Routing for UAS631

Fill code of question 'FLReverse' executed

Fill code of question 'FLReverseLower' executed

Fill code of question 'FLReverses' executed

Fill code of question 'FLReversesLower' executed

Fill code of question 'FLEquity' executed

Fill code of question 'FLEquityLower' executed

Fill code of question 'FLHeloc' executed

Fill code of question 'FLHamp' executed

Fill code of question 'FLDirect' executed

FLCurrentYear := date("Y")

survey_intro

We are going to ask you a series of questions about your use of various financial products and services.

if maritalstatus = empty then

maritalstatus (R MARITAL STATUS)

Are you now married, widowed, divorced, separated or never married?

1 Married (Spouse lives with me)
2 Married (Spouse lives elsewhere)
3 Separated
4 Divorced
5 Widowed
6 Never Married

End of if

if maritalstatus > 3 then

if livewithpartner = empty then

livewithpartner (R LIVES WITH PARTNER)

Are you currently living with a boyfriend, girlfriend or partner?

1 (YES) Yes
2 (NO) No

End of if

if laborstatus = empty then

laborstatus (R LABOR FORCE STATUS)

What is your labor force status? Please choose all that apply.

1 Currently working
2 On sick or other leave
3 Unemployed – on layoff
4 Unemployed – looking for a job
5 Retired
6 Disabled
7 Other

End of if

intro_1 (financial decisions)

Who makes the major financial decisions in your household?

1 Mostly me
2 Me jointly with someone else
3 Mostly someone else

intro_2 (own or rent home)

Please tell us whether you own or rent your home (primary residence).

1 I own
2 I rent
3 I live rent-free

if intro_2 = 1 then

intro_3 (year purchase home)

About what year did you buy your home?

RANGE 1900..^FLCurrentYear

intro_9 (ever heard of reverse mortgages)

Have you ever heard of [reverse mortgages/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence.]?

1 (YES) Yes
2 (NO) No

intro_4 (info home)

Please choose all answers that apply to where you live now.

1 I have a mortgage and/or home equity loan
2 I have a [home equity line of credit/A home equity line of credit (or HELOC) is a loan where the collateral is the borrower's equity in his/her house.] on which I still owe money
3 I have a home equity line of credit but its balance is $0
4 I have a [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage]
5 I don’t have any mortgages or other loans/lines of credit on my primary residence

if 1 in intro_4 or 2 in intro_4 or 3 in intro_4 then

intro_5 (understanding of mortgage)

How well do you feel that you understand the terms and conditions of your current mortgage loan?

1 Very well
2 Reasonably well
3 Not very well
4 Not at all

intro_5aa (balance higher)

Is the current balance of your mortgage and/or home equity loan higher or lower than when the loan was first made?

1 Higher
2 Lower
3 Don’t know

intro_5ab (pay-off mortgage)

Do you have plans for when you will pay off the mortgage?

1 (YES) Yes
2 (NO) No

if intro_5ab = YES then

Group of questions presented on the same screen

intro_5ac (when pay-off)

When will that be? Please choose all that apply.

1 When I retire
2 When I reach age (please enter the age when you plan to have paid off the mortgage)
3 I will keep following the current payment schedule until the mortgage is paid off

intro_5ac_age (age when pay-off)

RANGE 18..120

End of group of questions

if 3 in intro_5ac then

intro_5ad (year mortgage will be paid off according to payment schedule)

When will the mortgage be paid off according to the current payment schedule?

2024 2024
2025 2025
2026 2026
2027 2027
2028 2028
2029 2029
2030 2030
2031 2031
2032 2032
2033 2033
2034 2034
2035 2035
2036 2036
2037 2037
2038 2038
2039 2039
2040 2040
2041 2041
2042 2042
2043 2043
2044 2044
2045 2045
2046 2046
2047 2047
2048 2048
2049 2049
2050 2050
2051 2051
2052 2052
2053 2053
2054 2054

End of if

intro_5a (reset of mortgage)

Will the interest on your mortgage reset within the next two years? That is, will the interest possibly change quite a bit within that period? (this may happen for instance if you have an Interest-Only Adjustable-rate Mortgage (ARM), an option ARM, or a balloon ARM; or if you have to refinance a [HELOC/A home equity line of credit (or HELOC) is a loan where the collateral is the borrower's equity in his/her house.] or [HAMP/The Home Affordable Modification Program (HAMP) is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term.]).

1 (YES) Yes
2 (NO) No

if intro_5a = NO then

Group of questions presented on the same screen

intro_5ae (When interest on mortgage will reset)

When will the interest on your mortgage reset?

1 Never. The interest is fixed until the mortgage is paid off.
2 In years
3 I don’t know

intro_5ae_years (number of years until interest resets)

3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30

End of group of questions

End of if

if 1 in intro_4 then

intro_6 (refinanced mortgage past 3 yrs)

Have you refinanced your mortgage in the last 3 years?

1 (YES) Yes
2 (NO) No
3 (DONTKNOW) Don't know

if intro_6 = NO then

Group of questions presented on the same screen

intro_7_new16 (why R has not refinanced)

You said that you have not refinanced your mortgage in the last 3 years. Please tell us the reason why you have not refinanced.

