8.1
Made an online purchase (including purchases from iTunes or Google Play)
34.6
None of the above
22.7
Refused to answer
2.8
Number of respondents
308
Table C.35. How does respondent make mobile payments? Percent, except as noted
Q35
Credit card
33.3
Debit card
45
Prepaid card
6.9
Bank account
39.7
Charged to your phone bill
5.3
Dwolla
0
Google Wallet
2.4
Pay with Square
1.9
Other
7.9
Refused to answer
6.7
Number of respondents
308
Table C.36. In a typical month, how many times does respondent use mobile phone to make payments? Percent, except as noted
Q36
0
21.2
1
19
2
20.3
3
10.4
4
7.7
5
5.5
6
1
7
2.5
8
2.1
10
1.7
12
0.3
13
0.6
14
0.1
15
0.2
16
0.3
20
2
Refused to answer
5.1
Number of respondents
308
Table C.37. Overall, how satisfied is respondent with mobile payment experiences? Percent, except as noted
Q37
Very satisfied
43.8
Satisfied
49.4
Dissatisfied
1.5
Refused to answer
5.3
Number of respondents
308
Table C.38. When did respondent start using mobile payments? Percent, except as noted
Q38
In the last 6 months
13.2
6 to 12 months ago
15.9
1 to 2 years ago
29.3
More than 2 years ago
18.1
I don't remember
18.9
Refused to answer
4.6
Number of respondents
308
Table C.39. What was the main reason why respondent started using mobile payments? Percent, except as noted
Q39
I got a smartphone
28.9
The ability to make mobile payments became available
13.9
I became comfortable with the security of mobile payments
10.1
I liked the convenience of mobile payments
33.5
A store I visit started offering the service
0.6
Other (please specify)
10.4
Refused to answer
2.5
Number of respondents
308
Table C.40. What are the main reasons why respondent has decided not to use mobile banking? Percent, except as noted
Q40
I'm concerned about the security of mobile banking
48.7
My banking needs are being met without mobile banking
53.9
I don't see any reason to use mobile banking
46.6
The cost of data access on my wireless plan is too high
10.9
It is too difficult to see on my mobile phone's screen
9.7
I don't have a smartphone or my phone can't be used for mobile banking
39.9
My bank charges a fee for using mobile banking
1.4
I don't do the banking in my household
4.8
I don't trust the technology to properly process my banking transactions
13.8
I don't have a banking account with which to use mobile banking
6.2
It's difficult or time consuming to set up mobile banking
5.1
Other
5.2
Refused to answer
0.2
Number of respondents
1,709
Table C.41. What security aspect is respondent most concerned with? Percent, except as noted
Q41
Hackers gaining access to my phone remotely
30.3
Someone intercepting my calls or data
8.9
Losing my phone or having my phone stolen
11.3
Malware or viruses being installed on my phone
1.9
Companies misusing my personal information
2.7
All of the above
44.2
Other
0.4
Refused to answer
0.3
Number of respondents
832
Table C.42. If addressed, which activities would respondent be interested in doing with mobile phone? Percent, except as noted
Q42
Download your bank's mobile banking application on your mobile phone
11.7
Check an account balance or check recent transactions
32.8
Make a bill payment using your bank's online banking website or banking application
16.7
Receive text message alerts from your bank
16.7
Deposit a check electronically using your mobile phone camera
17.2
Transfer money between two accounts
21.4
Other
0.3
None, I don't want to use mobile banking
56.2
Refused to answer
0.6
Number of respondents
1,709
Table C.43. What are the main reasons why respondent decided not to use mobile payments? Percent, except as noted
Q43
