Uas 18

UnderStandingAmericaStudy
UAS 18: SPENDING, PLANNING AND SAVING
Survey author(s): Social Security Administration
Fielded April 20, 2015 - March 23, 2018

Contents
1 Introduction 3
1.1 Topics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.2 Experiments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.3 Citation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2 Survey Response And Data 4

2.1 Sample selection and response rate . . . . . . . . . . . . . . . . . . . . . . . 4
2.2 Timings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2.3 Sample & Weighting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
3 Standard Variables 6
4 Background Demographics 9
5 Missing Data Conventions 13
6 Routing Syntax 14
7 Survey with Routing 15

Introduction Section . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Reverse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Payday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Advice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Fraud . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Confidence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
1 INTRODUCTION
This UAS panel survey, titled ”UAS18: Spending, Planning and Saving” focuses on day to
day decisions about personal spending, planning and saving. This survey is no longer in
the field. Respondents were paid $11 to complete the survey.
Note: data files for this survey were adjusted on January 29, 2019 to remove 2 unqualified
respondents who were inadvertently included in the initial data files. Please contact uas-
[email protected] with any questions.
1.1 Topics
This survey contains questions (among others) on the following topics: Cognitive Abilities,
Consumer Behavior, Financial Literacy. A complete survey topic categorization for the UAS
can be found here.
1.2 Experiments
This survey did not include any experiments. A complete survey experiment categorization
for the UAS can be found here.
1.3 Citation
Each publication, press release or other document that cites results from this survey must
include an acknowledgment of UAS as the data source and a disclaimer such as, ‘The
project described in this paper relies on data from survey(s) administered by the Under-
standing America Study, which is maintained by the Center for Economic and Social Re-
search (CESR) at the University of Southern California. The content of this paper is solely
the responsibility of the authors and does not necessarily represent the official views of
USC or UAS.’ For any questions or more information about the UAS, contact Tania Gutsche,
Project and Panel Manager, Center for Economic and Social Research, University of South-
ern California, at [email protected].
3
2 SURVEY RESPONSE AND DATA
2.1 Sample selection and response rate

The sample selection for this survey was:
All active respondents.
As such, this survey was made available to 7388 UAS participants. Of those 7388 par-
ticipants, 6309 completed the survey and are counted as respondents. Of those who are
not counted as respondents, 30 started the survey without completing and 1049 did not
start the survey. The overall response rate was 85.4%.
Note: We are unable to provide sample weights for a small number of UAS members
(see the Sample weighting section below for details). If they completed the survey, these
members are included in the data set with a weight of zero, but accounted for in the com-
putation of total sample size and survey response rate.%.
The detailed survey response rate is as follows:
UAS18 - Response Overview
Size of selected sample 7388
Completed the survey 6309
Started but did not complete the survey 30
Did not start the survey 1049
Response rate 85.4%
2.2 Timings
The survey took respondents an average of 16 minutes, and the full distribution of survey
response times is available in the figure below. Times per question are available upon re-
quest.
4
Distribution of Respondents’ Survey Response Times
2,099
2,000
Number of Respondents
1,500 1,377 1,402
1,000
739
500
309
97 128 83 74
0
5
10
0
+
0-
-1
-2
-2
-3
-3
-4
41
6-
11
16
21
26
31
36
Minutes to Complete Survey
2.3 Sample & Weighting

Weights are included in the data set for this survey. This survey dataset may contain
respondents with a weight of zero. These respondents belong to a small group of UAS
members for whom sample weights cannot be computed due to non-probability recruitment
for special projects. Hence, while they are accounted for in the total number of survey
respondents, they do not contribute to any statistics using sample weights. For more details
on the UAS weighing procedures please refer to the UAS Weighting Procedures V1. Please
contact UAS staff with any questions.
5
3 STANDARD VARIABLES
Each Understanding America Study data contains a series of standard variables, consisting
of individual, household and sample identifiers, language indicator, time stamps and a
rating by the respondent of how much he or she liked the survey:
◦ uasid: the identifier of the respondent. This identifier is assigned to a respondent at
recruitment and stays with the respondent throughout each and every survey he/she
participates in. When analyzing data from multiple surveys, the ‘uasid’ can be used
to merge data sets.
◦ uashhid: the household identifier of the respondent. Every member is assigned
a household identifier, stored in the variable ‘uashhid’. For the primary respondent
this identifier equals his or her ‘uasid’. All other eligible members of the primary
respondent’s household (everyone who is 18 or older in the household) who become
UAS respondents receive the ‘uasid’ of the primary respondent as their household
identifier. The identifier ‘uashhid’ remains constant over time for all respondents.
Thus it is always possible to find the original UAS household of an UAS panel member
(even after they, for example, have moved out to form another household).
◦ survhhid: uniquely identifies the household a UAS panel member belongs to in a
given survey. For instance, if the primary respondent and his/her spouse are both
UAS members at the time of a given survey, they both receive the same ‘survhhid’
identifier for that survey. If they subsequently split, they receive two different ‘survh-
hid’ in subsequent surveys. They, however, always share the same ‘uashhid’. The
identifier ‘survhhid’ is set to missing (.) if no other household members are UAS panel
members at the time of the survey. Since individuals can answer the same survey at
different points in time (which can be relatively far apart if the survey is kept in the
field for a prolonged time), it may be possible that, within the same data set, house-
hold members have different ‘survhhid’ reflecting different household compositions at
the time they answered the survey. For instance, suppose that the primary respon-
dent and his/her spouse are both UAS members. If the primary respondent answers
the survey when he/she is living with the spouse, but the spouse answers the sur-
vey when the couple has split, they receive different ‘survhhid’. Hence, the variable
‘survhhid’ identifies household membership of UAS panel members, at the time the
respondent answers the survey. Note: in the My Household survey ‘survhhid’ is set to
unknown (.u) for respondents who last participated in the My Household survey prior
to January 21, 2015.
◦ uasmembers: is the number of other household members who are also UAS panel
members at the time of the survey. Since individuals can answer the same survey at
different points in time (which can be relatively far apart is the survey is kept in the field
for a prolonged time), it may be possible that, within the same data set, the primary
respondent of a household has a value of ‘0’, whereas the second UAS household
respondent has a value of ‘1’. Therefore ‘uasmembers’ should be interpreted as the
6
number of household and UAS panel members at the time the respondent answers
the survey. Note: in the My Household survey ‘uasmembers’ is set to unknown (.u)
for respondents who last participated in the My Household survey prior to January
21, 2015.
◦ sampletype: indicates the sampling frame from which the household of the respon-
dent was recruited. All UAS recruitment is done through address based sampling
(ABS) in which samples are acquired based on postal records. Currently, the variable
‘sampletype’ takes on three values reflecting three distinct recruitment categories (in
future data sets the number of categories may increase due to the incorporation of
new recruitment categories):
1. Nationally Representative Sample

