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| Variable | Question text | Label |
|---|---|---|
| fk001 | Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow: more than $102, exactly $102, less than $102? | how much in account after 5 years |
| fk001a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk001 how confident |
| fk002 | Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, would you be able to buy more than, exactly the same as, or less than today with the money in this account? | how much in account after 1 year |
| fk002a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk002 how confident |
| fk003 | Assume a friend inherits $10,000 today and his sibling inherits $10,000 but 3 years from now. Who is richer today because of the inheritance? | who is richer |
| fk003a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk003 how confident |
| fk004 | If the interest rates rise, what should happen to bond prices? | interest rates rise leads to bond prices |
| fk004a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk004 how confident |
| fk005 | Do you think the following statement is true or false? "Buying a company stock usually provides a safer return than a stock mutual fund." | single stock safer than mutual fund |
| fk005a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk005 how confident |
| fk006 | Do you think the following statement is true or false? "Bonds are normally riskier than stocks." | bonds riskier than stocks |
| fk006a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk006 how confident |
| fk007 | Considering a long time period (for example 10 or 20 years), which asset described below normally gives the highest return? | asset with highest return |
| fk007a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk007 how confident |
| fk008 | Normally, which asset described below displays the highest fluctuations over time? | asset with highest fluctuations |
| fk008a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk008 how confident |
| fk009 | When an investor spreads his or her money among different assets, does the risk of losing a lot of money increase, decrease or stay the same? | risk spread |
| fk009a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk009 how confident |
| fk010 | Do you think the following statement is true or false? "If you were to invest $1000 in a stock mutual fund, it would be possible to have less than $1000 when you withdraw your money." | less to take out |
| fk010a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk010 how confident |
| fk011 | Do you think the following statement is true or false? "A stock mutual fund combines the money of many investors to buy a variety of stocks." | stock fund definition |
| fk011a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk011 how confident |
| fk012 | If you buy a company's stock... | stock fund definition |
| fk012a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk012 how confident |
| fk013 | Do you think the following statement is true or false? "'Whole life' insurance has a savings feature while 'term' insurance does not." | whole life has savings |
| fk013a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk013 how confident |
| fk014 | Do you think the following statement is true or false? "The cash value of a life insurance policy is the amount available if you surrender your life insurance policy while you're still alive." | cash value is available if surrender while alive |
| fk014a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk014 how confident |
| fk015 | Do you think the following statement is true or false? "An annuity is a financial product that pays a lump sum when you die." | annuity pays lump sum |
| fk015a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk015 how confident |
| fk016 | Do you think the following statement is true or false? "There are annual contribution limits on the amount you can save in a 401(k) plan or IRA that depend on your income." | annual limits to contribution |
| fk016a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk016 how confident |
| fk017 | Do you think the following statement is true or false? "After age 70 1/2, you have to withdraw at least some money from your 401(k) plan or IRA." | have to withdraw after age 70 1/2 |
| fk017a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk017 how confident |
| fk018 | Do you think the following statement is true or false? "A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less." | 15 year mortgage higher payments than 30 year but lower interest paid |
| fk018a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk018 how confident |
| fk019 | Do you think the following statement is true or false? "Housing prices in the US can never go down." | housing prices can never go down |
| fk019a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk019 how confident |
| fk020 | Suppose you owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional new charges? | how much to eliminate debt |
| fk020a | On a scale of 0 to 100, where 0 is “I am not at all confident” and 100 is “I am completely confident,” how confident are you that you answered the previous question correctly? | fk020 how confident |
| rate | Looking over all of the questions you just answered, how many (from 0 to 20) do you think you answered correctly?
1. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow: more than $102, exactly $102, less than $102? 2. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, would you be able to buy more than, exactly the same as, or less than today with the money in this account? 3. Assume a friend inherits $10,000 today and his sibling inherits $10,000 but 3 years from now. Who is richer today because of the inheritance? 4. If the interest rates rise, what should happen to bond prices? 5. Do you think the following statement is true or false? "Buying a company stock usually provides a safer return than a stock mutual fund." 6. Do you think the following statement is true or false? "Bonds are normally riskier than stocks." 7. Considering a long time period (for example 10 or 20 years), which asset described below normally gives the highest return? 8. Normally, which asset described below displays the highest fluctuations over time? 9. When an investor spreads his or her money among different assets, does the risk of losing a lot of money increase, decrease or stay the same? 10. Do you think the following statement is true or false? "If you were to invest $1000 in a stock mutual fund, it would be possible to have less than $1000 when you withdraw your money." 11. Do you think the following statement is true or false? "A stock mutual fund combines the money of many investors to buy a variety of stocks." 12. If you buy a company's stock... 13. Do you think the following statement is true or false? "'Whole life' insurance has a savings feature while 'term' insurance does not." 14. Do you think the following statement is true or false? "The cash value of a life insurance policy is the amount available if you surrender your life insurance policy while you're still alive." 15. Do you think the following statement is true or false? "An annuity is a financial product that pays a lump sum when you die." 16. Do you think the following statement is true or false? "There are annual contribution limits on the amount you can save in a 401(k) plan or IRA that depend on your income." 17. Do you think the following statement is true or false? "After age 70 1/2, you have to withdraw at least some money from your 401(k) plan or IRA." 18. Do you think the following statement is true or false? "A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less." 19. Do you think the following statement is true or false? "Housing prices in the US can never go down." 20. Suppose you owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional new charges? | how many correct |