I'm concerned about the security of mobile payments
38.1
It's easier to pay with another method like cash or a credit card
35.5
I don't see any benefit from using mobile payments
35.1
I don't know of any stores that let you pay with your mobile phone
9.4
The places I shop don't accept mobile payments
3.9
I don't have the necessary feature on my phone
30.3
The cost of data access on my wireless plan is too high
9.6
I don't trust the technology to properly process my payments
16.4
It's difficult or time consuming to set up mobile payments
4.9
I don't need to make any payments or someone else pays the bills
10.1
I don't really understand all the different mobile payment options
13.6
Other
7.4
Refused to answer
1.8
Number of respondents
1,973
Table C.44. What security aspect is respondent most concerned with? Percent, except as noted
Q44
Hackers gaining access to my phone remotely
28.7
Someone intercepting my payment information or other data
11.5
Losing my phone or having my phone stolen
9.5
Malware or viruses being installed on my phone
1.5
Companies misusing my personal information
1.5
All of the above
46.3
Other
0.7
Refused to answer
0.2
Number of respondents
767
Table C.45. If addressed, which activities would respondent be interested in doing with mobile phone? Percent, except as noted
Q45
Making payments directly to another person (i.e., friend, relative, babysitter)
12.4
Waving or tapping my mobile phone at the cash register to pay for a purchase
12.7
Using a mobile app to pay for purchases
9.6
Paying bills online
19.4
Transferring money to friends or family in another country
4.4
Using your mobile phone as a "virtual wallet" to replace all the cards you currently carry in your wallet
12.1
Buying goods or services online
12.8
Accepting payments from another person
11
Receiving/using coupons on your phone
16.4
Receiving specials and discount offers based on your location (i.e., you walk into a store and a coupon appears on your mobile phone for a product sold there)
14.8
Other payment-related activities
0.4
None, I don't want to use mobile payments
60.1
Refused to answer
0.8
Number of respondents
1,973
Table C.46. Rate the security of SMS (text messaging) for mobile banking Percent, except as noted
Q46
Very safe
10.2
Somewhat safe
23.4
Somewhat unsafe
14
Very unsafe
10.9
Don't know
40.4
Refused to answer
1.1
Number of respondents
2,291
Table C.47. Rate the security of using a mobile browser for mobile banking Percent, except as noted
Q47
Very safe
9.8
Somewhat safe
27.8
Somewhat unsafe
15.1
Very unsafe
9.6
Don't know
36.4
Refused to answer
1.4
Number of respondents
2,291
Table C.48. Rate the security of using an application downloaded from phone's mobile app store for mobile banking Percent, except as noted
Q48
Very safe
9.4
Somewhat safe
25.3
Somewhat unsafe
13.2
Very unsafe
9.4
Don't know
41
Refused to answer
1.8
Number of respondents
2,291
Table C.49. Rate the overall security of mobile banking for protecting respondent's personal information? Percent, except as noted
Q49
Very safe
9.2
Somewhat safe
24.9
Somewhat unsafe
14.5
Very unsafe
11.5
Don't know
38.5
Refused to answer
1.4
Number of respondents
2,291
Table C.50. If available, would respondent use mobile phone for any of the following purposes? Percent, except as noted
Q50
Buy things at the point of sale
22.4
Track your finances on a daily basis
24.5
Organize, track and store gift cards, loyalty and reward points
20.6
Compare prices when shopping
39
As a ticket for buses, trains, or subways
17.2
As a key to enter your house
16.6
Purchase tickets to events
18.4
As a membership card (such as museums, gym, etc.)
