1



Cognition and Aging in the USA

Decision Making Survey

ABOUT THIS QUESTIONNAIRE

This questionnaire is a part of the Study of Cognition and Aging in the U.S.A. We greatly value your past participation in this study, and we hope that you will find this questionnaire interesting to complete. As always, your answers are extremely important to us. Please remember that your participation is voluntary and that you may skip over any questions that you would prefer not to answer. All of your responses will be kept confidential.

Specific questionnaire instructions:

This questionnaire contains questions about everyday decisions, personal finance, your financial opinions, and other related topics. We understand that some of these questions are of a personal nature. Please remember that your responses are confidential, and it helps us a great deal if you respond as completely, honestly, and accurately as possible.

It is important that the questions be answered by the person to whom the survey is addressed.

If you have any questions about this survey, please feel free to call us at

1-800-759-7947.

Thank you!

Each of the following items presents a choice between two options. Each item is presented with a scale ranging from 1 (representing one option) through 6 (representing the other option). For each item, please mark the number on the scale that best reflects your relative preference between the two options.

You are buying a gold ring on layaway for someone special. It costs $200 and you have already paid $100 on it, so you owe another $100. One day, you see in the paper that a new jewelry store is selling the same ring for only $90 as a special sale, and you can pay for it using layaway. The new store is across the street from the old one. If you decide to get the ring from the new store, you will not be able to get your money back from the old store, but you would save $10 overall.

Would you be more likely to continue paying at the old store or buy from the new store?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to continue Most likely to buy

paying at the old store from the new store

You enjoy playing tennis, but you really love bowling. You just became a member of a tennis club, and of a bowling club, both at the same time. The membership to your tennis club costs $200 per year and the membership to your bowling club $50 per year. During the first week of both memberships, you develop an elbow injury. Playing tennis and bowling are both painful. Your doctor tells you that the pain will continue for about a year.

Would you be more likely to play tennis or bowl in the next six months?

Mark (X) in 1 box)

1 2 3 4 5 6

Most likely to Most likely to

play tennis bowl

You have been looking forward to this year’s Halloween party. You have the right cape, the right wig, and the right hat. All week, you have been trying to perfect the outfit by cutting out a large number of tiny stars to glue to the cape and the hat, and you still need to glue them on. On the day of Halloween, you decide that the outfit looks better without all these stars you have worked so hard on.

Would you be most likely to wear the stars or go without?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

wear stars not wear stars

After a large meal at a restaurant, you order a big dessert with chocolate and ice cream. After a few bites you find you are full and you would rather not eat any more of it.

Would you be more likely to eat more or to stop eating it?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

eat more stop eating

You are in a hotel room for one night and you have paid $6.95 to watch a movie on pay TV. Then you discover that there is a movie you would much rather like to see on one of the free cable TV channels. You only have time to watch one of the two movies.

Would you be more likely to watch the movie on pay TV or on the free cable channel?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

watch pay TV watch free cable

You have been asked to give a toast at your friend’s wedding. You have worked for hours on this one story about you and your friend taking drivers’ education, but you still have some work to do on it. Then you realize that you could finish writing the speech faster if you start over and tell the funnier story about the dance lessons you took together.

Would you be more likely to finish the toast about driving or rewrite it to be about dancing?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

write about driving write about dancing

You decide to learn to play a musical instrument. After you buy an expensive cello, you find you are no longer interested. Your neighbor is moving and you are excited that she is leaving you her old guitar, for free. You’d like to learn how to play it.

Would you be more likely to practice the cello or the guitar?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

play cello play guitar

You and your friend are at a movie theater together. Both you and your friend are getting bored with the storyline. You’d hate to waste the money spent on the ticket, but you both feel that you would have a better time at the coffee shop next door. You could sneak out without other people noticing.

Would you be more likely to stay or to leave?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

stay leave

You and your friend have driven halfway to a resort. Both you and your friend feel sick. You both feel that you both would have a much better weekend at home. Your friend says it is "too bad" you already drove halfway, because you both would much rather spend the time at home. You agree.