2. Native Americans: recruited through ABS, where the probability of drawing a
zip-code is a function of the percentage of Native Americans in the zip-code.
Primary respondents in these zip-codes who are not Native Americans are not
invited to join the UAS.
3. LA County: recruited through ABS drawing from zip-codes in Los Angeles County.
◦ batch: indicates the batch from which the respondent was recruited. There are cur-
rently the following values this variable takes (in future data sets the number of cate-
gories may increase due to the usage of new recruitment samples):
1. ASDE 2014/01 Nat.Rep.
2. ASDE 2014/01 Native Am.
3. ASDE 2014/11 Native Am.
4. LA County 2015/05 List Sample
5. MSG 2015/07 Nat.Rep.
6. MSG 2016/01 Nat.Rep. Batch 2
13. MSG 2016/08 LA County Batch 2
15. MSG 2017/11 California Batch 1
16. MSG 2018/02 California Batch 2
7
20. MSG 2019/11 Nat. Rep. Batch 10
26. MSG 2022/02 Nat. Rep. Batch 17 (priority)
27. MSG 2022/02 Nat. Rep. Batch 17 (regular)
◦ primary respondent: indicates if the respondent was the first person within the
household (i.e. to become a member or whether s/he was added as a subsequent
member. A household in this regard is broadly defined as anyone living together with
the primary respondent. That is, a household comprises individuals who live together,
e.g. as part of a family relationship (like a spouse/child/parent) or in context of some
other relationship (like a roommate or tenant).
◦ hardware: indicates whether the respondent ever received hardware or not. Note:
this variable should not be used to determine whether a respondent received hard-
ware at a given point in time and/or whether s/he used the hardware to participate in
a survey. Rather, it indicates whether hardware was ever provided:
1. None
2. Tablet (includes Internet)
◦ language: the language in which the survey was conducted. This variable takes a
value of 1 for English and a value of 2 for Spanish.
◦ start date (start year, start month, start day, start hour, start min, start sec):
indicates the time at which the respondent started the survey.
◦ end date (end year, end month, end day, end hour, end min, end sec): indicates
the time at which the respondent completed the survey.
◦ cs 001: indicates how interesting the respondent found the survey.
8
4 BACKGROUND DEMOGRAPHICS
Every UAS survey data set includes demographic variables, which provide background in-
formation about the respondent and his/her household. Demographic information such as
age, ethnicity, education, marital status, work status, state of residence, family structure
is elicited every quarter through the ‘‘My Household’’ survey. The demographic variables
provided with each survey are taken from the most recent ‘MyHousehold’ survey answered
by the respondent. If at the time of a survey, the information in ‘‘My Household’’ is more
than three months old, a respondent is required to check and update his or her information
before being able to take the survey.
The following variables are available in each survey data set:

◦ gender: the gender of the respondent.
◦ dateofbirth year: the year of birth of the respondent.
◦ age: the age of the respondent at the start of the survey.
◦ agerange: if the respondent’s age cannot be calculate due to missing information,
‘agerange’ indicates the approximate age. Should a value for both the ‘age’ and
‘agerange’ be present, then ‘age’ takes precedence over ‘agerange’.
◦ citizenus: indicates whether the respondent is a U.S. citizen.
◦ bornus: indicates whether the respondent was born in the U.S.
◦ stateborn: indicates the state in which the respondent was born. This is set to
missing (.) if the respondent was not born in the U.S.
◦ countryborn: indicates the country in which the respondent was born. This is set to
missing (.) if the respondent was born in the U.S.
◦ countryborn other: indicates the country of birth if that country is not on the drop
down list of countries shown to the respondent’.
◦ statereside: the state in which the respondent is living.
◦ immigration status: indicates whether the respondent is an immigrant. It takes one
of the following values: 0 Non-immigrant, 1 First generation immigrant (immigrant who
migrated to the U.S), 2 Second generation immigrant (U.S.-born children of at least
one foreign-born parent), 3 Third generation immigrant (U.S.-born children of at least
one U.S.-born parent, where at least one grandparent is foreign-born), or 4 Unknown
immigrant status.
◦ maritalstatus: the marital status of the respondent.
◦ livewithpartner: indicates whether the respondent lives with a partner.
9
◦ education: the highest level of education attained by the respondent.
◦ hisplatino: indicates whether the respondent identifies him or herself as being His-
panic or Latino. This variable is asked separately from race.
◦ hisplatinogroup: indicates which Hispanic or Latino group a respondent identifies
him or herself with. This is set to missing (.) if the respondent does not identify him
or herself as being Hispanic or Latino.
◦ white: indicates whether the respondent identifies him or herself as white (Cau-
casian).
◦ black: indicates whether the respondent identifies him or herself as black (African-
American).
◦ nativeamer: indicates whether the respondent identifies him or herself as Native
American (American Indian or Alaska Native).
◦ asian: indicates whether the respondent identifies him or herself as Asian (Asian-
American).
◦ pacific: indicates whether the respondent identifies him or herself as Native Hawaiian
or Other Pacific Islander.
◦ race: indicates the race of the respondent as singular (e.g., ‘1 White’ or ‘2 Black’)
or as mixed (in case the respondent identifies with two or more races). The value
‘6 Mixed’ that the respondent answered ‘Yes’ to at least two of the single race cate-
gories. This variable is generated based on the values of the different race variables
(white, black, nativeamer, asian, pacific). This composite measure is not conditional
on hisplatino, so an individual may identify as Hispanic or Latino, and also as a mem-
ber of one or more racial groups.
◦ working: indicates whether the respondent is working for pay.
◦ sick leave: indicates whether the respondent is not working because sick or on leave.
◦ unemp layoff: indicates whether the respondent is unemployed or on lay off.
◦ unemp look: indicates whether the respondent is unemployed and looking for a job.
◦ retired: indicates whether the respondent is retired.
◦ disabled: indicates whether the respondent has a disability.
◦ lf other: specifies other labor force status.
◦ laborstatus: indicates the labor force status of the respondent as singular (e.g., ‘1
Working for pay’ or ‘2 On sick or other leave’) or as mixed (in case the respondent
selects two or more labor statuses). The value ‘8 Mixed’ indicates that the respondent
answered ‘Yes’ to at least two of the single labor force status variables. This variable
is generated based on the values of the different labor status variables (working,
sick leave, unempl layoff, unempl look, retired, disabled, lf other).
10
◦ employmenttype: indicates the employment type of the respondent (employed by
the government, by a private company, a nonprofit organization, or self-employed).
This is set to missing (.) if the respondent is not currently working or currently on sick
or other leave.
◦ workfullpart: indicates whether the respondent works full or part-time. This is set
to missing (.) if the respondent is not currently working or currently on sick or other
leave.
◦ hourswork: indicates the number of hours the respondent works per week. This is
set to missing (.) if the respondent is not currently working or currently on sick or
other leave.
◦ hhincome: is the total combined income of all members of the respondent’s house-
hold (living in their household) during the past 12 months.
◦ anyhhmember: indicates whether there were any members in the respondent’s
household at the time he/she answered the survey as reported by the respondent.
◦ hhmembernumber: indicates the number of household members in the respon-