23
To receive and manage discount offers and coupons
27.3
To receive offers and promotions based on where you are (i.e., you walk into a store and a coupon appears on your mobile phone for a product sold there)
26
As a form of photo identification
16.4
None of the above
41.3
Refused to answer
1.3
Number of respondents
2,291
Table C.51. Respondent is willing to allow mobile phone to provide location to companies so that they can offer discounts, promotions, or services based on location Percent, except as noted
Q51
Strongly agree
4.1
Agree
26.4
Disagree
27.8
Strongly disagree
40.3
Refused to answer
1.4
Number of respondents
2,291
Table C.52. Respondent is willing to allow mobile phone to provide personal information to companies so that they can offer discounts, promotions, or services based on this information Percent, except as noted
Q52
Strongly agree
2.5
Agree
14
Disagree
31.9
Strongly disagree
49.7
Refused to answer
1.8
Number of respondents
2,291
Table C.53. Has respondent used mobile phone to comparison shop over the Internet while at a store? Percent, except as noted
Q53
Yes
41.6
No
57.8
Refused to answer
0.6
Number of respondents
1,149
Table C.54. Has respondent ever used a barcode scanning application on mobile phone while shopping at a retail store to find the best price for an item? Percent, except as noted
Q54
Yes
31.9
No
67.4
Refused to answer
0.7
Number of respondents
1,149
Table C.55. Has respondent ever scanned a QR code to obtain information about a product on mobile phone? Percent, except as noted
Q55
Yes
34.4
No
65
Refused to answer
0.5
Number of respondents
1,149
Table C.56. Has using a mobile phone to compare prices while shopping at a retail store ever changed where respondent made purchase? Percent, except as noted
Q56
Yes
64.2
No
35.8
Number of respondents
554
Table C.57. Has respondent ever used mobile phone to browse product reviews or get product information while shopping at a retail store? Percent, except as noted
Q57
Yes
43.9
No
54.8
Refused to answer
1.3
Number of respondents
1,149
Table C.58. Has reading product reviews on mobile phone while shopping at a retail store ever changed which item respondent ended up purchasing? Percent, except as noted
Q58
Yes
70.1
No
28.9
Refused to answer
1.1
Number of respondents
484
Table C.59. In the past 12 months, has respondent used mobile phone to check account balance or available credit before making a large purchase? Percent, except as noted
Q59
Yes
64.2
No
34.5
Refused to answer
1.3
Number of respondents
571
Table C.60. When respondent used mobile phone to check account balance or available credit before making a large purchase, did respondent decide not to buy that particular item? Percent, except as noted
Q60
Yes
52.8
No
46.5
Refused to answer
0.7
Number of respondents
337
Table C.61. How likely would respondent be to use mobile contactless payments? Percent, except as noted
Q61
I already use it
1.3
Very likely
7.6
Likely
19.4
Unlikely
26.5
Very unlikely
43.5
Refused to answer
1.7
Number of respondents
2,291
Table C.62. How likely does respondent think it is that mobile contactless payments will become a major form of payment in the next five years? Percent, except as noted
Q62
Very likely
15.2
Likely
35.1
Unlikely
13
Very unlikely
11.8
Don't know
23.5
Refused to answer
1.5
Number of respondents
2,291
Table C.63. How much responsibility does respondent have for maintaining the household budget and managing household income? Percent, except as noted
Q63
None or almost none
10.4
Some
11.5
Shared equally with other household members
26.7
Most
11.8
All or almost all
38.5
Refused to answer
1.1
Number of respondents
2,600
Table C.64. How much responsibility does respondent have for paying monthly bills? Percent, except as noted
Q64
None or almost none
15.1
Some
11
Shared equally with other household members
19.1
Most