Would you be more likely to drive on or turn back?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

drive on turn back

You are painting your bedroom with a sponge pattern in your favorite color. It takes a long time to do. After you finish two of the four walls, you realize you would have preferred the solid color instead of the sponge pattern. You have enough paint left over to redo the entire room in the solid color. It would take you the same amount of time as finishing the sponge pattern on the two walls you have left.

Would you be more likely to finish the sponge pattern or to redo the room in the solid color?

Mark (X) in 1 box

1 2 3 4 5 6

Most likely to Most likely to

finish sponge pattern redo with a solid color

How would you describe yourself: Are you generally willing to take risks or do you try to avoid taking risks? 

Please check a box on the scale of 0 to 10 where 0 represents "not at all willing” to take risks and 10 represents "very willing” to take risks? 

Mark (X) in 1 box

Not at All Very

Willing Willing

[pic]

0 1 2 3 4 5 6 7 8 9 10

Imagine you are 65 years old, and you are receiving $1,000 per month in Social Security benefits. Suppose you had a choice: either you could keep that $1,000 monthly benefit for life, or you could exchange it for a monthly benefit half that size, $500 per month for life, plus you’d get a one-time, lump sum payment. What is the smallest lump sum that you would be willing to accept in exchange for reducing your lifetime benefit by $500 per month?

Mark (X) in 1 box

| |$0 - $25,000 |

| |$25,001 - $50,000 |

| |$50,001 – 75,000 |

| |$75,001 - $100,000 |

| |$100,001 - $150,000 |

| |$150,001 - $200,000 |

| |Over $200,000 |

| |Would not take at any price - Go to |

| |Don’t know - Go to |

How important were each of the following factors, when you made this decision of whether to stay with the higher monthly benefit, or take the lower monthly benefit plus the lump-sum payment?

|[pic]13a. I want control over how my money is invested.... | | | |

|13b. I want access to the money in case I need it….... | | | |

|13c. I want to be certain that I have regular monthly income even if I live a long time………..………… | | | |

|13d. I want to leave the money to others when I die.... | | | |

If you did decide to take the lump sum and for the lower monthly benefit, how likely is it that you would use the lump sum payment for each of the following purposes?

Mark (X) in 1 box for each item below)

|14a. Spend the money within one year………………..… | | | |

|14b. Spend the money gradually over the rest of my life……………………………………………………..... | | | |

|14c. Set aside the money to leave as an inheritance....... | | | |

|14d. Give the money away while I am alive……...…..…. | | | |

|14e. Set the money aside for possible future medical or nursing home expenses………………………….….. | | | |

|14f. Pay off debt…………………………………………….. | | | |

|14g. Invest the money…………………………...…...……. | | | |

If you were to invest money on your own for 10 years, what average return do you think you could earn per year, in percentage terms?

Mark (X) in 1 box

Return per year:

| |0 – 2% |

| |3 – 4% |

| |5 – 6% |

| |7 – 8% |

| |9 – 10% |

| |11 – 12% |

| |12 – 15% |

| |Over 15% |

| |Don’t Know |

Relative to other individuals your same age, how would you rate your own investment skills?

Mark (X) in 1 box

| |Excellent |

| |Very good |

| |Good |

| |Fair |

| |Poor |

I understand the stock market reasonably well.

Mark (X) in 1 box

| |Strongly agree |

| |Agree |

| |Slightly agree |

| |Slightly disagree |

| |Disagree |

| |Strongly disagree |

I am pretty good at math.

Mark (X) in 1 box

| |Strongly agree |

| |Agree |

| |Slightly agree |

| |Slightly disagree |

| |Disagree |

| |Strongly disagree |

You should put all your money into the safest investment you can find and accept whatever return it pays.

Mark (X) in 1 box

| |Strongly agree |

| |Agree |

| |Slightly agree |

| |Slightly disagree |

| |Disagree |

| |Strongly disagree |

I am good at dealing with day-to-day financial matters, such as checking accounts, credit cards, mortgages, installment payments, and budgeting.

