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Insights into the Financial Experiences of Older Adults: A Forum Briefing Paper

Appendix B: Older Adult Survey Data Tables

This appendix presents data tables summarizing questions and responses in the Older Adult Survey. Reported totals exclude respondents who chose not to answer a question. This may result in slight differences in total responses reported for questions asked of the full sample or across questions asked of subgroups of the sample. In some cases, the wording for questions has been condensed or multiple questions have been combined for brevity. For full wording of questions and definitions provided to respondents, see the Supplemental Appendix to this report at www.federalreserve.gov/newsevents/conferences/financial-experiences-of-older-adults.htm.

Table B.1. Please tell us whether you own or rent your home (primary residence).
Percent, except as noted

I own. 71.2
I rent. 24.9
I live rent-free. 3.9
Number of respondents 1,821

Note: Asked of all respondents.

Table B.2. Choose all answers that apply to where you live now.
Percent, except as noted

Age categories I only have a mortgage and/or home equity loan. I only have a home equity line of credit. I have both a mortgage and/or home equity loan and a home equity line of credit. I don't have any mortgage or other loans/lines of credit on my primary residence. Number of respondents
Age 40-49 71.9 6.5 6.2 15.4 297
Age 50-59 59.1 7.6 9.1 24.2 369
Age 60-69 47.7 8.0 3.0 41.3 297
Age 70+ 29.4 5.2 3.0 62.5 272
Total 52.9 6.9 5.6 34.7 1,234

Note: Asked of all homeowners who are financial decisionmakers. This survey defines "financial decisionmakers" as individuals who self-identify as being primary or joint financial decisionmakers in their households.

Table B.3. Choose all answers that apply to where you live now.
Percent, except as noted

Work status categories I only have a mortgage and/or home equity loan. I only have a home equity line of credit. I have both a mortgage and/or home equity loan and a home equity line of credit. I don't have any mortgage or other loans/lines of credit on my primary residence. Number of respondents
Employed 64.5 7.0 7.7 20.7 614
Unemployed/Laid off 75.8 1.2 2.5 20.4 45
Disabled 62.3 1.1 0.0 36.6 51
Retired 34.9 7.9 3.7 53.5 383
Homemaker 39.6 7.8 4.1 48.5 111
Other 47.8 7.4 6.5 38.3 29
Total 53.0 6.9 5.6 34.5 1,233

Note: Asked of all homeowners who are financial decisionmakers. Figures reported are for those respondents whose work status was available in the RAND ALP.

Table B.4. Have you refinanced your mortgage in the last 3 years?
Percent, except as noted

Yes 32.3
No 67.3
I don't know. 0.5
Number of respondents 702

Note: Asked of all homeowners who are financial decisionmakers.

Table B.5. Why have you not refinanced in last 3 years?
Percent, except as noted

I never thought about refinancing. 19.3
I applied but was rejected. 6.6
My home is worth less than my mortgage balance. 12.8
I would not save enough money. 20.2
I can't get a lower interest rate than I already have. 15.0
I'm close to paying off my mortgage. 12.2
I don't think I'd qualify. 10.7
I find the process too complicated. 5.6
Other 18.8
Number of respondents 463

Note: Asked of all homeowners who are financial decisionmakers, have a mortgage, and have not refinanced in the last 3 years.

Table B.6. Do you have a reverse mortgage?
Percent, except as noted

Age categories Yes No Number of respondents
Age 62-94 1.8 98.2 499
Total 1.8 98.2 499

Note: Asked of all homeowners who are financial decisionmakers. Reverse mortgages are only available to households with at least one member aged 62 or older.

Table B.7. Please select the following statement that best describes your situation with reverse mortgages.
Percent, except as noted

Age categories I have or considered getting a reverse mortgage. I have never considered getting a reverse mortgage. Number of respondents
Age 60-61 4.4 95.6 50
Age 62-94 8.6 91.4 573
Total 8.3 91.7 623

Note: Asked of all financial decisionmakers who are homeowners, are older than 60 and did not previously report having a reverse mortgage. Reverse mortgages are only available to households with at least one member aged 62 or older.

Table B.8. Please tell us whether you own or rent your home (primary residence).
Percent, except as noted

Income categories I own. I rent. I live rent-free. Number of respondents
<$30,000 43.5 50.1 6.4 514
$30,000-$59,999 72.7 23.3 4.0 510
$60,000-$99,999 84.9 12.5 2.5 416
$100,000-$124,999 94.1 5.9 0.0 171
$125,000< 89.6 6.8 3.6 204
Total 71.2 24.9 3.9 1816

Note: Asked of all respondents.

Table B.9. Do you currently have a checking or savings account?
Percent, except as noted

Yes 93.7
No 6.3
Number of respondents 1,821

Note: Asked of all respondents.