dent’s household at the time of the survey as reported by the respondent. It may
be that ‘anyhhmember’ is ‘Yes’, but ‘hhmembernumber’ is missing if the respondent
did not provide the number of household members at the time of the survey.
◦ hhmemberin #: indicates whether a household member is currently in the house-
hold as reported by the respondent. Household members are never removed from
the stored household roster and their information is always included in survey data
sets. The order of the roster is the same order in which household members were
specified by the respondent in the ‘MyHousehold’ survey. The order is identified by
the suffix # (e.g., 1 indicates the first household member, 2 the second household
member, etc.).
As an example, if the first household member is in the household at the time of the
survey, ‘hhmemberin 1’ is set to ‘1 HH Member 1 is in the HH’; if he/she has moved
out, ‘hhmemberin 1’ is set to ‘0 HH member 1 is no longer in the HH’. Since infor-
mation of other household members (stored in the variables listed below) is always
included in survey data sets, information about ‘hhmemberin 1’ is available whether
this person is still in the household or has moved out.
◦ hhmembergen #: indicates the gender of another household member as reported
by the respondent.
◦ hhmemberage #: indicates the age of another household member. The age is de-
rived from the month and year of birth of the household member as reported by the
respondent.
◦ hhmemberrel #: indicates the relationship of the respondent to the other household
member as reported by the respondent.
11
◦ hhmemberuasid #: is the ‘uasid’ of the other household member if this person is also
a UAS panel member. It is set to missing (.) if this person is not a UAS panel member
at the time of the survey. Since this identifier is directly reported by the respondent
(chosen from a preloaded list), it may differ from the actual (correct) ‘uasid’ of the
UAS member it refers to because of reporting error. Also, this variable should not
be used to identify UAS members in a given household at the time of the survey.
This is because the variables ‘hhmemberuasid #’ are taken from the most recent
‘My Household’ and changes in household composition involving UAS members may
have occurred between the time of the respondent answered ‘My Household’ and
the time the respondent answers the survey. To follow UAS members of a given
household, it is advised to use the identifiers ‘uashhid’ and ‘survhhid’.
◦ lastmyhh date: the date on which the demographics variables were collected through
the ‘My Household’ survey.
12
5 MISSING DATA CONVENTIONS
Data files provide so-called clean data, that is, answers given to questions that are not ap-
plicable anymore at survey completion (for example because a respondent went back in the
survey and skipped over a previously answered question) are treated as if the questions
were never asked. In the data files all questions that were asked, but not answered by the
respondent are marked with (.e). All questions never seen by the respondent (or any dirty
data) are marked with (.a). The latter may mean that a respondent did not view the question
because s/he skipped over it; or alternatively that s/he never reached that question due to
a break off. If a respondent did not complete a survey, the variables representing survey
end date and time are marked with (.c). Household member variables are marked with (.m)
if the respondent has less household members (e.g. if the number of household members
is 2, any variables for household member 3 and up are marked with (.m).
UAS provides data in STATA and CSV format. Stata data sets come with include vari-
able labels that are not available in the CSV files. Value labels are provided for single-
response answer option. In STATA these labels will include the labels ‘Not asked’ and ‘Not
answered’ for (.a) and (.e), and will show in tabulations such as ‘tab q1, missing’. For
multiple-response questions a binary variable is created for each answer option indicating
whether the option was selected or not. A summary variable is also provided in string for-
mat reflecting which options were selected and in which order. For example, if a question
asked about favorite animals with options cat, dog, and horse, then if a respondent selected
horse and then cat, the binary variables for horse and cat will be set to yes, while the overall
variable would have a string value of ‘3-1’. If no answer was given, all binary variables and
the summary variable will be marked with ‘.e’.
Questions that are asked multiple times are often implemented as so-called array ques-
tions. Supposing the name of such question was Q1 and it was asked in 6 different in-
stances, your data set would contain the variables Q1 1 to Q1 6 . To illustrate, if a survey
asked the names of all children, then child 1 would contain the name of the first child the
respondent named and so on.
More information about the UAS data in general can be found on the UAS Data Pages
web site.
13
6 ROUTING SYNTAX
The survey with routing presented in the next section includes all of the questions that
make up this survey, the question answers when choices were provided, and the question
routing. The routing includes descriptions of when questions are grouped, conditional logic
that determines when questions are presented to the respondent, randomization of ques-
tions and answers, and fills of answers from one question to another.
If you are unfamiliar with conditional logic statements, they are typically formatted so that
if the respondent fulfills some condition (e.g. they have a cellphone or a checking ac-
count), then they are presented with some other question or the value of some variable
is changed. If the respondent does not fulfill the condition (e.g. they are not a cellphone
adopter or they do not have a checking account), something else happens such as skip-
ping the next question or changing the variable to some other value. Some of the logic
involved in the randomization of questions or answers being presented to the respondent is
quite complex, and in these instances there is documentation to clarify the process being
represented by the routing.
Because logic syntax standards vary, here is a brief introduction to our syntax standards.
The syntax used in the conditional statements is as follows: ‘=’ is equal to, ‘<’ is less than,
‘>’ is greater than, and ‘!=’ is used for does not equal. When a variable is set to some
number N, the statement looks like ‘variable := N’.
The formatting of the questions and routing are designed to make it easier to interpret
what is occurring at any given point in the survey. Question ID is the bold text at the top of
a question block, followed by the question text and the answer selections. When a question
or variable has associated data, the name links to the appropriate data page, so you can
easily get directly to the data. Text color is used to indicate the routing: red is conditional
logic, gold is question grouping, green is looping, and orange is used to document random-
ization and other complex conditional logic processes. The routing is written for a computer
to parse rather than a human to read, so when the routing diverges significantly from what
is displayed to the respondent, a screenshot of what the respondent saw is included.
The name of the randomization variables are defined in proximity to where they are put
into play, and like the question ID the names of the randomization variables can be used to
link directly to the associated data page.
14
7 SURVEY WITH ROUTING
Start of section Introductionsection
FLCurrentYear := date(”Y”)
survey intro (Section Introductionsection)

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 in section Demographics)
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 in section Demographics)
Are you currently living with a boyfriend, girlfriend or partner?
1 Yes
2 No
END OF IF
END OF IF
IF laborstatus = EMPTY THEN

laborstatus (R LABOR FORCE STATUS in section Demographics)
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
15
intro 1 (financial decisions in section Introductionsection)
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 in section Introductionsection)

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 1 = 1 THEN
IF intro 2 = 1 THEN
intro 3 (year purchase home in section Introductionsection)
About what year did you buy your home?
RANGE 1900..F̂LCurrentYear
intro 4 (info home in section Introductionsection)

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 in section Introductionsection)
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 in section Introductionsection)

Is the current balance of your mortgage and/or home equity loan higher or lower than
16
when the loan was first made?
1 Higher
2 Lower
3 Don’t know
intro 5ab (pay-off mortgage in section Introductionsection)

Do you have plans for when you will pay off the mortgage?
1 Yes
2 No
IF intro 5ab = YES THEN

GROUP OF QUESTIONS PRESENTED ON THE SAME SCREEN
intro 5ac (when pay-off in section Introductionsection)

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 in section Introductionsection)

RANGE 18..120
END OF GROUP
END OF IF
intro 5a (reset of mortgage in section Introductionsection)

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
2 No
IF 1 IN intro 4 THEN
intro 6 (refinanced mortgage past 3 yrs in section Introductionsection)
Have you refinanced your mortgage in the last 3 years?
1 Yes
2 No
3 Don’t know
17
IF intro 6 = NO THEN
intro 7 (Section Introductionsection)