1 I did not think about refinancing
2 I applied but was rejected
3 My home is worth less than the amount I owe on the mortgage
4 I would not save enough money to make it worthwhile
5 I can’t get a lower interest rate than I already have
6 I’m close to paying off my mortgage
7 I don’t think I’d qualify
8 I find the process too complicated or confusing
9 Other, please specify:

intro_7_new16_other (other reason R not refinanced mortgage past 3 yrs)

STRING

End of group of questions

elseif intro_6 = YES then

Group of questions presented on the same screen

intro_8 (who you asked for refinancing advice)

You said that you refinanced your house in the last 3 years. Please select all the people who you asked for financial advice about the refinancing.

1 I didn't ask for advice
2 Friend(s)/family member(s)
3 Professional(s) (such as a financial advisor, banker or attorney)
4 Caregiver who is not a family member
5 Other, please specify:

intro_8_other (other person asked for advice)

STRING

End of group of questions

Group of questions presented on the same screen

intro_8a (specifics of the mortgage refinance)

You said that you refinanced your house in the last 3 years. Did you do any of the following?

1 I took cash out
2 I extended the number of years
3 Other, please specify:
4 None of the above

intro_8a_other (other specifics of the mortgage refinance)

STRING

End of group of questions

End of if

Group of questions presented on the same screen

B31a_intro_500

Imagine that you have an unexpected expense of $500. Which of the following options best describes how hard it would be for you to pay for that expense?

B31a_a ($500 pay for unexpected expense)

1 I could easily pay for this expense
2 I could pay for this expense, but it would involve some sacrifices
3 I would have to do something drastic to pay for this expense
4 I don’t think I could pay for this expense

End of group of questions

Group of questions presented on the same screen

B31a_intro_1000

Imagine that you have an unexpected expense of $1,000. Which of the following options best describes how hard it would be for you to pay for that expense?

B31a_b ($1000 pay for unexpected expense)

End of group of questions

Group of questions presented on the same screen

B31a_intro_5000

Imagine that you have an unexpected expense of $5,000. Which of the following options best describes how hard it would be for you to pay for that expense?

B31a_c ($5000 pay for unexpected expense)

End of group of questions

Group of questions presented on the same screen

B31a_intro_10000

Imagine that you have an unexpected expense of $10,000. Which of the following options best describes how hard it would be for you to pay for that expense?

B31a_d ($10000 pay for unexpected expense)

End of group of questions

Group of questions presented on the same screen

B31_intro_500

Based on your current financial situation, how would you pay for a $500 expense? Please select all that apply.

B31_a ($500 pay for unexpected expense)

1 Put it on my credit card and NOT pay the balance in full at the end of the month
2 Put it on my credit card and pay the balance in full at the end of the month
3 By taking money out of my savings or checking account or paying with cash
4 Using money from a bank loan, or line of credit
5 By overdrawing any of my bank accounts
6 By borrowing from a friend or family member
7 Pay it off over time in installments
8 By spending less on other items
9 By using a payday loan, deposit advance, or pawning something
10 Withdrawing money or taking a loan from my retirement account
11 By not paying the bill at all
12 Other
13 None of the above

End of group of questions

Group of questions presented on the same screen

B31_intro_1000

Based on your current financial situation, how would you pay for a $1,000 expense? Please select all that apply.

B31_b ($1000 pay for unexpected expense)

End of group of questions

Group of questions presented on the same screen

B31_intro_5000

Based on your current financial situation, how would you pay for a $5,000 expense? Please select all that apply.

B31_c ($5000 pay for unexpected expense)

End of group of questions

Group of questions presented on the same screen

B31_intro_10000

Based on your current financial situation, how would you pay for a $10,000 expense? Please select all that apply.

B31_d ($1000 pay for unexpected expense)

End of group of questions

B9 (have checking or savings)

Do you currently have a checking or savings account?

1 (YES) Yes
2 (NO) No

if B9 = YES then

Group of questions presented on the same screen

B10 (ways you do banking)

How do you check your account balances and make bank deposits and withdrawals? Please choose all that apply.

1 In person at a bank branch
2 At an ATM machine
3 By telephone
4 Online (at a computer)
5 Using a bank "app" on a mobile phone
6 I rely on others to do my banking for me
7 Other, please specify:

B10_other (other way you do banking)

STRING

End of group of questions

if 2 in B10 then

B10a (use ATMs charging fee)

Do you sometimes use ATM machines that charge a fee?

1 (YES) Yes
2 (NO) No

End of if

if not (4 in B10) then

Group of questions presented on the same screen

B11 (why not bank online)

Some people choose not to bank online (at a computer, tablet or smart phone). Please tell us why you have made this choice. Please choose all that apply.

1 My banking needs are being met without on-line (computer) banking
2 I'm concerned about the security of on-line banking
3 I don’t trust the technology to properly process my banking transactions
4 I prefer to do my banking in person
5 It's difficult or time consuming to set up on-line (computer) banking
6 I don't know how to use on-line banking
7 My internet access is not reliable
8 Other, please specify:

B11_other (other reasons why not bank online)

STRING

End of group of questions

End of if

B12 (how pay bills)

People sometimes use different ways to pay their bills. Which methods do you use to pay your bills? Please choose all that apply.