Table B.10. Do you currently have a checking or savings account?
Percent, except as noted

Age Categories Yes No Number of respondents
Age 40-49 90.0 10.0 532
Age 50-59 91.0 9.0 543
Age 60-69 97.5 2.5 397
Age 70+ 99.1 0.9 350
Total 93.7 6.3 1,821

Note: Asked of all respondents.

Table B.11. How do you check account balances and make deposits/withdrawals?
Percent, except as noted

In person at a bank branch 50.8
At an ATM machine 39.7
With a telephone 20.8
Online (at a computer) 66.7
Using a bank "app" on a mobile phone 9.5
I rely on others to do my banking for me. 3.2
Other 6.5
Number of respondents 1,735

Note: Asked of all respondents with a checking or savings account.

Table B.12. How do you check account balances and make deposits/withdrawals?
Percent, except as noted

Age categories In person at a bank branch At an ATM machine With a telephone Online (at a computer) Using a bank "app" on a mobile phone I rely on others to do my banking for me. Other Number of respondents
Age 40-49 46.9 48.2 19.7 73.7 17.8 3.3 2.9 486
Age 50-59 47.5 38.8 22.0 69.7 9.7 2.2 6.2 504
Age 60-69 53.0 38.8 22.4 65.3 5.5 2.4 6.3 394
Age 70+ 58.8 29.9 18.7 54.1 2.1 5.7 12.0 351
Total 50.8 39.7 20.8 66.7 9.5 3.2 6.5 1,735

Note: Asked of all respondents with a checking or savings account.

Table B.13. Why not bank online?
Percent, except as noted

My banking needs are being met without online (computer) banking. 50.1
I'm concerned about the security. 42.0
I don't trust the technology to properly process my banking transactions. 21.5
I prefer to bank in person. 51.8
It's difficult or time consuming to set up online (computer) banking. 8.6
I don't know how. 20.2
My internet access is not reliable. 5.6
Other 9.3
Number of respondents 526

Note: Asked of all respondents with a checking or savings account who do not bank online.

Table B.14. Why not bank online?
Percent, except as noted

Age categories My banking needs are being met without online (computer) banking. I'm concerned about the security. I don't trust the technology to properly process my banking transactions. I prefer to bank in person. It's difficult or time-consuming to set up online (computer) banking. I don't know how. My internet access is not reliable. Other Number of respondents
Age 40-49 38.3 35.5 16.5 36.5 8.5 9.4 8.8 9.2 117
Age 50-59 43.6 39.2 26.8 54.2 2.0 21.2 4.0 12.9 138
Age 60-69 54.4 50.5 25.4 56.8 11.6 22.4 7.6 4.0 125
Age 70+ 61.8 42.6 17.2 57.4 12.4 26.0 2.9 10.3 146
Total 50.1 42.0 21.5 51.8 8.6 20.2 5.6 9.3 526

Note: Asked of all respondents with a checking or savings account who do not bank online.

Table B.15. Among respondents who do not use online banking, how many reasons did each select for not doing so?
Percent, except as noted

Number of reasons
1 48.7
2 17.8
3 16.2
4 12.1
5 3.6
6 1.3
7 0.2
Number of respondents 526

Note: Asked of all respondents with a checking or savings account who do not bank online.

Table B.16. Which methods do you use to pay your bills?
Percent, except as noted

I pay in person at the store that sent me the bill. 26.2
I pay at a store that accepts bill payments for other companies. 9.4
I pay by writing a check and mailing it. 67.0
I pay by telephone. 22.0
I pay using my computer. 62.4
I don't pay the bills. 4.4
Number of respondents 1,731

Note: Asked of all respondents with a checking or savings account.

Table B.17. Which methods do you use to pay your bills?
Percent, except as noted

Age categories I pay in person at the store that sent me the bill. I pay at a store that accepts bill payments for other companies. I pay by writing a check and mailing it. I pay by telephone. I pay using my computer. I don't pay the bills. Number of respondents
Age 40-49 28.9 14.2 55.6 28.2 71.0 4.7 488
Age 50-59 28.9 8.9 67.0 25.4 64.6 3.5 500
Age 60-69 24.7 6.9 71.7 17.0 60.6 2.8 392
Age 70+ 20.5 6.0 77.7 14.1 49.2 7.1 352
Total 26.2 9.4 67.0 22.0 62.4 4.4 1,731

Note: Asked of all respondents with a checking or savings account.

Table B.18. How many of your regular bills do you pay with automatic bill payment?
Percent, except as noted

All 6.2
Most 21.4
Some 16.0
Few 29.6
None 26.4
I don't know. 0.4
Number of respondents 1,257

Note: Asked of all respondents with a checking or savings account who pay bills using a telephone or a computer.