You said that you have not refinanced your mortgage in the last 3 years. Please
tell us the reasons why you have not refinanced. Please choose all that apply.
1 I never thought 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
9 I can’t get a lower interest rate than I already have
10 I’m close to paying off my mortgage
11 I don’t think I’d qualify
12 I find the process too complicated or confusing
8 Other, please specify:
intro 7 other (other reason not refinanced mortgage past 3 yrs in section
Introductionsection)
STRING
END OF GROUP
ELSEIF intro 6 = YES THEN
intro 8 (who you asked for refinancing advice in section Introductionsection)

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
intro 8 other (other person asked for advice in section Introductionsec-

tion)
STRING
END OF GROUP
intro 8a (specifics of the mortgage refinance in section Introductionsection)

You said that you refinanced your house in the last 3 years. Did you do any of
the following?
1 I took cash out
18
2 I extended the number of years
intro 8a other (other specifics of the mortgage refinance in section Intro-

ductionsection)
STRING
END OF GROUP
END OF IF
END OF IF
END OF IF
END OF IF
END OF IF
B31a intro (Section Introductionsection)

Imagine that you have an unexpected expense. Which of the following best describes
how hard it would be for you to pay for this expense depending on the amount of the
expense.
SUBGROUP OF QUESTIONS
B31a a ($500 pay for unexpected expense in section Introductionsection)

$500
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
B31a b ($1000 pay for unexpected expense in section Introductionsection)

$1,000
B31a c ($5000 pay for unexpected expense in section Introductionsection)

$5,000
19
B31a d ($1000 pay for unexpected expense in section Introductionsection)
$10,000
END OF SUBGROUP
END OF GROUP
B31 intro (Section Introductionsection)

Based on your current financial situation, how would you pay for this expense depending
on the amount of the expense. Please select all that apply.
SUBGROUP OF QUESTIONS
B31 a ($500 pay for unexpected expense in section Introductionsection)

$500
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
B31 b ($1000 pay for unexpected expense in section Introductionsection)

$1,000
20
12 Other
B31 c ($5000 pay for unexpected expense in section Introductionsection)

$5,000
12 Other
B31 d ($1000 pay for unexpected expense in section Introductionsection)

$10,000
12 Other
END OF SUBGROUP
END OF GROUP
End of section Introductionsection
Start of section Banking
21
B9 (have checking or savings in section Banking)
Do you currently have a checking or savings account?
1 Yes
2 No
IF B9 = YES THEN
B10 (ways you do banking in section 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
B10 other (other way you do banking in section Banking)

STRING
END OF GROUP
IF not(4 IN B10) THEN

B11 (why not bank online in section Banking)

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
B11 other (other reasons why not bank online in section Banking)
STRING
END OF GROUP
22
END OF IF
B12 (how pay bills in section Banking)

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
8 I pay using money order
9 I don’t know
10 I don’t pay the bills
B13 (use autobill pay in section Banking)

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 in section Banking)
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
23
9 I don’t know how to use automatic bill payment
10 Other
END OF IF
END OF IF
B14a (receive federal govt benefits in section Banking)

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.
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
5 Veterans Pension
7 Railroad Pension
8 Unemployment Insurance Benefits
9 Medicare
B14a other (other federal govt benefits in section Banking)

STRING
END OF GROUP
IF (not(1 IN B14a and B14a = RESPONSE)) OR B14a2 = YES THEN

B14b (how receive benefit paymts in section Banking)

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. )
B14b other (other how receive benefit paymts in section Banking)

STRING
24
END OF GROUP
END OF IF
B14a2 (receive employer provided pensions in section Banking)

Do you currently receive pension benefits from one or more private companies?
1 Yes
2 No
End of section Banking
Start of section Reverse
25
IF intro 1 = 1 THEN
IF intro 2 = 1 THEN
IF not(4 IN intro 4) THEN
B15 (Reverse mortgage info in section Reverse)
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

B16 (decide about reverse mortgage in section Reverse)

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
B16 other (other decide about reverse mortgage in section Reverse)

STRING
END OF GROUP
26
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 in section Reverse)
(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 section Reverse)

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
longer your primary residence./Reverse mortgage)?
B17c (value of reverse mortgage in section Reverse)

What was the value of the (reverse mortgage/A reverse mortgage is a product that
longer your primary residence./Reverse mortgage) as a fraction of the value of the
house?
RANGE 0.0..9223372036854775807
B17 (purpose of reverse mortgage in section Reverse)

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
27
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
B17 other (other purpose of reverse mortgage in section Reverse)

STRING
END OF GROUP
END OF IF
IF B15 = 3 OR B15 = 5 THEN

B18 (why not get reverse mortgage in section Reverse)

You stated that you did not get a (reverse mortgage/A reverse mortgage is a
home is no longer your primary residence./Reverse mortgage). Please tell us
why. Please choose all of the reasons that apply.
1 I have no need for a (reverse mortgage/A reverse mortgage is a product

to sell your home or pay additional monthly bills. In a ”regular” mortgage,you make
longer your primary residence./Reverse mortgage)
2 I don’t have enough equity in my home