1 I pay in person at the store or office that sent me the bill (such as going to the department store or phone company to pay)
2 I pay at a store (such as a grocery store) that accepts bill payments for other companies
3 I pay by writing a check and mailing it
4 I pay by telephone
5 I pay using credit cards
6 I pay using online banking
7 I pay with automatic bill payment; payments are taken directly from my bank account or directly charged to my credit card
8 I pay using money order
9 I don't know
10 I don't pay the bills

B13 (use autobill pay)

Please think about the bills that you get regularly or every month (such as utility bills and your mortgage or rent).

How many of your regular bills do you pay with automatic bill payment; that is, having payments taken directly from your bank account by these companies every month without you having to schedule the payment? (please also count bills that are automatically charged to a credit card)

1 All of them
2 Most of them
3 Some of them
4 Only a few
5 None
6 I don't know

if B13 in [3,4,5] then

B14 (why not use auto bill pay)

Many people are not regular users of automatic bill payment. Please tell us why you choose not to use automatic bill payment on a regular basis. Please choose all of the reasons that apply.

1 I have very few bills to pay
2 I like to pay bills in person
3 I'm content with paying by check
4 Because my bill amounts vary each month
5 I'm worried about not having enough money in my account
6 I'm concerned about the security of automatic bill payment
7 I don't trust the technology to properly process my bill payments
8 It's difficult or time consuming to set up automatic bill paying
9 I don't know how to use automatic bill payment
10 Other

End of if

Group of questions presented on the same screen

B14a (receive federal govt benefits )

Do you currently receive any type of regular benefits from the Federal or the State government, such as Social Security? If so, please tell us which benefits you receive. Please choose all that apply.

1 I do not receive any government benefits
2 Social Security Retirement benefits
3 Supplemental Security Income (SSI) benefits
4 Social Security Disability Insurance (SSDI) benefits
11 Survivor or Dependent Social Security benefit
5 Federal public sector pension
7 State public sector pension
8 Unemployment Insurance Benefits
9 Medicare
10 Other, please specify:

B14a_other (other federal govt benefits )

STRING

End of group of questions

if (not(1 in B14a and B14a = response)) OR B14a2 = YES then

Group of questions presented on the same screen

B14b (how receive benefit paymts)

How do you get your benefit payments?

1 By check
2 Directly deposited into my bank account
3 On a [Direct Express card/The Direct Express® card is a prepaid debit card offered to Social Security and Supplemental Security Income check recipients who wish to receive their benefits electronically. ]
4 Deposited to a prepaid card other than a [Direct Express card/The Direct Express® card is a prepaid debit card offered to Social Security and Supplemental Security Income check recipients who wish to receive their benefits electronically. ]
5 Other, please specify:

B14b_other (other how receive benefit paymts)

STRING

End of group of questions

End of if

B14a2 (receive employer provided pensions)

Do you currently receive pension benefits from one or more private companies?

1 (YES) Yes
2 (NO) No

if intro_1 = 1 then

if intro_2 = 1 then

if not(4 in intro_4) then

B15 (Reverse mortgage info)

A [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage] is a type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the borrower dies or the home is sold. Please select the following statement that best describes your situation.

1 I have had a reverse mortgage in the past
2 I am considering getting a reverse mortgage
3 I have considered getting a reverse mortgage but decided not to get it
4 I considered getting a reverse mortgage but was rejected
5 I have never considered getting a reverse mortgage

if B15 != 5 and B15 = response then

Group of questions presented on the same screen

B16 (decide about reverse mortgage)

How did you decide to get or consider getting a [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage]? Please choose all of the reasons that apply.

1 I wanted to get a reverse mortgage after researching it myself
2 It was suggested by a financial advisor
3 It was suggested by a friend or family member
4 It was suggested by someone trying to sell me the product
5 I saw or heard advertising about the product
6 Other, please specify:

B16_other (other decide about reverse mortgage)

STRING

End of group of questions

End of if

if B15 = 1 then

Fill code of question 'FLB17a' executed

Fill code of question 'FLB17a2' executed

B17a (reverse mortgage lump sum vs. monthly income )

[Was/Is] the money of the [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage] paid to you every month or did you receive it in a one-time payment?

1 I [used to be/am] paid every month
2 I received a one-time payment
3 I withdraw money as needed

B17b (year of reverse mortgage )

In which year did you get the [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage]?

RANGE 1900..^FLCurrentYear

B17c (value of reverse mortgage )

What was the value of the [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage] as a fraction of the value of the house?

RANGE 0.0..9223372036854775807

if B17c = empty then

B18c (followup value reverse mortgage)

Would you say the value of the reverse mortgage, as a fraction of the value of the house is...?

1 Less than 5%
2 Between 5% and 15%
3 Between 15% and 25%
4 Between 25% and 35%
5 Between 35% and 45%
6 Between 45% and 55%
7 Between 55% and 65%
8 Between 65% and 75%
9 Between 75% and 85%
10 More than 85%
99 Don’t know

End of if

Group of questions presented on the same screen

B17 (purpose of reverse mortgage)

What was the main purpose of your [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage]?