Table B.19. Why not use automatic bill payment?
Percent, except as noted

I have very few bills to pay. 19.5
I like to pay bills in person. 14.0
I'm content paying by check. 36.2
Because my bill amounts vary each month. 38.7
I'm worried about not having enough money in my account. 29.6
I'm concerned about the security of automatic bill payment. 22.5
I don't trust the technology to properly process my bill payments. 14.5
It's difficult or time consuming to set up automatic bill paying. 5.2
I don't know how to use automatic bill payment. 6.9
Number of respondents 1,361

Note: Asked of all respondents with a checking or savings account who pay bills using a telephone or a computer and use only auto bill pay for some, few, or none of their bills.

Table B.20. In the last 3 years did you use any credit cards?
Percent, except as noted

Yes 76.2
No 23.8
Number of respondents 1,820

Note: Asked of all respondents.

Table B.21. How do you typically pay on your credit card bills?
Percent, except as noted

I pay off my balance in full each month. 51.7
I pay less than the full balance, but more than the minimum payment. 36.4
I make the minimum monthly payment. 9.1
I'm typically behind on my payments. 1.3
I don't know. 1.5
Number of respondents 1,456

Note: Asked of all respondents who reported using a credit card in the last 3 years.

Table B.22. How do you typically pay on your credit card bills?
Percent, except as noted

Age categories I pay off my balance in full each month. I pay less than the full balance, but more than the minimum payment. I make the minimum monthly payment. I'm typically behind on my payments. I don't know. Number of respondents
Age 40-49 41.4 41.6 11.8 3.2 2.1 370
Age 50-59 42.1 44.0 12.0 0.6 1.2 432
Age 60-69 60.1 31.9 6.2 0.4 1.3 330
Age 70+ 67.7 24.8 5.3 0.9 1.3 324
Total 51.7 36.4 9.1 1.3 1.5 1,456

Note: Asked of all respondents who reported using a credit card in the last 3 years.

Table B.23. Is your total credit card debt today more or less than credit card debt 3 years ago?
Percent, except as noted

Less 30.9
About the same 25.8
More 17.4
I don't have credit card debt now and I didn't 3 years ago. 24.6
I don't know. 1.4
Number of respondents 1,454

Note: Asked of all respondents who reported using a credit card in the last 3 years.

Table B.24. Is your total credit card debt today more or less than credit card debt 3 years ago?
Percent, except as noted

Age categories Less About the same More I don't have credit card debt now and I didn't 3 years ago. I don't know. Number of respondents
Age 40-49 32.9 21.0 22.9 22.1 1.1 368
Age 50-59 34.1 27.9 20.0 17.2 0.7 431
Age 60-69 31.1 26.8 14.1 25.8 2.2 331
Age 70+ 24.0 27.6 10.9 35.8 1.7 325
Total 30.9 25.8 17.4 24.6 1.4 1454

Note: Asked of all respondents who reported using a credit card in the last 3 years.

Table B.25. In the last 3 years have you taken a cash advance on your credit card(s)?
Percent, except as noted

No 88.7
Yes, 1 time 5.1
Yes, 2 or 3 times 5.0
Yes, 4 or more times 1.1
Number of respondents 1,454

Note: Asked of all respondents who reported using a credit card in the last 3 years.

Table B.26. Please select the statement which best describes your situation regarding payday loans and deposit advance products.
Percent, except as noted

I never considered getting a payday loan or deposit advance product. 87.7
I currently have a payday loan or deposit advance product. 3.5
I have had a payday loan or deposit advance product in the past. 5.4
I considered, but did not get a payday loan or deposit advance product. 3.4
Number of respondents 1,817

Note: Asked of all respondents.

Table B.27. Please select the statement which best describes your situation regarding payday loans and deposit advance products.
Percent, except as noted

Age categories I never considered getting a payday loan or deposit advance product. I currently have a payday loan or deposit advance product. I have had a payday loan or deposit advance product in the past. I considered, but did not get a payday loan or deposit advance product. Number of respondents
Age 40-49 80.1 5.0 9.1 5.8 532
Age 50-59 86.3 4.0 6.1 3.7 539
Age 60-69 93.9 2.6 1.6 1.9 398
Age 70+ 94.6 1.4 3.2 0.8 348
Total 87.7 3.5 5.4 3.4 1,817

Note: Asked of all respondents.

Table B.28. Please select the statement which best describes your situation regarding payday loans and deposit advance products.
Percent, except as noted

Income categories I never considered getting a payday loan or deposit advance product. I currently have a payday loan or deposit advance product. I have had a payday loan or deposit advance product in the past. I considered, but did not get a payday loan or deposit advance product. Number of respondents
<$30,000 81.6 5.4 7.0 6.0 509
$30,000-$59,999 85.6 4.8 6.1 3.5 510
$60,000-$99,999 91.3 2.4 4.5 1.9 417
$100,000-$124,999 94.3 0.3 3.8 1.6 172
$125,000< 95.0 0.5 3.5 1.0 204
Total 87.7 3.5 5.5 3.4 1,812

Note: Asked of all respondents.