Mark (X) in 1 box

| |Strongly agree |

| |Agree |

| |Slightly agree |

| |Slightly disagree |

| |Disagree |

| |Strongly disagree |

How often do you learn something from books or media sources, such as TV, radio, the internet, magazines or newspapers about the stock market, bond market, or other investments?

Mark (X) in 1 box

| |Several times a week |

| |About once a week |

| |About once a month |

| |About once every three months |

| |About once a year |

| |Never or almost never |

How often do you and your spouse get advice from someone you know personally about your stocks, bonds, or other investments?

Mark (X) in 1 box

| |Several times a week |

| |About once a week |

| |About once a month |

| |About once every three months |

| |About once a year |

| |Once every few years |

| |Never or almost never |

| |I don’t have any stocks, bonds, or other investments |

From whom do you (and your spouse) get advice most often on your stocks, bonds, or other investments, or to whom would you turn if you did need such advice?

Mark (X) in 1 box

| |A son/son-in-law or daughter/daughter-in-law (including stepchildren) |

| |A brother or sister, brother-in-law or sister-in law |

| |Another relative |

| |A financial professional |

| |A coworker or colleague |

| |A friend who is not a financial professional or coworker |

| |Other |

Do you think that the following statement is true or false? Buying a single company stock usually provides a safer return than a stock mutual fund.

Mark (X) in 1 box

| |True |

| |False |

| |Don’t know |

Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?

Mark (X) in 1 box

| |More than $102 |

| |Exactly $102 |

| |Less than $102 |

| |Don’t know |

Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, would you be able to buy more than, exactly the same as, or less than today with the money in this account?

Mark (X) in 1 box

| |More than today |

| |Exactly the same as today |

| |Less than today |

| |Don’t know |

Next we would like to ask you a series of statements about financial matters. We would like to know whether, in your opinion, the statement is generally “True” or generally “False” and how strongly you believe this to be the case.

An example of a true-false statement is the following:

|Example Question: A savings bank never offers a checking account. |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False |

| |

|Most Likely False | |Most Likely True |

|Surely False | | |

| |Did you have at least one job for which you got paid last year? |Yes No |

| |When you are working, about how many | |

| |hours per week do you usually work? | |

| |Last year, about how many weeks did | |

| |you work? | |

| |Last year, what were your total earnings | |

| |before taxes from all jobs? Include only | |

| |your earnings – do not include your spouse’s earnings. | |

| |Question |Your Spouse (if applicable) |

| |Did your spouse have at least one job for which he/she got |Yes No Not Applicable , |

| |paid last year? |(No spouse) |

| |When your spouse is working, about how many hours per week | |

| |does he/she usually work? | |

| |Last year, about how many weeks did your spouse work? | |

| |Last year, what were your spouse’s total earnings before | |

| |taxes from all jobs? Include only your spouse’s earnings. | |

Do you own your home?

Yes No If no, please check here and

resume the survey on the next

page

If yes, please fill out the following table for your PRIMARY home:

If you have trouble coming up with a value, you may answer with the “range letters” that appear below the table.

| | |

| |Your Primary Home |

| |My spouse |

| |My spouse and I are equally knowledgeable |

| |Someone else in the family |

Who in your household pays the bills?

| |Me |

| |My spouse |

| |My spouse and I are equally knowledgeable |

| |Someone else in the family |

Who (among members of your immediate family) makes the decisions about how to save for retirement and other large expenses?

| |Me |

| |My spouse |

| |My spouse and I are equally knowledgeable |

| |Someone else in the family |

During your school education (high school, college or graduate school) did you take any courses in economics or finance?

| |Yes |

| |No – Go to |

| |Don’t know – Go to |

If you took any courses in economics or finance, how many courses did you take?

| |One |

| |Two |

| |Three |

| |Four to eight |

| |More than eight |

Do you remember your parents talking about financial investments when you were a child or teenager?