3 The product was too expensive for me
4 I could not find someone to provide the required counseling
5 After counseling I decided not to get the (reverse mortgage/A reverse mortgage
is a product that allows you to convert part of the equity in your home into cash
28
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)
6 I found another loan product that better suits my needs
7 I don’t understand the product well enough
8 I did not want to build up debt
9 I was concerned about paying for taxes and repairs on home
10 I wanted to preserve home equity as emergency fund
11 I wanted to preserve home equity to leave to heirs
B18 other (other reason not get reverse mortgage in section Reverse)
STRING
END OF GROUP
END OF IF
IF B15 = 1 THEN
B18b (satisfaction with reverse mortgage in section Reverse)
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
home is no longer your primary residence./Reverse mortgage) you had/currently
have?
1 Completely dissatisfied
2 Dissatisfied
3 Neither dissatisfied nor satisfied
4 Satisfied
5 Completely satisfied
END OF IF
ELSE
B16 havemortgage (decide about reverse mortgage in section Reverse)

You said that you have a (reverse mortgage/A reverse mortgage is a product that
29
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
B16 other (other decide about reverse mortgage in section Reverse)

STRING
END OF GROUP
Fill code of question FLB17a executed

Fill code of question FLB17a2 executed
B17a (reverse mortgage lump sum vs. monthly income in section Reverse)
(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 section Reverse)

In which year did you get the (reverse mortgage/A reverse mortgage is a product that
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)?
B17c (value of reverse mortgage in section Reverse)

What was the value of the (reverse mortgage/A reverse mortgage is a product that
30
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
B17 (purpose of reverse mortgage in section Reverse)

What was the main purpose of your (reverse mortgage/A reverse mortgage is a
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
B17 other (other purpose of reverse mortgage in section Reverse)

STRING
END OF GROUP
B18b (satisfaction with reverse mortgage in section Reverse)

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
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
31
5 5 Completely satisfied
END OF IF
END OF IF
END OF IF
End of section Reverse
Start of section Creditcard
B19 (credit cards past 3 yrs in section Creditcard)

In the last 3 years, did you use any credit cards?
1 Yes
2 No
IF B19 = YES THEN

B20 (amount pay on credit cards in section Creditcard)
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 section Creditcard)
In the last 3 years, have you had to carry a balance on your credit card(s) because of a
medical expense?
1 Yes
2 No
B22 (cash advance past 3 yrs in section Creditcard)

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 in section Creditcard)

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
32
B23b (cost of credit card debt in section Creditcard)

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 in section Creditcard)

OR
1 Don’t know
END OF GROUP
END OF IF
End of section Creditcard
Start of section Payday
B24 (your payday loan experience in section Payday)

Payday loans are small, short-term loans that must be paid in full when the borrowers re-
ceive 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

B26 (purpose of payday loan in section Payday)

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
33
8 Pay gambling debt
9 Help family members with an emergency
B26 other (other reason needed loan in section Payday)

STRING
END OF GROUP
B27 (taken out loan to pay back loan in section Payday)

Some people pay back their payday loan by taking out a new loan. Have you ever done
this?
1 Yes
2 No
3 Don’t know
IF B27 = YES THEN

B28 (how long to pay back loan in section Payday)
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 in section Payday)

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 in section Payday)
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
34
END OF IF
End of section Payday
Start of section Studentloan
new1 (have student loan in section Studentloan)

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 I do not currently owe any money or loans that were used to pay for education (i.e., stu-
dent loans)
35
IF new1 = RESPONSE AND not(6 IN new1) THEN
new1 a (public or private student loan in section Studentloan)
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 in section Studentloan)
Was this college a for-profit institution?
1 Yes
2 No
END OF IF
new1 c (kind of degree in section Studentloan)

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 in section Studentloan)

Did the person for whom this loan was taken out complete the degree?
1 Yes
2 No
IF new1 d = YES THEN

new1 e (useful student loan in section Studentloan)
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
2 No
END OF IF
new1 f (borrowed from home equity in section Studentloan)

Did you borrow from your home equity to pay for educational expenses for you or others?
1 Yes
2 No
IF 1 IN new1 THEN
36
new2 (currently owed on own education loan in section Studentloan)
About how much money do you currently owe on the loan(s) for your own education?
1 $0 to $9,999
2 $10,000 to $19,999
3 $20,000 to $29,999
4 $30,000 to $39,999
5 $40,000 to $49,999
6 $50,000 or more
7 Don’t know
new6 (when start paying on own education loans in section Studentloan)

How long ago did you first start making payments on the loan(s) for your own educa-
tion?
1 In the last 12 months
2 1 to 5 years ago
3 6 to 10 years ago
4 11 to 15 years ago
6 More than 20 years ago
7 I am not currently making payments
END OF IF
IF 2 IN new1 THEN
new3 (currently owed for spouse education in section Studentloan)
About how much money do you currently owe on the loan(s) for your spouse/partner’s
education?
1 $0 to $9,999
2 $10,000 to $19,999
3 $20,000 to $29,999
4 $30,000 to $39,999
5 $40,000 to $49,999
6 $50,000 or more
7 Don’t know
new7 (when start paying on spouse education loans in section Studentloan)

How long ago did you first start making payments on the loan(s) for your spouse or
partner’s education?
2 1 to 5 years ago
3 6 to 10 years ago
37
END OF IF
IF 3 IN new1 THEN
new4 (currently owed for child education in section Studentloan)
About how much money do you currently owe on the loan(s) for a child’s education?
1 $0 to $9,999
2 $10,000 to $19,999
3 $20,000 to $29,999
4 $30,000 to $39,999
5 $40,000 to $49,999
6 $50,000 or more
7 Don’t know
new8 (when start paying on child education loans in section Studentloan)