1 To pay for general expenses
2 To pay off my mortgage
3 To pay bills
4 To modify or remodel my home
5 To cover health care expenses
6 To be able to stay in my house
7 To pay for long term care (for myself or family member)
8 Other, please specify:

B17_other (other purpose of reverse mortgage)

STRING

End of group of questions

End of if

if B15 = 1 then

B18b (satisfaction with reverse mortgage)

On a scale from 1 to 5 where 1 is completely dissatisfied and 5 is completely satisfied how satisfied are you with the [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage] you had/currently have?

1 1
Completely dissatisfied
2 2
Dissatisfied
3 3
Neither dissatisfied nor satisfied
4 4
Satisfied
5 5
Completely satisfied

End of if

Else

Group of questions presented on the same screen

B16_havemortgage (decide about reverse mortgage)

You said that you have a [reverse mortgage/A reverse mortgage is a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence./Reverse mortgage]. How did you decide to get or consider getting a reverse mortgage? Please choose all of the reasons that apply.

1 It was suggested by someone trying to sell me the product
2 I wanted to get a reverse mortgage after researching it myself
3 It was suggested by a financial advisor
4 It was suggested by a friend or family member
5 I saw or heard advertising about the product
6 Other, please specify:

B16_other (other decide about reverse mortgage)

STRING

End of group of questions

Fill code of question 'FLB17a' executed

Fill code of question 'FLB17a2' executed

B17a (reverse mortgage lump sum vs. monthly income )

1 I [used to be/am] paid every month
2 I received a one-time payment
3 I withdraw money as needed

B17b (year of reverse mortgage )

RANGE 1900..^FLCurrentYear

B17c (value of reverse mortgage )

RANGE 0.0..9223372036854775807

Group of questions presented on the same screen

B17 (purpose of reverse mortgage)

B17_other (other purpose of reverse mortgage)

STRING

End of group of questions

B18b (satisfaction with reverse mortgage)

1 1
Completely dissatisfied
2 2
Dissatisfied
3 3
Neither dissatisfied nor satisfied
4 4
Satisfied
5 5
Completely satisfied

End of if

B19 (credit cards past 3 yrs)

In the last 3 years, did you use any credit cards?

1 (YES) Yes
2 (NO) No

if B19 = YES then

B20 (amount pay on credit cards)

How do you typically pay your credit card bills?

1 I pay off my balance in full each month
2 I pay less than the full balance, but more than the minimum payment
3 I make the minimum monthly payment
4 I'm typically behind on my payments
5 I don't know

B21 (balance on credit card for medical expense past 3 yr)

In the last 3 years, have you had to carry a balance on your credit card(s) because of a medical expense?

1 (YES) Yes
2 (NO) No

B22 (cash advance past 3 yrs)

In the last 3 years, have you taken a cash advance on one of your credit cards?

1 No
2 Yes, 1 time
3 Yes, 2 or 3 times
4 Yes, 4 or more times

B23 (credit card debt compared to 3 yrs ago)

Is the total amount of credit card debt that you have today less than, about the same, or more than the total amount of credit card debt that you had 3 years ago?

1 Less
2 About the same
3 More
4 I don't have credit card debt now and I didn't 3 years ago.
5 Don't know

Group of questions presented on the same screen

B23b (cost of credit card debt)

What interest rate do you pay on the card where you have the largest balance?

RANGE 0.0..9223372036854775807

B23b_DK (don't know cost of credit card debt)

1 Don't know
2 Does not apply

End of group of questions

End of if

B24 (your payday loan experience)

Payday loans are small, short-term loans that must be paid in full when the borrowers receive their next pay check or other regular deposit (such as a Social Security payment). These loans are often paid with a post-dated check. Please select the following statement that best describes your situation regarding these products.

1 I have never considered getting a payday loan from a payday lender
2 I currently have a payday loan
3 I have had a payday loan in the past year
4 I currently have a payday loan and I have had one in the past year
5 I considered getting a payday loan but was rejected
6 I have considered getting a payday loan but decided not to get it

if B24 in [2,3,4] then

if B24 = 2 then

B24a (amount of last payday loan)

What is the approximate amount of the last payday loan you took?

1 $0 to $199
2 $200 to $499
3 $500 to $999
4 $1,000 to $1,999
5 $2,000 to $4,999
6 $5,000 to $9,999
7 More than $10,000

End of if

Group of questions presented on the same screen

B26 (purpose of payday loan)

Thinking back now to the last time you took out a payday loan, which of the following best describes what specifically you needed the money for? Please choose all that apply.

1 Paying utility bills (phone, power, gas)
2 Paying rent or mortgage
3 Paying for an emergency expense, such as repairs to your home or car, or a medical bill
4 Deposited into a bank account to avoid overdraft charge(s)
5 Paying miscellaneous bills
6 Buying food, groceries, or other living expenses
7 Pay medical bills
8 Pay gambling debt
9 Help family members with an emergency
10 Other, please specify:

B26_other (other reason needed loan)

STRING

End of group of questions

B27 (taken out loan to pay back loan)

Some people pay back their payday loan by taking out a new loan. Have you ever done this?

1 (YES) Yes
2 (NO) No
3 (DONTKNOW) Don't know

if B27 = YES then

B28 (how long to pay back loan)

For your most recent payday loan, how long did it take until you no longer owed any money?