| |Yes |

| |No |

| |Don’t know |

Do you have an employer-provided pension that works like Social Security – that is, there is a set of rules that determine how much you will get per month after you retire (do not include Social Security itself).

| |Yes |

| |No |

| |Don’t know |

Have you ever had the chance to choose how to invest your money in an employer-sponsored retirement plan, such as a 401(k) plan?

| |Yes |

| |No |

| |Don’t know |

Has your employer ever offered a seminar or training session for employees on retirement planning?

| |Yes Go to |

| |No Go to |

| |Don’t know Go to |

| |Not applicable Go to |

Have you ever attended a retirement seminar or training session offered by your employer?

| |Yes |

| |No |

| |Don’t know |

| |Not applicable |

Have you ever attended a retirement seminar or training session that was NOT offered by your employer?

| |Yes |

| |No |

| |Don’t know |

Has anyone in your immediate family ever attended an employer- provided seminar or training session on retirement planning?

| |Yes |

| |No |

| |Don’t know |

Has anyone in your immediate family ever attended a retirement seminar or training session that was NOT offered by their employer?

| |Yes |

| |No |

| |Don’t know |

Please fill out the following table about your (and your spouse’s) assets:

If you have more than one account in any category, please add up the amounts over all the accounts in that category. If you have trouble coming up with a value, you may answer with the “range letters” that appear below the table.

| |Special Accounts You (and/or Your Spouse) May Hold |

| |No |

| |Don’t know |

If you have an educational savings account, do you hold any stocks or stock mutual funds in that account?

| |Yes |

| |No |

| |Don’t know |

If you (or your spouse) have any money in a retirement account, please answer the next set of questions. Otherwise, skip to the next part about other assets (p. 37).

Retirement accounts such as IRAs, 401(k) plan accounts, and Keogh accounts typically allow you to choose how to invest your money. We would like to know more about the assets you have in your retirement accounts. Please fill out the following table. If you have more than one retirement account, please add up the amounts of each type of asset from all your retirement accounts.

If you have trouble coming up with a value, you may answer with the “range letters” that appear below the table (on the next page).

| |Assets You (and/or Your Spouse) May Hold in Retirement Accounts |

| |No – Go to |

| |Don’t know – Go to |

| |Not applicable – Go to |

Is the stock of any company you or your spouse currently work for offered as an option in a retirement account with the company?

| |Yes |

| |No |

| |Don’t know |

| |Not applicable (not currently working) |

Do you or your spouse get any special deal for investing in the stock of a current employer?

| |Yes |

| |No |

| |Don’t know |

| |Not applicable (not currently working) |

On average, about how often do you buy or sell stocks, bonds, or other investments or change the allocations in a retirement account?

| |Several times a week |

| |Once a week |

| |Once a month |

| |Once a quarter |

| |Once a year |

| |Once every five years |

| |Less than once every five years |

| |Never |

When was the last time you bought or sold stocks, bonds, or another investment or changed the allocations in a retirement account?

| |In the last week |

| |In the last month |

| |In the last quarter |

| |In the last year |

| |In the last five years |

| |More than five years ago |

| |Never Go to |

What did you do on that occasion? (Choose one)

| |Bought something because its price went up and you thought its price would go up further |

| |Sold something because its price went down and you thought its price would drop further |

| |Bought something because its price went down and you thought it was undervalued |

| |Sold something because its price went up and you thought it was overvalued |

| |Sold something because you needed the money |

| |Bought something because you had extra money to invest |

| |Changed your mix of investments to adjust your exposure to market risk |

| |Other _____________________________ |

Did you get advice from anyone about this transaction?

Yes No - Go to

Go to

If you did get advice from someone about this transaction, who gave you the advice?

| |A son or daughter (including stepchildren) |

| |A brother or sister, brother-in-law or sister-in-law |

| |Another relative |

| |A financial professional |

| |A coworker or colleague |

| |A friend who is not a financial professional or coworker |

| |Other ___________________________________ |

Financial planners often divide peoples’ accumulated savings (including all dividends and interest earned) into stocks, bonds, and short-term assets such as checking accounts, savings accounts, money market accounts, certificates of deposit, short-term Treasury bills, and cash.