10.2
All or almost all
42.9
Refused to answer
1.7
Number of respondents
2,600
Table C.65. Where 1 is "extremely dissatisfied" and 10 is "extremely satisfied," how satisfied is respondent with finances? Percent, except as noted
Q65
1
6.3
2
4.4
3
6.6
4
8.3
5
16.9
6
11.8
7
15.4
8
16.8
9
7.3
10
4.6
Refused to answer
1.6
Number of respondents
2,600
Table C.66. Has respondent set aside emergency or rainy day funds that would cover expenses for 3 months? Percent, except as noted
Q66
Yes
46.6
No
51.8
Refused to answer
1.6
Number of respondents
2,600
Table C.67. How often does respondent use a spending plan or budget for your expenses? Percent, except as noted
Q67
Never
12.2
Rarely
17
Sometimes
28.5
Often
22.3
Always
18.8
Refused to answer
1.2
Number of respondents
2,600
Table C.68. Does anyone in household use a program or website to track household finances? Percent, except as noted
Q68
Yes
21
No
77.5
Refused to answer
1.5
Number of respondents
2,600
Table C.69. Does respondent use mobile phone to track purchases and expenses? Percent, except as noted
Q69
Yes
9.8
No
88.8
Refused to answer
1.4
Number of respondents
2,291
Table C.70. Method(s) respondent uses to track purchases and expenses on mobile phone? Percent, except as noted
Q70
A mobile application for expense tracking
36.3
A spreadsheet
11.9
Online (using the web browser to access a website)
34.5
Send text messages
9.8
Take notes in a notepad or word processor
18.5
Other
10.3
Refused to answer
6.5
Number of respondents
173
Table C.71. In a typical month how often does respondent use mobile phone to track purchases and expenses? Percent, except as noted
Q71
0
9.4
1
8.3
2
12.3
3
10.9
4
6.8
5
7.2
6
2.6
7
0.9
8
3.9
9
0.3
10
9.1
12
0.3
14
0.3
15
3.7
20
5.2
30
2.6
31
0.5
45
0.9
50
0.7
Refused to answer
14.2
Number of respondents
173
Table C.72. What kind of text alerts does respondent receive? Percent, except as noted
Q72
Low-balance alerts
63.2
Payment due alerts
37.4
Saving reminders
8.1
Fraud alerts
39.1
Other
20.4
Refused to answer
1.5
Number of respondents
168
Table C.73. Most recently, which of the following actions did respondent take after receiving the alert? Percent, except as noted
Q73
Transferred money into the account with the low balance
53.7
Deposited money into the account with the low balance
23.5
Reduced my spending
35.7
None of the above
13.6
Number of respondents
109
Table C.74. Has receiving payment due alerts improved respondent's ability to pay bills on time? Percent, except as noted
Q74
Yes, by a lot
49.8
Yes, by a little
26.8
No
20.3
Refused to answer
3.1
Number of respondents
64
Table C.75. Does respondent have any regular payments that are directly deposited into bank account? Percent, except as noted
Q75
Yes
74.5
No
23.9
Refused to answer
1.6
Number of respondents
2,419
Table C.76. Does respondent have any regular payments automatically withdrawn from bank account? Percent, except as noted
Q76
Yes
52.9
No
45.9
Refused to answer
1.3
Number of respondents
2,419
Table C.77. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? Percent, except as noted
Q77
More than today
4
Exactly the same
8.5
Less than today
59.4
Don't know
26.5
Refused to answer
1.6
Number of respondents
2,600
Table C.78. Considering a long time period (for example, 10 or 20 years), which asset normally gives the highest return? Percent, except as noted
Q78
Savings accounts
4.2
U.S. government bonds
13.8
Stocks
42.8
Don't know
37.6
Refused to answer
1.5
Number of respondents
2,600
Table C.79. If an investor who only owns two stocks right now decides to instead spread their money among many different assets (i.e., more stocks, add bonds, add real estate), their risk of losing money on their entire portfolio will Percent, except as noted
Q79
Increase
11.8
Decrease
43.4
Stay the same
7.3
Don't know
35.8
Refused to answer
1.7
Number of respondents
2,600