1 I was able to completely pay off the loan when it was due and did not borrow again
2 I paid the loan back but it took up to 2 months
3 I paid the loan back but it took 3 to 5 months
4 I paid the loan back but it took 6 months or more
5 I have not yet paid back the loan

End of if

B29 (rate borrowing experience)

Please tell us about the borrowing experience from your most recent payday loan. Please choose all of the reasons that apply.

1 The fees were about what I expected
2 It cost more than I expected when I first went in to get the loan
3 It took me longer to pay back the loan than I expected
4 I don't know how much the loan actually cost me
5 None of the above

elseif B24 = 6 then

B30 (why not get payday loan)

Please list all of the reasons you decided not to get a payday loan. Please choose all the reasons that apply.

1 I had/have no need for payday loans
2 The product was too expensive for me
3 After learning more about it, I decided not to get the loan
4 I don't understand the product well enough
5 I was able to borrow from another source

End of if

new1 (have student loan )

In this section we would like to ask you about any student loan debt you may have. We are interested in both debt you took on for your own education, as well as that taken on for a spouse, a child's, or a grandchild’s education. Do you currently owe any money or have any loans that you used to pay for? Please choose all that apply.

1 Your own education
2 A spouse/partner’s education
3 A child’s education
4 A grandchild’s education
5 Someone else’s education (other than the ones listed above)
6 None of the above

if new1 = response and not(6 in new1) then

new1_a (public or private student loan)

Think about the largest education loan you owe.

Was the loan taken for a private or public college?

1 Public
2 Private
3 Both

if new1_a = 2 then

new1_b (for profit)

Was this college a for-profit institution?

1 (YES) Yes
2 (NO) No

End of if

new1_c (kind of degree)

Which kind of degree was this largest loan supposed to pay for?

1 2-year college
2 Undergraduate degree
3 Graduate degree
4 Professional degree

new1_d (successful student loan)

Did the person for whom this loan was taken out complete the degree?

1 (YES) Yes
2 (NO) No

if new1_d = YES then

new1_e (useful student loan)

Is the person for whom the loan was taken out working on a job that is related to the degree paid with the loan?

1 (YES) Yes
2 (NO) No

End of if

new1_f (borrowed from home equity)

Did you borrow from your home equity to pay for educational expenses for you or others?

1 (YES) Yes
2 (NO) No

if 1 in new1 then

new2 (currently owed on own education loan)

About how much money do you currently owe on the loan(s) for your own education?

1 $0 to $4,999
2 $5,000 to $9,999
11 $10,000 to $14,999
3 $15,000 to $19,999
4 $20,000 to $24,999
5 $25,000 to $30,000
6 $30,000 to $39,999
7 $40,000 to $49,999
8 $50,000 to $74,999
9 $75,000 or more
10 Don’t know

new6 (when start paying on own education loans)

How long ago did you first start making payments on the loan(s) for your own education?

1 In the last 12 months
2 1 to 5 years ago
3 6 to 10 years ago
4 11 to 15 years ago
5 16 to 20 years ago
6 More than 20 years ago
7 I have not started making payments

End of if

if 2 in new1 then

new3 (currently owed for spouse education)

About how much money do you currently owe on the loan(s) for your spouse/partner's education?

new7 (when start paying on spouse education loans)

How long ago did you first start making payments on the loan(s) for your spouse or partner's education?

1 In the last 12 months
2 1 to 5 years ago
3 6 to 10 years ago
4 11 to 15 years ago
5 16 to 20 years ago
6 More than 20 years ago
7 I have not started making payments

End of if

if 3 in new1 then

new4 (currently owed for child education)

About how much money do you currently owe on the loan(s) for a child's education?

new8 (when start paying on child education loans)

How long ago did you first start making payments on the loan(s) for a child's education?

1 In the last 12 months
2 1 to 5 years ago
3 6 to 10 years ago
4 11 to 15 years ago
5 16 to 20 years ago
6 More than 20 years ago
7 I have not started making payments

End of if

if 4 in new1 then

new5 (currently owed for grandchild education)

About how much money do you currently owe on the loan(s) for a grandchild's education?

new9 (when start paying on grandchild education loans)

How long ago did you first start making payments on the loan(s) for a grandchild's education?

1 In the last 12 months
2 1 to 5 years ago
3 6 to 10 years ago
4 11 to 15 years ago
5 16 to 20 years ago
6 More than 20 years ago
7 I have not started making payments

End of if

if 5 in new1 then

new10 (currently owed for other's education)

About how much money do you currently owe on the loan(s) for the education of this other person/these other people?

new11 (when start paying on other education loans)

How long ago did you first start making payments on the loan(s) for the education of this other person/these other people?

1 In the last 12 months
2 1 to 5 years ago
3 6 to 10 years ago
4 11 to 15 years ago
5 16 to 20 years ago
6 More than 20 years ago
7 I have not started making payments

End of if

new12 (any outstanding bills to health care providers)

Do you have any outstanding bills to healthcare providers, such as hospitals, doctors and other medical providers?

1 (YES) Yes
2 (NO) No

if new12 = 1 then

new12a (how much owed to healthcare providers)

Approximately how much money do you currently owe to healthcare providers?