Table B.29. Please select the statement which best describes your situation regarding payday loans and deposit advance products.
Percent, except as noted

Race/Ethnicity categories I never considered getting a payday loan or deposit advance product. I currently have a payday loan or deposit advance product. I have had a payday loan or deposit advance product in the past. I considered, but did not get a payday loan or deposit advance product. Number of respondents
White (non-Hispanic) 91.4 2.5 3.6 2.4 1,313
Black (non-Hispanic) 75.7 6.3 12.3 5.6 182
American Indian (non-Hispanic) 51.8 18.2 3.1 26.8 14
Asian Pacific (non-Hispanic) 95.4 0.0 4.6 0.0 30
Other (non-Hispanic) 94.4 0.0 2.8 2.8 20
Hispanic/Latino 77.9 6.2 10.2 5.8 258
Total 87.7 3.5 5.4 3.4 1,817

Note: Asked of all respondents.

Table B.30. Do you currently owe money or have education loans for...?
Percent, except as noted

Self only 6.7
Child only 6.5
Both 0.8
None 84.2
Number of respondents 1,818

Note: Asked of all respondents.

Table B.31. Do you currently owe money or have education loans for?
Percent, except as noted

Age categories Self only Child only Both self/child None Number of respondents
Age 40-49 13.8 4.8 1.5 76.4 532
Age 50-59 6.8 12.4 0.6 79.0 541
Age 60-69 2.3 5.6 0.7 90.5 398
Age 70+ 0.6 1.1 0.0 97.0 348
Total 6.7 6.5 0.8 84.2 1,818

Note: Asked of all respondents.

Table B.32. How much money do you currently owe on the loan(s) for own education?
Percent, except as noted

$0-9,000 33.5
$10,000-19,000 16.3
$20,000-29,000 20.8
$30,000-39,000 10.5
$40,000-49,000 6.4
$50,000-more 11.8
I don't know. 0.8
Number of respondents 162

Note: Asked of all respondents who reported having debt for their own education.

Table B.33. How much money do you currently owe on the loan(s) for your child's education?
Percent, except as noted

$0-9,000 40.9
$10,000-19,000 29.1
$20,000-29,000 9.9
$30,000-39,000 4.5
$40,000-49,000 4.8
$50,000-more 8.5
I don't know. 2.3
Number of respondents 138

Note: Asked of all respondents who reported having debt for their child's education.

Table B.34. Did you need help with everyday money management in the last year?
Percent, except as noted

Yes 17.6
No 82.4
Number of respondents 1,818

Note: Asked of all respondents.

Table B.35. Did you need help with everyday money management in the last year?
Percent, except as noted

Age categories Yes No Number of respondents
Age 40-49 23.8 76.4 530
Age 50-59 19.1 80.9 541
Age 60-69 12.7 87.3 398
Age 70+ 11.8 88.2 349
Total 17.6 82.4 1,818

Note: Asked of all respondents.

Table B.36. Who if anyone helped with everyday money management in the last year?
Percent, except as noted

No one, I couldn't find help. 20.9
Friends/family 63.4
Professional 6.8
Other 10.5
Number of respondents 287

Note: Asked of all respondents who reported needing help with everyday money management in the last year.

Table B.37. Do you receive more or less help with every day money management than 3 years ago?
Percent, except as noted

I received none then and receive none now. 85.0
I receive more help. 2.6
I receive the same amount of help. 8.1
I receive less help. 4.3
Number of respondents 1,819

Note: Asked of all respondents.

Table B.38. Do you receive more or less help with every day money management than 3 years ago?
Percent, except as noted

Age categories I received none then and receive none now. I receive more help. I receive the same amount of help. I receive less help. Number of respondents
Age 40-49 80.8 2.9 8.5 7.8 532
Age 50-59 85.5 2.8 6.9 4.8 541
Age 60-69 86.9 2.4 8.6 2.0 398
Age 70+ 88.4 2.3 8.6 0.6 348
Total 85.0 2.6 8.1 4.3 1,819

Note: Asked of all respondents.

Table B.39. Did you need help covering the costs of bills or expenses in the last year?
Percent, except as noted

Age categories Yes No Number of respondents
Age 40-49 31.7 68.3 532
Age 50-59 27.8 72.2 541
Age 60-69 14.1 85.9 398
Age 70+ 10.9 89.1 348
Total 22.7 77.3 1,819

Note: Asked of all respondents.