How long ago did you first start making payments on the loan(s) for a child’s education?
2 1 to 5 years ago
3 6 to 10 years ago
END OF IF
IF 4 IN new1 THEN
new5 (currently owed for grandchild education in section Studentloan)
About how much money do you currently owe on the loan(s) for a grandchild’s educa-
tion?
1 $0 to $9,999
2 $10,000 to $19,999
3 $20,000 to $29,999
4 $30,000 to $39,999
5 $40,000 to $49,999
6 $50,000 or more
7 Don’t know
new9 (when start paying on grandchild education loans in section Studentloan)

How long ago did you first start making payments on the loan(s) for a grandchild’s
education?
2 1 to 5 years ago
3 6 to 10 years ago
38
END OF IF
IF 5 IN new1 THEN
new10 (currently owed for other’s education in section Studentloan)
About how much money do you currently owe on the loan(s) for the education of this
other person/these other people?
1 $0 to $9,999
2 $10,000 to $19,999
3 $20,000 to $29,999
4 $30,000 to $39,999
5 $40,000 to $49,999
6 $50,000 or more
7 Don’t know
new11 (when start paying on other education loans in section Studentloan)

How long ago did you first start making payments on the loan(s) for the education of
this other person/these other people?
2 1 to 5 years ago
3 6 to 10 years ago
END OF IF
END OF IF
End of section Studentloan
Start of section Advice
39
B32 (who helped household last yr in section Advice)

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
4 Professional(s) (such as a financial advisor, accountant or attorney)
B32 other (other person who helped in section Advice)

STRING
END OF GROUP
IF 4 IN B32 THEN
B32a (how professional paid in section Advice)
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 in section 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
40
B33 (who helped with bills last yr in section Advice)

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 Other family member
6 Friends
B33 other (other person helped with bills in section Advice)

STRING
END OF GROUP
B34 (who managed investments past yr in section Advice)

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
4 Professional(s) (such as a financial advisor or attorney)
B34 other (other person managed investments in section Advice)

STRING
END OF GROUP
B35 (paid medical expense more than 1k past 3 yrs in section Advice)
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
2 No
3 Don’t know
41
IF B35 = YES THEN
B35a (How much medical bill in section Advice)
Approximately how much was the total medical expense that the insurance did not cover?
B35b (reason not covered in section Advice)

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
B35b other (other why not covered in section Advice)

STRING
END OF GROUP
B35c (Preparedness to cover expense in section Advice)

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
B36 (Advisors for medical expense in section Advice)

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
3 Professional(s) (such as a financial advisor, accountant or attorney)
5 Medical provider
B36 other (other person consulted about med expense in section Advice)
STRING
42
END OF GROUP
END OF IF
B37 (financial stress past 3 yrs in section Advice)

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
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
B37 other (other financial stress in section Advice)

STRING
END OF GROUP

B37b (cope with shock in section Advice)

What did you do as a response to the financial stress that your household experienced?
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
43
B37b other (other cope with shock in section Advice)

STRING
END OF GROUP
B37c (success response to shock in section Advice)

Would you say that your household fully recovered from this financial stress?
1 Yes
2 No
B37d (lasting effect of shock in section Advice)

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

22
...
99
10 10 Very successfully
B38 (Advisors during financial stress in section Advice)

In dealing with your financial stress, please select all the people who you asked for
financial advice.
4 Banker
5 Financial advisor
6 Attorney
7 Friend
8 Community group/Counseling agency
9 Accountant
B38 other (other person consulted about bankruptcy foreclosure in section Ad-
vice)
STRING
END OF GROUP
44
B38b (useful advice in section 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 Completely useless
2 Useless
3 Neither useless nor useful
4 Useful
5 Completely useful
END OF IF
END OF IF
B39 (retire past 3 yrs or plan to in section Advice)

In the last 3 years, did you retire or do planning for your retirement?
1 Yes
2 No
IF B39 = YES THEN

B40 (Advisors for retirement in section Advice)

In preparing for your retirement, please select all the people who you asked or plan to
ask for financial advice.
2 Spouse/partner
5 Employer
6 Banker
7 Financial advisor
8 Attorney
9 Friend
10 Community group/Counseling agency
B40 other (other person consulted about retirement in section Advice)

STRING
END OF GROUP
B40a (enough money in section Advice)

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
45
3 I determined that I do/did NOT have enough money to retire
IF B40a = 3 THEN
B40b (make ends meet in section Advice)

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
B40b other (other make ends meet in section Advice)

STRING
END OF GROUP
END OF IF
Fill code of question FLHWP executed
B40b2 (spending planning horizon in section Advice)

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
B40b2 other (other spending planning horizon in section Advice)

STRING
46
END OF GROUP
Fill code of question FLB40c executed

B40c (retirement planning horizon in section Advice)
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 in section Advice)
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 5 IN laborstatus THEN
B40e (effect of losing job on expected retirement in section Advice)
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
END OF IF
B41 (receive more or less money mgmt help than 3 yrs ago in section Advice)
Please tell us if you receive more or less help with your everyday money management to-
day 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 in section Advice)
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?
47
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 in section Advice)

Have you named someone to decide on your health care needs if you are unable to do it
so yourself?
1 Yes
2 No
B42b (made plans for long term care in section Advice)