1 $0 to $999
2 $1,000 to $1999
3 $2,000 to $2,999
4 $3,000 to $3,999
5 $4,000 to $4,999
6 $5,000 to $9,999
7 $10,000 to $14,999
8 $15,000 to $19,999
9 $20,000 to $24,999
10 $25,000 to $30,000
11 $30,000 to $39,999
12 $40,000 to $49,999
13 $50,000 to $74,999
14 $75,000 or more
15 Don’t know

End of if

Group of questions presented on the same screen

B32 (who helped household last yr)

For the next 3 questions, we would like to know who, if anyone, may have helped your household in the last year with money management. If your household has received help with your everyday money management, please tell us who assisted. By money management we mean things like depositing and transferring money, sending payments, writing checks, and balancing accounts. Please choose all that apply.

1 No one, I didn't need help
2 No one, I couldn't find help
3 Friend(s)/family member(s)
4 Professional(s) (such as a financial advisor, accountant or attorney)
5 Caregiver who is not a family member
6 Other, please specify:

B32_other (other person who helped )

STRING

End of group of questions

if 4 in B32 then

B32a (how professional paid)

How do you think this professional was paid?

1 On a commission basis
2 A percentage of the assets
3 A flat fee
4 A fee based on an hourly rate
5 Other
6 I don’t know

B32b (how satisfied with advice)

On a scale from 1 to 5 where 1 is completely dissatisfied and 5 is completely satisfied how satisfied were you with the advice you got?

1 1
Completely dissatisfied
2 2
Dissatisfied
3 3
Neither dissatisfied nor satisfied
4 4
Satisfied
5 5
Completely satisfied

End of if

Group of questions presented on the same screen

B33 (who helped with bills last yr)

If your household needed help covering the costs of your bills and expenses in the last year, please tell us who, if anyone, gave or loaned your household money. Please choose all that apply.

1 No one, I didn't need help
2 No one, I couldn't find help
3 Parent
4 Child
5 Family member
6 Friends
7 Caregiver who is not a family member
8 Other, please specify:

B33_other (other person helped with bills )

STRING

End of group of questions

Group of questions presented on the same screen

B34 (who managed investments past yr)

If you have any investments, please tell us who managed your investments in the last year. Please choose all that apply.

1 I don't have any investments
2 I managed my investments myself
3 Friend(s)/family member(s)
4 Professional(s) (such as a financial advisor or attorney)
5 Caregiver who is not a family member
6 Other, please specify:

B34_other (other person managed investments )

STRING

End of group of questions

B35 (paid medical expense more than 1k past 3 yrs)

We will next ask you about significant financial events and whether or not you received financial advice. In the last 3 years, did you have a medical expense of $1,000 or more that you had to pay because insurance did not cover?

1 (YES) Yes
2 (NO) No
3 (DONTKNOW) Don't know

if B35 = YES then

B35a (How much medical bill)

Approximately how much was the total medical expense that the insurance did not cover?

Group of questions presented on the same screen

B35b (reason not covered)

Why was this expense not covered by the insurance?

1 I did not have insurance
2 Service was not covered by my insurance
3 Provider costs were higher than what was covered by insurance
4 Plan had deductible amount
5 Insurance discontinued because of failure to pay premium
6 Other, please specify:

B35b_other (other why not covered)

STRING

End of group of questions

B35c (Preparedness to cover expense)

How strongly do you agree with the statement: “I was well prepared to pay for this expense out of pocket.”

1 Strongly agree
2 Agree
3 Neutral
4 Disagree
5 Strongly disagree

Group of questions presented on the same screen

B36 (Advisors for medical expense)

For your medical expense, please select all the people who you asked for financial advice on how to pay for the care you received.

1 Didn't ask for advice
2 Friend(s)/family member(s)
3 Professional(s) (such as a financial advisor, accountant or attorney)
4 Caregiver who is not a family member
5 Medical provider
6 Other, please specify:

B36_other (other person consulted about med expense)

STRING

End of group of questions

End of if

Group of questions presented on the same screen

B37 (financial stress past 3 yrs)

In the last 3 years, if your household experienced major financial stress for any reason, what was the cause? Please choose all that apply.

1 We experienced no major financial stress
2 Filing for bankruptcy
3 Receiving a foreclosure notice
4 Losing a job or having work hours and/or income reduced
5 Having a significant health issue
6 Getting separated or divorced
7 Losing a spouse/partner
8 Need of long term care for self or family member
9 Having unpaid taxes
10 Had mortgage balance higher than property value
11 Had mortgage payment higher than expected
12 Difficulty with gambling debt
13 Providing help to family member(s) or family member losing job
14 Unexpected home repair
15 Major car problem
16 Major dental expense
17 Other, please specify:

B37_other (other financial stress )

STRING

End of group of questions

if not(1 in B37) then

Group of questions presented on the same screen

B37b (cope with shock)

What did you do as a response to the financial stress that your household experienced? Please choose all that apply.