Table B.40. Who gave or loaned your household money in last year?
Percent, except as noted

No one, I couldn't find help. 23.1
Friends/family 67.9
Other 9.7
Number of respondents 386

Note: Asked of all respondents who reported needing help covering the cost of bills and expenses in the last year.

Table B.41. Who gave or loaned your household money in last year?
Percent, except as noted

Age categories No one, I couldn't find help. Friends/family Other Number of respondents
Age 40-49 17.5 74.3 8.5 157
Age 50-59 25.1 63.9 12.3 138
Age 60-69 28.2 63.9 8.6 53
Age 70+ 32.0 61.5 6.5 36
Total 23.1 67.9 9.7 386

Note: Asked of all respondents who reported needing help covering the cost of bills and expenses in the last year.

Table B.42. Have you received more or less help paying your bills than you did 3 years ago?
Percent, except as noted

I received none then and receive none now. 82.1
I receive more help. 5.4
I receive the same amount of help. 6.1
I receive less help. 6.3
Number of respondents 1,819

Note: Asked of all respondents.

Table B.43. Have you received more or less help paying your bills than you did 3 years ago?
Percent, except as noted

Age categories I received none then and receive none now. I receive more help. I receive the same amount of help. I receive less help. Number of respondents
Age 40-49 73.6 8.2 7.5 10.7 532
Age 50-59 78.8 6.0 8.3 6.9 541
Age 60-69 89.6 2.6 3.6 4.1 398
Age 70+ 91.7 3.6 3.5 1.2 348
Total 82.1 5.4 6.1 6.3 1,819

Note: Asked of all respondents.

Table B.44. In choosing to refinance whom did you ask for advice?
Percent, except as noted

I didn't ask for advice. 46.9
Friend/family 25.0
Professional(s) 35.7
Other 4.8
Number of respondents 238

Note: Asked of all financial decisionmakers who are homeowners, have a mortgage, and have refinanced in the last 3 years.

Table B.45. Do you have any investments?
Percent, except as noted

Yes 51.8
No 48.2
Number of respondents 1,817

Note: Asked of all respondents.

Table B.46. Who if anyone managed your investments in last year?
Percent, except as noted

I managed my investments myself. 55.4
Friend/family 5.7
Professional(s) (such as a financial advisor or attorney) 46.8
Other 4.4
Number of respondents 1,029

Note: Asked of respondents with investments.

Table B.47. In the last 3 years, have you been asked to invest in something that you believed, suspected, or later found out to be fraudulent?
Percent, except as noted

Yes 6.6
No 90.5
I don't know. 2.9
Number of respondents 1,818

Note: Asked of all respondents.

Table B.48. Do you plan to retire?
Percent, except as noted

Age categories Yes No Total
Age 40-49 65.8 34.2 176.7
Age 50-59 79.8 20.2 132.9
Age 60-69 72.3 27.7 51.6
Age 70+ 54.1 45.9 28.7
Total 70.6 29.4 390.0

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.49. Do you plan to retire?
Percent, except as noted

Income categories Yes No Number of respondents
<$30,000 57.0 43.0 63
$30,000-$59,999 66.8 33.2 116
$60,000-$99,999 72.0 28.0 105
$100,000-$124,999 86.1 13.9 50
$125,000< 77.1 22.9 56
Total 70.6 29.4 390

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.50. At what age do you expect to retire?
Percent, except as noted

Age categories Average age Number of respondents
Age 40-49 66.2 101
Age 50-59 67.6 100
Age 60-69 68.8 58
Age 70+ 78.6 17
Total 68.0 276

Note: Asked of all respondents for whom this RAND ALP variable was available and who plan to retire.

Table B.51. I really enjoy going to work. Do you strongly agree, agree, disagree, or strongly disagree with that statement?
Percent, except as noted

Do you plan to retire? Number of respondents
Yes No
Strongly agree or Agree 68.3 31.7 310
Strongly disagree or Disagree 83.0 17.0 75
Total 71.2 28.8 385

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.52. Are you doing any work for pay at the present time?
Percent, except as noted

Yes No Number of respondents
Retired and under 65 40.5 59.5 141
Retired and over 65 14.8 85.2 470
Total 20.7 79.3 611

Note: Asked of all respondents who reported being retired and for whom this RAND ALP variable was available.

Table B.53. Of respondents who are retired and working . . .
Percent, except as noted

Self-employed 20.2
Not self-employed 79.8
Number of respondents 149

Note: Asked of all respondents who reported being retired and working for pay and for whom this RAND ALP variable was available.

Table B.54. Of respondents who are not retired and are working . . .
Percent, except as noted

Self-employed 12.5
Not self-employed 87.6
Number of respondents 845

Note: Asked of all respondents who reported not being retired, reported working for pay, and for whom this RAND ALP variable was available.