Including what is in retirement accounts such as IRAs and 401(k) plans and what is in educational savings accounts as part of your accumulated savings, is more than one third of your savings in stocks?

| |Yes |

| |No |

| |Don’t know |

Is more than one third of your savings in medium to long-term bonds?

| |Yes |

| |No |

| |Don’t know |

Is more than one third of your savings in short-term assets such as checking accounts, savings accounts, money market accounts, certificates of deposit, short-term Treasury bills, and cash?

| |Yes |

| |No |

| |Don’t know |

Please fill out the following table about your (and your spouse’s) assets:

| |Assets You (or Your Spouse) May Hold |

| |Don’t know |

If you have a credit card balance, what interest rate (APR) do you pay on the unpaid credit card balances (or the average interest rate if you carry a balance on more than one credit card)?

| |__________% |

| |Don’t know |

Within the last year, have you obtained credit from a rent-to-own store, pawn shop, payday lender, cash advance lender, auto title lender, or tax return preparer?

| |Yes |

| |No |

| |Don’t know |

Have you made a late payment on any loan in the last year?

| |Yes |

| |No |

| |Don’t know |

Have you been denied credit for any type of loan within the last year?

| |Yes |

| |No |

| |Don’t know |

What sources of information did you use to assist you in answering these questions?  (Check all that apply)

| |Account statements |

| |Tax returns |

| |Personal finance software (e.g., Quicken or MS Money) |

| |Asked someone else |

| |Other (specify): ______________________ |

Now here is another kind of question. Suppose that you unexpectedly inherited one million dollars from a distant relative. You are immediately faced with the opportunity to take a one-time risky, but possibly rewarding investment option that has a 50-50 chance of doubling the money to two million dollars within a month and a 50-50 chance of reducing the money by one-third, to 667 thousand dollars, within a month.

Would you take the risky investment option or not?.

Yes No Skip to

Suppose that the chances were 50-50 that the risky investment would double the money to two million dollars and 50-50 that it would cut it in half, to 500 thousand dollars.

Would you take the risky investment option or not?.

Yes No Skip to

Suppose the chances were 50-50 that the risky investment option would double your money to two million dollars and 50-50 that it would reduce it by seventy-five percent, to 250 thousand dollars.

Would you take the risky investment option or not?

Yes No

Skip to

Suppose that the chances were 50-50 that the risky investment option would double the money to two million dollars and 50-50 that it would cut it by twenty percent, to 800 thousand dollars.

Would you take the risky investment option or not?

Yes No

Suppose the chances were 50-50 that the risky investment option would double your money to two million dollars and 50-50 that it would reduce it by ten percent, to 900 thousand dollars.

Would you take the risky investment option or not?

Yes No

How many living children do you have?

| |0 |

| |1 |

| |2 |

| |3 |

| |4 or more |

Do you have a written will?

| |Yes |

| |No |

Have you ever established a trust or entered into any other legal or financial arrangements in order to more efficiently transfer assets to your partner, children, heirs, or other worthy causes, upon your death?

| |Yes |

| |No |

Have you ever made an appointment with a financial planner, accountant, or lawyer to inquire about how to reduce your possible estate or inheritance tax liability after your death?

| |Yes |

| |No |

About how much does your household spend on food that you use at home in an average week, including any food delivered to the door?

$______________ in an average week

About how much does your household spend eating out?

$___________________ in an average week

We are interested in your choice between a low cost nursing home of moderate quality, and a high quality/high cost nursing home in a situation in which you had no spouse or partner to make the decision for you. To make the comparison concrete, assume that you had total wealth worth $200,000 at today’s prices to divide between nursing home costs and a bequest (inheritance you would leave to others). Which of the options below would you choose?

• Option A: Spend $25,000 in total for nursing home care similar to that you would receive with public assistance, leaving $175,000 for a bequest/inheritance.