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
2 No
IF B42b = YES THEN

B42c (plans for long term care in section Advice)

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
B42c other (other plans for long term care in section Advice)
STRING
END OF GROUP
END OF IF
End of section Advice
Start of section Fraud
B47 (taken advantage of in financial ways in section Fraud)

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,
48
or buying a product you didn’t want)? Major means at least $1,000.
1 Yes
2 No
3 Don’t know
IF B47 = YES THEN

B48 (taken advantage of in other financial ways in section Fraud)

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
B48 other (other way taken advantage of in section Fraud)

STRING
END OF GROUP
B48a (report fraud in section 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
2 No
B48b (person who helped with fraud in section 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
B48b other (other person who helped with fraud in section Fraud)
49
STRING
END OF GROUP
END OF IF
B49 (regretted major financial transaction past 3 yrs in section Fraud)

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
2 No
IF B49 = YES THEN

B49a (why regret transaction in section Fraud)

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
B49a other (other reason regret transaction in section Fraud)

STRING
END OF GROUP
B49b (why regretted open answer in section Fraud)

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 section Fraud)
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
2 No
3 Don’t know
IF B50 = YES THEN

50
B51 (part of transaction not understood in section Fraud)
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
B51 other (other part not understood in section Fraud)

STRING
END OF GROUP
END OF IF
End of section Fraud
Start of section Confidence
B52 (confidence in financial decisions in section Confidence)

Compared to 5 years ago, how confident do you feel in your ability to make financial deci-
sions?
1 More confident
2 About the same
3 Less confident
B53 (person authorized to make financial decisions for you in section Confidence)
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 finan-
cial 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
51
B54 (who named as agent in section Confidence)
My power of attorney names the following as my agent:
1 (My spouse/My partner)
2 Another family member or friend
3 An unrelated caregiver
4 A financial professional
5 An attorney
B54 other (other person named in section Confidence)

STRING
END OF GROUP
END OF IF
End of section Confidence
Start of section Closing
CS 001 (HOW PLEASANT INTERVIEW in section Closing)

Could you tell us how interesting or uninteresting you found the questions in this interview?
1 Very interesting
2 Interesting
3 Neither interesting nor uninteresting
4 Uninteresting
5 Very uninteresting
CS 003 (comments in section Closing)

Do you have any other comments on the interview? Please type these in the box below.(If
you have no comments, please click next to complete this survey.)
STRING
/* Please note that although question CS 003 is listed in the routing, the answers are
not included in the microdata in the event identifiable information is captured. Cleaned
responses are available by request. */
End of section Closing
52

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UnderStandingAmericaStudy

UAS 18: SPENDING, PLANNING AND SAVING

Survey author(s): Social Security Administration

Fielded April 20, 2015 - March 23, 2018

2 Survey Response And Data 4

5 Missing Data Conventions 13

7 Survey with Routing 15

2.1 Sample selection and response rate

All active respondents.

The detailed survey response rate is as follows:

UAS18 - Response Overview

Size of selected sample 7388

Completed the survey 6309

Started but did not complete the survey 30

Did not start the survey 1049

Response rate 85.4%

2.3 Sample & Weighting

1. Nationally Representative Sample

The following variables are available in each survey data set:

◦ hhmembernumber: indicates the number of household members in the respon-

survey intro (Section Introductionsection)

IF maritalstatus = EMPTY THEN

IF maritalstatus > 3 THEN

IF laborstatus = EMPTY THEN

intro 2 (own or rent home in section Introductionsection)

intro 4 (info home in section Introductionsection)

IF 1 IN intro 4 or 2 IN intro 4 or 3 IN intro 4 THEN

intro 5aa (balance higher in section Introductionsection)

intro 5ab (pay-off mortgage in section Introductionsection)

IF intro 5ab = YES THEN

intro 5ac (when pay-off in section Introductionsection)

intro 5ac age (age when pay-off in section Introductionsection)

intro 5a (reset of mortgage in section Introductionsection)

intro 7 (Section Introductionsection)

intro 8 (who you asked for refinancing advice in section Introductionsection)

intro 8 other (other person asked for advice in section Introductionsec-

GROUP OF QUESTIONS PRESENTED ON THE SAME SCREEN

intro 8a (specifics of the mortgage refinance in section Introductionsection)

intro 8a other (other specifics of the mortgage refinance in section Intro-

GROUP OF QUESTIONS PRESENTED ON THE SAME SCREEN

B31a intro (Section Introductionsection)

B31a a ($500 pay for unexpected expense in section Introductionsection)

B31a b ($1000 pay for unexpected expense in section Introductionsection)

B31a c ($5000 pay for unexpected expense in section Introductionsection)

GROUP OF QUESTIONS PRESENTED ON THE SAME SCREEN

B31 intro (Section Introductionsection)

B31 a ($500 pay for unexpected expense in section Introductionsection)

B31 b ($1000 pay for unexpected expense in section Introductionsection)

B31 c ($5000 pay for unexpected expense in section Introductionsection)

B31 d ($1000 pay for unexpected expense in section Introductionsection)

End of section Introductionsection

Start of section Banking

B10 (ways you do banking in section Banking)

B10 other (other way you do banking in section Banking)

IF not(4 IN B10) THEN

B11 (why not bank online in section Banking)

B12 (how pay bills in section Banking)

B13 (use autobill pay in section Banking)

IF B13 IN (3,4,5) THEN