Table B.55. Have you named someone who is authorized to make financial decisions for you right now?
Percent, except as noted

I currently have a power of attorney that names someone else to act on my behalf. 22.8
I have had a power of attorney assigned but cancelled it. 0.6
I have informal plans for someone to act on my behalf but do not have a written power of attorney. 14.1
I have considered having a power of attorney assigned but have not yet taken any steps to accomplish this. 12.4
I have never planned for someone else to make these decisions for me. 50.1
Number of respondents 1,811

Note: Asked of all respondents.

Table B.56. Have you named someone who is authorized to make financial decisions for you right now?
Percent, except as noted

Age categories I currently have a power of attorney that names someone else to act on my behalf. I have had a power of attorney assigned but cancelled it. I have informal plans for someone to act on my behalf but do not have a written power of attorney. I have considered having a power of attorney assigned but have not yet taken any steps to accomplish this. I have never planned for someone else to make these decisions for me. Number of respondents
Age 40-49 15.1 1.2 12.1 12.3 59.4 431
Age 50-59 16.3 0.2 13.8 14.0 55.7 485
Age 60-69 28.2 0.6 16.5 15.0 39.7 532
Age 70+ 46.0 0.6 13.5 12.9 27.0 363
Total 25.5 0.6 14.1 13.7 46.1 1,811

Note: Asked of all respondents.

Table B.57. My power of attorney names the following as my agent.
Percent, except as noted

Spouse 57.8
Friend/family 37.3
Unrelated caregiver 0.5
Financial professional 1.3
Attorney 1.6
Other 1.6
Number of respondents 461

Note: Asked of all respondents who indicated having a power of attorney.

Table B.58. Have you named someone who is authorized to make financial decisions for you right now?
Percent, except as noted

I have a sense that time is running out. I currently have a power of attorney that names someone else to act on my behalf. I have had a power of attorney assigned but cancelled it. I have informal plans for someone to act on my behalf but do not have a written power of attorney. I have considered having a power of attorney assigned but have not yet taken any steps to accomplish this. I have never planned for someone else to make these decisions for me. Number of respondents
Very Untrue: 1 24.2 0.5 10.1 13.8 51.4 261
2 23.1 0.8 13.2 12.2 50.6 236
3 26.3 0.0 16.4 7.7 49.5 212
4 20.6 0.3 16.9 14.9 47.3 274
5 26.7 1.4 13.7 11.6 46.6 213
6 22.8 1.1 17.9 9.6 48.7 172
Very True: 7 27.6 0.0 11.2 16.4 44.8 95
Total 24.1 0.6 14.3 12.2 48.8 1,463

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.59. Selected a six or seven on the question "I have a sense that time is running out" and has a power of attorney.
Percent, except as noted

Age categories Percent Number of respondents
Age 40-49 0.7 404
Age 50-59 2.2 441
Age 60-69 4.2 328
Age 70+ 13.0 298
Total 4.4 1,471

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.60. Do you have a written will?
Percent, except as noted

Age categories Yes No Number of respondents
Age 40-49 43.4 56.6 154
Age 50-59 48.7 51.3 248
Age 60-69 67.6 32.4 203
Age 70+ 78.0 22 177
Total 59.2 40.8 782

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.61. Do you have a written will?
Percent, except as noted

Current marital status Yes No Number of respondents
Married, living with a partner, or widowed 63.4 36.6 644
Divorced, separated, or never married 39.4 60.6 138
Total 59.2 40.8 782

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.62. Do you have a written will?
Percent, except as noted

Age categories Yes No Number of respondents
Age 40-49 45.3 54.7 122
Age 50-59 53.0 47 182
Age 60-69 72.6 27.4 151
Age 70+ 84.1 15.9 131
Total 63.4 36.6 586

Note: Asked of all respondents for whom this RAND ALP variable was available and who are married, living with a partner, or widowed.

Table B.63. Compared to five years ago, how confident do you feel in your ability to make financial decisions?
Percent, except as noted

More confident 34.2
About the same 61.2
Less confident 4.6
Number of respondents 1,819

Note: Asked of all respondents.

Table B.64. Compared to five years ago, how confident do you feel in your ability to make financial decisions?
Percent, except as noted

Age categories More confident About the same Less confident Number of respondents
Age 40-49 45.4 48.9 5.8 532
Age 50-59 36.9 58.9 4.2 541
Age 60-69 30.3 65.9 3.8 398
Age 70+ 17.3 78.5 4.2 348
Total 34.2 61.2 4.6 1,819

Note: Asked of all respondents.

Table B.65. Compared to five years ago, how confident do you feel in your ability to make financial decisions?