1 Got help from others
2 Borrowed money using credit card
3 Borrowed using payday lending
4 Mortgaged home or increased mortgage on home
5 Borrowed from bank
6 Withdrew from savings
7 Cut expenses
8 Negotiated debt
9 Did not pay expenses that we owed
10 Other, please specify:

B37b_other (other cope with shock)

STRING

End of group of questions

B37c (success response to shock)

Would you say that your household fully recovered from this financial stress?

1 (YES) Yes
2 (NO) No

B37d (lasting effect of shock)

On a scale from 1 to 10 where 1 is not successfully at all and 10 is very successfully how would you rate the success of your household in dealing with the financial stress?

1 1
Not successfully at all
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
Very successfully

Group of questions presented on the same screen

B38 (Advisors during financial stress)

In dealing with your financial stress, please select all the people who you asked for financial advice.

1 Didn't ask for advice
2 Family member
3 Caregiver who is not a family member
4 Banker
5 Financial advisor
6 Attorney
7 Friend
8 Community group/Counseling agency
9 Accountant
10 Other, please specify:

B38_other (other person consulted about bankruptcy foreclosure)

STRING

End of group of questions

if not(1 in B38) then

B38b (useful advice)

On a scale from 1 to 5 where 1 is completely useless and 5 is completely useful, how useful was the advice you got?

1 1
Completely useless
2 2
Useless
3 3
Neither useless nor useful
4 4
Useful
5 5
Completely useful

End of if

B39 (retire past 3 yrs or plan to)

In the last 3 years, did you retire or do planning for your retirement?

1 (YES) Yes
2 (NO) No

if B39 = YES then

Group of questions presented on the same screen

B40 (Advisors for retirement)

In preparing for your retirement, please select all the people who you asked or plan to ask for financial advice.

1 Didn't ask for advice
2 Spouse/partner
3 Family member
4 Caregiver who is not a family member
5 Employer
6 Banker
7 Financial advisor
8 Attorney
9 Friend
10 Community group/Counseling agency
11 Other, please specify:

B40_other (other person consulted about retirement)

STRING

End of group of questions

B40a (enough money)

Did you determine if you have/had enough money to retire?

1 I did not determine whether I have/had enough money to retire
2 I determined that I have/had enough money to retire
3 I determined that I do/did NOT have enough money to retire

if B40a = 3 then

Group of questions presented on the same screen

B40b (make ends meet)

What did/do you plan to do in order to have enough money to retire? Please choose all that apply.

1 Cut expenses
2 Work longer
3 Downsize
4 Increase my savings
5 Delay Social Security
6 Retire and work part time
7 Other, please specify:

B40b_other (other make ends meet)

STRING

End of group of questions

End of if

Fill code of question 'FLHWP' executed

Group of questions presented on the same screen

B40b2 (spending planning horizon)

In deciding how much of your family’s income to spend or save, people are likely to think about different financial planning periods. In planning your family’s saving and spending, which of the following time periods is more important to you[ and your spouse/ and your partner]?

1 The next few weeks
2 The next few months
3 The next year
4 The next few years
5 The next 5-10 years
6 Longer than 10 years
7 Other, please specify:

B40b2_other (other spending planning horizon)

STRING

End of group of questions

Fill code of question 'FLB40c' executed

B40c (retirement planning horizon)

When thinking about your retirement plans, what time horizon is MOST important?

1 Less than 5 years
2 More than 5 and less than 10 years
3 More than 10 and less than 20 years
4 For the rest of my life
5 [For the rest of my and my spouse's life/For the rest of my and my partner's life]

Fill code of question 'FLB40d' executed

B40d (planning horizon)

Does your retirement planning consider any of the following? Please choose all that apply.

1 Ability to pay your bills in the longer term
2 How inflation will increase your expenses
3 [Support for your spouse after your death]
4 How you can cope with a major illness
5 How you can cope with a long stay in a nursing home
6 None of the above

if not(5 in laborstatus) then

B40e (effect of losing job on expected retirement)

How will it affect you if you lose your job before your expected retirement?

1 It would be a major problem
2 It would be a moderate problem
3 It would be a small problem
4 It would NOT be a problem
5 I don’t know

End of if

B41 (receive more or less money mgmt help than 3 yrs ago)

Please tell us if you receive more or less help with your everyday money management today than you did 3 years ago. By money management we mean things like depositing and transferring money, sending payments, writing checks, and balancing accounts.

1 I didn't receive help 3 years ago and I don't receive help today
2 More help
3 About the same amount of help
4 Less help

B42 (receive more or less help with bills than 3 yrs ago)

If someone has given you money to help you pay your bills, have you received more or less help recently than you did 3 years ago?

1 I didn't receive help 3 years ago and I don't receive help today
2 More help
3 About the same amount of help
4 Less help

B42a (assistance with health care needs)

Have you named someone to decide on your health care needs if you are unable to do so yourself?

1 (YES) Yes
2 (NO) No

B42b (made plans for long term care )

Long term care refers to a variety of services that meet the needs of people who cannot care for themselves for long periods of time. Have you made plans for long term care needs if needed?

1 (YES) Yes
2 (NO) No

if B42b = YES then

Group of questions presented on the same screen

B42c (plans for long term care )

What plans did you make for long term care? Please choose all that apply.