• Option B: Pay $75,000 in total for higher quality nursing home care, leaving $125,000 as a bequest/inheritance.

Which option would you choose?

| |Option A |

| |Option B |

| |Don’t know |

Out of your total wealth of $200,000, what is the HIGHEST AMOUNT that you would be willing to pay for the higher quality care option given its impact in lowering your bequest/inheritance?

$___________________

If you have at least one living child, please answer the following question.

If not, Go to .

Now suppose that you preferred option B yet only had total personal wealth of $25,000 available.

(a) Do your children between them have the resources to pay the additional $50,000 so that you could afford the high quality care?

| |Yes |

| |No |

| |Don’t know |

(b) On a scale of 0 to 100, where “0” means that you think there is absolutely no chance and “100” means you are absolutely sure, what is the percent chance that your children would pay the additional $50,000 required for you to receive higher quality care?

Mark (X) in 1 box

0 10 20 30 40 50 60 70 80 90 100

(Absolutely (Absolutely

no chance) certain)

Now looking forward from your current situation, imagine that you were likely to be cognitively impaired (i.e., having serious problems in your ability to think, reason, or remember things) at the time a long term care decision had to be made, and that you had no spouse or partner to make the decision for you. Which of the following would you prefer?

Mark (X) in 1 box

| |a. To choose now among the various options, leaving a trusted professional (for example a lawyer) in charge of |

| |making arrangements if you are clearly cognitively impaired at the point of needing care? |

| |b. To authorize a family member (such as a child or sibling) to make the choice for you if you are clearly |

| |cognitively impaired at the point of needing care? |

| |c. To leave yourself free to choose at the point of needing care, even if you are clearly cognitively impaired? |

| |d. Have not thought about it enough to have a preference. |

If (a) or (b) Whom would you choose?

Mark (X) in 1 box

| |A son/son-in-law or daughter/daughter-in-law (including stepchildren) |

| |A brother or sister, brother-in-law or sister-in law |

| |Another relative |

| |A lawyer |

| |A financial professional |

| |A coworker or colleague |

| |A friend who is not a lawyer, financial professional, or coworker |

| |Other _________________________________ |

If you have at least one living child, please answer to .

If not, Go to .

Consider now a different hypothetical scenario in which, in the near future, you need 40 hours per week of in-home help each week to provide help with activities such as cooking, dressing and bathing.

a. If money were no object, how many of these forty hours of help would you want to be provided by your child/children as opposed to paid professionals?

Answer in hours per week: Mark (X) in 1 box

None 1-5 6-10 11-15 16-20 21-30 31-39 40

b. Would you want to compensate a child providing care somehow in terms of the inheritance, even if that meant that the primary helper received more than his or her siblings?

| |Yes |

| |No |

| |Don’t know |

c. In practice, how many such hours of help would you think your children would provide between them each week?

Answer in hours per week. Mark (X) in 1 box

None 1-5 6-10 11-15 16-20 21-30 31-39 40

d. Suppose that your child/children were to each win $1,000,000 in the lottery at just the time that you needed help. Would you expect their increased wealth to change the total hours of help they provided?

Mark (X) in 1 box

| |Increase |

| |Decrease |

| |No change |

e. In a few words, please explain why you think they would increase/decrease/not change their total hours of help.

____________________________________________________________

____________________________________________________________

f. Finally, suppose that you rather than your child/children were to win $1,000,000 in the lottery. Would you expect your increased wealth to change the total hours of help your child/children provided?

Mark (X) in 1 box

| |Increase |

| |Decrease |

| |No change |

g. In a few words, please explain why you think they would increase/decrease/not change their total hours of help.

____________________________________________________________

____________________________________________________________

The next few questions are about saving and borrowing. For THIS SECTION ONLY, you may use a calculator if you like; it’s up to you. We realize that some of these questions are difficult, so if you can’t give an exact answer, please give us your best estimate.