Table C.80. If you were to invest $1,000 in a stock mutual fund for a year, it would be possible to have less than $1,000 when you withdraw your money. Percent, except as noted
Q80
True
61
False
8.9
Don't know
28.3
Refused to answer
1.8
Number of respondents
2,600
Table C.81. Suppose you owe $1,000 on a loan and the interest rate you are charged is 10% per year compounded annually. If you don't make any payments on this loan, at this interest rate, how many years would it take for the amount you owe to double? Percent, except as noted
Q81
Less than 5 years
14.3
Between 5 to 10 years
37
10 years or more
18.2
Don't know
28.8
Refused to answer
1.7
Number of respondents
2,600
Table C.82. Imagine that your car breaks down and requires $400 worth of repairs in order to drive again. Based on your current financial situation, how would you pay for this expense? If you would use more than one method to cover this expense, please select all that apply. Percent, except as noted
Q82
Put it on my credit card
36.2
With the money currently in my checking account or with cash
41.3
By taking money out of my savings
16.6
Using money from a bank loan or line of credit
2.3
Use overdraft on my bank account
1.8
By borrowing from a friend or family member
11.6
Using a payday loan or deposit advance
2.5
By pawning something
2
By selling something
4.2
I wouldn't be able to pay for the repairs right now
15.8
Other
3.4
Refused to answer
2.3
Number of respondents
2,600
Table C.83. Which of the following statements comes closest to describing the amount of financial risk that you are willing to take when you save or make investments? Percent, except as noted
Q83
Take substantial financial risks expecting to earn substantial returns
3.8
Take above average financial risks expecting to earn above average returns
12.6
Take average financial risks expecting to earn average returns
37
Not willing to take any financial risks
44.3
Refused to answer
2.2
Number of respondents
2,600
Table C.84. Suppose that you are the only income earner in the family. Your doctor recommends that you move because of allergies, and you have to choose between two possible jobs. The first would guarantee your current total family income for life. The second is possibly better paying, but the income is also less certain. There is a 50-50 chance the second job would double your total lifetime income and a 50-50 chance that it would cut it by a third. Which job would you take--the first job or the second job? Percent, except as noted
Q84
First job
75.5
Second job
21.2
Refused to answer
3.3
Number of respondents
2,600
Table C.85. Suppose the chances were 50-50 that the second job would double your lifetime income and 50-50 that it would cut it by 20 percent. Would you take the first job or the second job? Percent, except as noted
Q85
First job
71.7
Second job
27.8
Refused to answer
0.5
Number of respondents
2,004
Table C.86. Suppose the chances were 50-50 that the second job would double your lifetime income, and 50-50 that it would cut it in half. Would you take the first job or the second job? Percent, except as noted
Q86
First job
44
Second job
55.2
Refused to answer
0.8
Number of respondents
528
Table C.87. Suppose the chances were 50-50 that the second job would double your lifetime income and 50-50 that it would cut it by 75 percent. Would you take the first job or the second job? Percent, except as noted
Q87
First job
62.6
Second job
36.3
Refused to answer
1.1
Number of respondents
302
Table C.88. Suppose the chances were 50-50 that the second job would double your lifetime income and 50-50 that it would cut it by 10 percent. Would you take the first job or the second job? Percent, except as noted
Q88
First job
60.3
Second job
38.6
Refused to answer
1.1
Number of respondents
1,464
Summary Statistics for Demographics