1 I have named a caregiver
2 I have selected a facility
3 I purchased long term care insurance
4 I moved to a Continuing Care Retirement Community
5 I selected a home or modified my home to facilitate care at home
6 I have preserved assets to provide funds for long term care
7 I can borrow the value of my house or sell it if needed to pay for long term care
8 Other, please specify:

B42c_other (other plans for long term care )

STRING

End of group of questions

End of if

B47 (taken advantage of in financial ways)

Do you feel like you have been taken advantage of on a major financial transaction in the last 3 years (such as by losing a large sum of money, paying more than you should have, or buying a product you didn't want)? Major means at least $1,000.

1 (YES) Yes
2 (NO) No
3 (DONTKNOW) Don't know

if B47 = YES then

Group of questions presented on the same screen

B48 (taken advantage of in other financial ways)

In what ways did you think you were taken advantage of? Please choose all that apply.

1 The terms of the transaction were unclear
2 There were undisclosed fees
3 The price was higher than I was told
4 There was less product or service than I thought I purchased
5 I was steered to a product that I didn't need or ask for
6 I was sold additional products I did not need or want
7 I think the people helping me misused my money
8 Other, please specify:

B48_other (other way taken advantage of)

STRING

End of group of questions

B48a (report fraud)

When you noticed that you were being taken advantage of, did you report and/or submit a complaint to a local, state or federal agency?

1 (YES) Yes
2 (NO) No

Group of questions presented on the same screen

B48b (person who helped with fraud)

Did anyone help you resolve your problem? Please choose all that apply.

1 I did not receive help
2 Financial professional that you hired
3 Family
4 Law enforcement
5 Financial institution
6 Community organization
7 Other state or local agency
8 A federal agency
9 Other, please specify:

B48b_other (other person who helped with fraud)

STRING

End of group of questions

End of if

B49 (regretted major financial transaction past 3 yrs)

In the last 3 years have you made a major (greater than $1,000) financial transaction that you later regretted? For example, you bought something that you did not need/like or made an investment that you regretted.

1 (YES) Yes
2 (NO) No

if B49 = YES then

Group of questions presented on the same screen

B49a (why regret transaction)

Why did you regret this transaction? Please choose all that apply.

1 I couldn’t afford the product or service
2 I paid more than I should have
3 I didn’t need the product or service
4 I responded to a strong sales pitch
5 I made a purchase for someone else that I now regret
6 Other, please specify:

B49a_other (other reason regret transaction)

STRING

End of group of questions

B49b (why regretted open answer)

Tell us a little more about a transaction in the last 3 years that you regretted.

STRING

End of if

B50 (not understood major financial transaction past 3 yrs)

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?

1 (YES) Yes
2 (NO) No
3 (DONTKNOW) Don't know

if B50 = YES then

Group of questions presented on the same screen

B51 (part of transaction not understood)

What parts of the transaction did you not understand? Please choose all that apply.

1 How much it would cost me (i.e. payment, interest rate, total cost)
2 The fees I would be charged
3 What I was required to do as part of the transaction
4 Other, please specify:

B51_other (other part not understood)

STRING

End of group of questions

End of if

B52 (confidence in financial decisions)

Compared to 5 years ago, how confident do you feel in your ability to make financial decisions?

1 More confident
2 About the same
3 Less confident

B53 (person authorized to make financial decisions for you)

Some people plan for someone else to make financial decisions for them if they become unable to make these decisions for themselves. They may make informal plans, or they may sign a "power of attorney," which is a legal document that gives someone you choose the power to act in your place. Have you named someone who is authorized to make financial decisions for you?

1 I currently have a power of attorney that names someone else to act on my behalf
2 I have had a power of attorney assigned but cancelled it
3 I have informal plans for someone to act on my behalf but do not have a written power of attorney
4 I have considered having a power of attorney assigned but have not yet taken any steps to accomplish this
5 I have never planned for someone else to make these decisions for me
6 I do not understand what this is about

if B53 = 1 then

Fill code of question 'FLB54' executed

Group of questions presented on the same screen

B54 (who named as agent)

My power of attorney names the following as my agent:

1 [My spouse/My partner]
7 My child / My children
2 Family member or friend
3 An unrelated caregiver
4 A financial professional
5 An attorney
6 Other, please specify:

B54_other (other person named)

STRING

End of group of questions

elseif B53 in [3,4] then

Fill code of question 'FLB54' executed

Group of questions presented on the same screen

B54a (who would name as agent)

You said in the previous question that you do not currently have a power of attorney that names someone else to act on your behalf, but you have informal plans or have considered having a power of attorney assigned. Who would you designate to act on your behalf if you become unable to make these decisions for yourself?

1 [My spouse/My partner]
7 My child / My children
2 Family member or friend
3 An unrelated caregiver
4 A financial professional
5 An attorney
6 Other, please specify:

B54a_other (other person would name)

STRING

End of group of questions

End of if

CS_001 (HOW PLEASANT INTERVIEW)

Could you tell us how interesting or uninteresting you found the questions in this survey?

1 Very interesting
2 Interesting
3 Neither interesting nor uninteresting
4 Uninteresting
5 Very uninteresting

CS_003 (comments)

Do you have any other comments on the survey? Please type these in the box below. (If you have no comments, please click next to complete this survey.)

STRING