Fluid cognitive ability Crystallized cognitive ability Number of respondents
More confident 530.1005 555.539 564
About the same 532.1387 560.5137 1,055
Less confident 526.7559 546.8235 68

Note: Asked of all respondents for whom this RAND ALP variable was available. See Methodology in Appendix A for an explanation of cognition scores.

Table B.66. As I have gotten older my ability to make decisions is:
Percent, except as noted

Better 53.7
The same 37.6
Not as good 8.7
Number of respondents 1,471

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.67. As I have gotten older my ability to make decisions is . . .
Percent, except as noted

Age categories Better The same Not as good Number of respondents
Age 40-49 68.7 24.4 6.9 404
Age 50-59 59.6 37.4 3.1 441
Age 60-69 51.1 38.3 10.6 329
Age 70+ 27.6 55.1 17.3 298
Total 53.7 37.6 8.7 1,471

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.68. In the last 3 years have you entered into a major (greater than $1,000) financial transaction that you did not completely understand at the time?
Percent, except as noted

Yes 3.7
No 94.2
I don't know. 2.1
Number of respondents 1,818

Note: Asked of all respondents.

Table B.69. In the last 3 years have you made a major (greater than $1,000) financial transaction that you later regretted?
Percent, except as noted

Yes 9.8
No 90.2
Number of respondents 1,819

Note: Asked of all respondents.

Table B.70. Why did you regret this transaction?
Percent, except as noted

I couldn't afford the product or service. 7.8
I paid more than I should have. 35.8
I didn't need the product or service. 14.2
I responded to a strong sales pitch. 10.1
I made a purchase for someone else that I now regret. 10.6
Other 21.5
Number of respondents 221

Note: Asked of all respondents who reported regretting a major financial transaction in the last 3 years.

Table B.71. Tell us a little more about a transaction in the last 3 years that you regretted.
Percent, except as noted

Vehicle purchase 20.5
Spending for others 8.1
Product not as good as first thought 5.0
Paid too much 7.6
Investment decisions 13.9
Home purchase/remodel 14.6
Fraud/theft/scam 4.2
Financial instrument 7.9
Education expense 3.9
Bought something I wish I didn't 14.2
Number of respondents 67

Note: Optional question asked of all respondents who reported regretting a major financial transaction in the last 3 years.

Table B.72. In the last 3 years did your household experience any major financial stress?
Percent, except as noted

Yes 35.8
No 64.2
Number of respondents 1,815

Note: Asked of all respondents.

Table B.73. In the last 3 years did your household experience any major financial stress?
Percent, except as noted

Age categories Yes No Number of respondents
Age 40-49 45.2 54.8 528
Age 50-59 40.9 59.1 541
Age 60-69 30.6 69.4 398
Age 70+ 19.3 80.7 348
Total 35.8 64.2 1,815

Note: Asked of all respondents.

Table B.74. What was the cause of any financial stress your household had in the last 3 years?
Percent, except as noted

Filing for bankruptcy 6.7
Receiving a foreclosure notice 5.7
Losing a job or having work hours and/or income reduced 51.0
Having a significant health issue 29.5
Getting separated or divorced or losing a spouse/partner 8.2
Having unpaid taxes 12.7
Other 21.6
Number of respondents 651

Note: Asked of all respondents who reported experiencing financial stress in the last 3 years.

Table B.75. What was the cause of any financial stress your household had in the last 3 years?
Percent, except as noted

Age categories Filing for bankruptcy Receiving a foreclosure notice Losing a job or having work hours and/or income reduced Having a significant health issue Getting separated or divorced or losing a spouse/partner Having unpaid taxes Other Number of respondents
Age 40-49 8.8 6.3 61.6 25.3 10.5 14.9 15.4 240
Age 50-59 5.1 6.6 51.3 32.2 5.1 11.4 24.4 222
Age 60-69 6.8 2.1 44.2 36.3 8.5 12.9 16.9 122
Age 70+ 3.9 6.8 24.6 23.3 9.5 9.1 42.9 67
Total 6.7 5.7 51 29.5 8.2 12.7 21.6 651

Note: Asked of all respondents who reported experiencing financial stress in the last 3 years.

Table B.76. Among respondents who admitted experiencing financial stress, how many sources did each identify?
Percent, except as noted

Number of sources
1 75.6
2 16.9
3 4.9
4 2.1
5 0.7
Number of respondents 651

Note: Asked of all respondents who reported experiencing financial stress in the last 3 years.

Table B.77. In the last three years, did you have a medical expense that cost more than $1,000 that insurance didn't cover that you had to pay?
Percent, except as noted

Age categories Yes No I don't know. Number of respondents
Age 40-49 32.5 65.8 1.7 532
Age 50-59 29.5 69.4 1.0 541
Age 60-69 28.9 70.4 0.8 398
Age 70+ 19.4 79.1 1.5 348
Total 28.3 70.4 1.3 1,819

Note: Asked of all respondents.