Table C.89. Summary statistics for demographics: Full sample
Mean
Standard deviation
Age
46.8447
16.885
Male
0.4808
0.4997
Female
0.5192
0.4997
Ages 18-29
0.209
0.4066
Ages 30-44
0.258
0.4376
Ages 45-60
0.2756
0.4469
Ages over 60
0.2574
0.4373
Less than high school
0.1211
0.3263
High school degree
0.2982
0.4576
Some college
0.2895
0.4536
Bachelor's degree or higher
0.2912
0.4544
White, non-Hispanic
0.6698
0.4704
Black, non-Hispanic
0.1148
0.3188
Other and two or more races, non-Hispanic
0.0727
0.2597
Hispanic
0.1427
0.3498
Less than $25,000
0.2603
0.4389
$25,000-$39,999
0.2042
0.4032
$40,000-$74,999
0.1857
0.3889
$75,000-$99,999
0.1317
0.3382
Greater than $100,000
0.2181
0.4131
Married
0.4974
0.5001
Not married, widowed, divorced, or living with partner
0.5026
0.5001
Northeast
0.18
0.3842
Midwest
0.2176
0.4127
South
0.3703
0.483
West
0.2321
0.4222
Employed
0.5417
0.4984
Unemployed but in labor force
0.1117
0.315
Not in labor force: retired, disabled, or other
0.3467
0.476
Observations
2,600
Table C.90. Summary statistics for demographics: Smartphone users
Mean
Standard deviation
Age
40.1448
14.9043
Male
0.4866
0.5
Female
0.5134
0.5
Ages 18-29
0.3096
0.4625
Ages 30-44
0.3356
0.4724
Ages 45-60
0.2316
0.422
Ages over 60
0.1233
0.3289
Less than high school
0.0729
0.2601
High school degree
0.2459
0.4308
Some college
0.3144
0.4645
Bachelor's degree or higher
0.3668
0.4821
White, non-Hispanic
0.6535
0.476
Black, non-Hispanic
0.1113
0.3146
Other and two or more races, non-Hispanic
0.0774
0.2673
Hispanic
0.1578
0.3647
Less than $25,000
0.1752
0.3803
$25,000-$39,999
0.1637
0.3701
$40,000-$74,999
0.1938
0.3955
$75,000-$99,999
0.1485
0.3557
Greater than $100,000
0.3188
0.4662
Married
0.5274
0.4995
Not married, widowed, divorced, or living with partner
0.4726
0.4995
Northeast
0.188
0.3909
Midwest
0.1696
0.3755
South
0.3814
0.486
West
0.2609
0.4393
Employed
0.6948
0.4607
Unemployed but in labor force
0.1077
0.3102
Not in labor force: retired, disabled, or other
0.1974
0.3982
Observations
1,149
Table C.91. Summary statistics for demographics: Feature phone users
Mean
Standard deviation
Age
52.71
16.0989
Male
0.4574
0.4984
Female
0.5426
0.4984
Ages 18-29
0.1131
0.3169
Ages 30-44
0.1979
0.3986
Ages 45-60
0.3167
0.4654
Ages over 60
0.3723
0.4836
Less than high school
0.1266
0.3326
High school degree
0.3341
0.4719
Some college
0.2824
0.4504
Bachelor's degree or higher
0.2569
0.4371
White, non-Hispanic
0.7198
0.4493
Black, non-Hispanic
0.1019
0.3026
Other and two or more races, non-Hispanic
0.0631
0.2433
Hispanic
0.1152
0.3194
Less than $25,000
0.289
0.4535
$25,000-$39,999
0.2343
0.4237
$40,000-$74,999
0.1913
0.3935
$75,000-$99,999
0.1315
0.3381
Greater than $100,000
0.1539
0.361
Married
0.506
0.5002
Not married, widowed, divorced, or living with partner
0.494
0.5002
Northeast
0.1776
0.3823
Midwest
0.2532
0.4351
South
0.3655
0.4818
West
0.2037
0.4029
Employed
0.438
0.4964
Unemployed but in labor force
0.1046
0.3062
Not in labor force: retired, disabled, or other
0.4574
0.4984
Observations
1,126
Table C.92. Summary statistics for demographics: All mobile phone users (feature and smartphone)
Mean
Standard deviation
Age
46.2059
16.6981
Male
0.4715
0.4993
Female
0.5285
0.4993
Ages 18-29
0.2151
0.411
Ages 30-44
0.2691
0.4436
Ages 45-60
0.2717
0.4449
Ages over 60
0.2441
0.4296
Less than high school
0.1009
0.3012
High school degree
0.2875
0.4527
Some college
0.2983
0.4576
Bachelor's degree or higher
0.3133
0.4639
White, non-Hispanic
0.6828
0.4655
Black, non-Hispanic
0.1067
0.3087
Other and two or more races, non-Hispanic
0.0733
0.2607
Hispanic
0.1372
0.3442
Less than $25,000
0.2291
0.4204
$25,000-$39,999
0.1977
0.3984
$40,000-$74,999
0.1918
0.3938
$75,000-$99,999
0.1419
0.349
Greater than $100,000
0.2395
0.4269
Married
0.5182
0.4998
Not married, widowed, divorced, or living with partner
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