Table B.78. In the last 3 years have you had to carry a balance on your credit card(s) because of a medical expense?
Percent, except as noted

Yes 12.3
No 87.7
Number of respondents 1,454

Note: Asked of all respondents who reported using a credit card in the last 3 years.

Table B.79. In the last 3 years have you had to carry a balance on your credit card(s) because of a medical expense?
Percent, except as noted

Age categories Yes No Number of respondents
Age 40-49 14.2 85.8 368
Age 50-59 19.4 80.6 432
Age 60-69 9.1 90.9 331
Age 70+ 4.0 96.0 323
Total 12.3 87.7 1454

Note: Asked of all respondents who reported using a credit card in the last 3 years.

Table B.80. Please rate your health.
Percent, except as noted

In the last 3 years did your household experience any major financial stress? Number of respondents
Yes No
Excellent or Very good 31.9 68.1 903
Good 36.2 63.8 609
Fair or Poor 45.3 54.7 294
Total 35.5 64.5 1,806

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.81. How would you pay for a $1,000 unexpected expense?
Percent, except as noted

Put it on my credit card and pay full balance at end of month 1 24.9
By taking money out of my savings or checking account or paying with cash1 45.0
Put it on my credit card and not pay the full balance at end of month 2 13.9
Using money from a bank loan, line of credit, or overdraft2 5.4
By borrowing from a friend or family member2 11.9
Pay it off over time in installments2 25.4
By spending less on other items2 14.0
By using a payday loan, deposit advance, or pawning something2 2.0
Withdrawing money from my retirement account2 3.4
By not paying the bill at all2 3.2
Other 2.7
Number of respondents 1,819

Note: Asked of all respondents. See report text for explanation of categories.

1. Payment category one.   Return to table

2. Payment category two.   Return to table

Table B.82. How would you pay for a $1,000 unexpected expense?
Percent, except as noted

Age categories Payment category one from Table 81 1 Both payment category one and two1 Payment category two from Table 811 Number of respondents
Age 40-49 36.3 15.5 48.2 532
Age 50-59 35.7 16.0 48.4 541
Age 60-69 53.1 13.0 33.8 398
Age 70+ 59.9 17.7 22.4 348
Total 44.3 15.5 40.2 1,819

Note: Asked of all respondents.

1. An explanation of these groupings can be found in the report text.   Return to table

Table B.83. Did you ask anyone for advice about your financial stress?
Percent, except as noted

Age categories Yes No Number of respondents
Age 40-49 51.2 48.8 244
Age 50-59 46.8 53.2 222
Age 60-69 44.9 55.1 122
Age 70+ 41.8 58.2 68
Total 47.6 52.4 655

Note: Asked of all respondents who reported experiencing financial stress in the last 3 years.

Table B.84. In dealing with financial stress whom did you ask for advice?
Percent, except as noted

Family 57.4
Banker 10.8
Financial advisor 22.6
Attorney 19.3
Friend 34.2
Community group/counseling agency 10.3
Other 9.5
Number of respondents 323

Note: Asked of all respondents who reported experiencing financial stress in the last 3 years and asked for advice.

Table B.85. For your medical expense whom did you ask for financial advice?
Percent, except as noted

Friend/family 40.7
Professional 16.8
Medical provider 70.4
Number of respondents 114

Note: Asked of all respondents who reported having a medical expense greater than $1,000 not covered by insurance and sought advice.

Table B.86. Please think about your life as a whole. How satisfied are you with it?
Percent, except as noted

Age categories Completely satisfied Very satisfied Somewhat satisfied Not very satisfied Not at all satisfied Number of respondents
Age 40-49 7.7 45.4 37.6 8.3 1.0 527
Age 50-59 5.6 47.5 38.9 6.8 1.1 542
Age 60-69 9.5 53.9 32.8 3.2 0.7 398
Age 70+ 14.4 55.8 28.3 1.5 0.0 348
Total 8.8 49.9 35.2 5.4 0.8 1,815

Note: Asked of all respondents for whom this RAND ALP variable was available.

Table B.87. Please think about your life as a whole. How satisfied are you with it?
Percent, except as noted

In the last 3 years did your household experience any major financial stress? Number of respondents
Yes No
Completely satisfied 25.4 74.6 159
Very satisfied 27.4 72.6 907
Somewhat satisfied 45.5 54.5 630
Not very satisfied 58.0 42.0 99
Not at all satisfied 64.4 35.6 14
Total 35.5 64.5 1,809

Note: Asked of all respondents for whom this RAND ALP variable was available.

Last update: July 30, 2013

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