Suppose you are going to invest $10,000 for retirement. You are going to invest the money in the stock market or a mutual fund, starting today. You will not make any additional contributions to the account for 20 years. You also will not make any withdrawals from the account for 20 years. This includes any interest, appreciation, or dividends; anything you make on the investment stays in the account as well.

a. What percent return (or yield) do you think you will earn on the investment OVER THE FIRST YEAR.? i.e., how much larger will your investment be after one year, in percentage terms?

Your best estimate is: Mark (X) in 1 box

| |___________% |

| |Don’t know (Go to . |

b. Suppose you do in fact earn that return every year for the 20 years on your investment. How much money will you end up with in the account, in total, after the 20 years, including both your original $10,000 plus the accumulated earnings?

Mark (X) in 1 box

| |___________% |

| |Don’t know |

c. Suppose you earn 10% every year for the 20 years on your investment. How much money will you end up with in the account, in total, after the 20 years, including both your original $10,000 plus the accumulated earnings?

| |___________% |

| |Don’t know |

a. Suppose you borrow $10,000 to buy a car. You will fully repay the loan over 4 years, in 48 equal monthly payments. How much do you think the monthly payment on the loan would be, including both principal and interest? (You can assume the interest rate is whatever you would actually pay for a loan like this.)

Your best estimate is: Mark (X) in 1 box

| |___________% |

| |Don’t know (Go to . |

b. What annual percentage rate of interest, or APR, corresponds to that monthly payment?

Your best estimate is: Mark (X) in 1 box

| |___________% |

| |Don’t know |

c. Suppose the monthly payment is $250, for each of the 48 months. What APR corresponds to that monthly payment?

Your best estimate is: Mark (X) in 1 box

| |___________% |

| |Don’t know |

Did you use a calculator to answer any of the questions in this section?

Mark (X) in 1 box

| |Yes |

| |No |

Who answered the questions in this survey? (Choose the answer that most accurately reflects who completed this survey.)

Mark (X) in 1 box

| |I answered all of the questions by myself |

| |Someone else in my household answered all the questions |

| |I answered most of the questions, but someone else provided a few of the answers. |

| |Someone else answered most of the questions, but I provided a few of the answers. |

| |I completed this survey jointly with someone else. |

| |Other ____________________________ |

If anyone helped you complete the survey, please tell us who helped you. (Choose all that apply)

Mark (X) in 1 box

| |Your spouse |

| |A son or daughter (including stepchildren) |

| |A brother or sister, brother-in-law or sister-in law. |

| |Another relative |

| |A financial professional |

| |A coworker or colleague |

| |A friend who is not a financial professional or coworker |

| |Other____________________________ |

How much time did you spend completing this survey?

___________ minutes

We welcome any additional information or comments you may have about the survey.

-----------------------

Q15

Q1

Q20

Q2

Q3

Q4

Q5

Q6

Q7

Q8

Q9.

Q10

Q122

Q13

Mark (X) in 1 box for each item below

Q14

Q15

Q16

Q17

Q18

Q19

Q21.

Q22

Q23

Q65

Q24

Q25

Q265.

Q52

Q53

Q54

Q55

Q56

Q57

Q58

Q59

Q60

Q83

Q61

Q62

Q63

Q64

Q146

Q135

Q134

Q145

Q144

Q136

Q137

Q138

Q143

Q142

Q139

Go to next question

Skip to

Q140

Q141

Q66

Q67

Q68

Q69

Q70

Q71

Q72

Q73

Q74

Q75

Q76

Q77

Q82

Q78

Q79

Q80

Q81

Q84

Q85

Q86

Q87

Q88

Q89

Q90

Q91

Q92

Q93

Q94

Q95

Q96

Q97

Q98

Q99

Q100

Q101

Q103

Q102

Q104

Q105

Q106

Q107

Q108

Q109

Q110

Q111

Q112

Q113

Q114

Q117

Q118

Q119

Q120

Q115

Q116

Q121

Q122

Q123

Q124

Q125

Q126

Q127

Q128

Q129

Q130

Q131

Q132

Q133

Q147

Q148

Q149

Q150

Q151

Q152

Q153

Q154

Q155

Q156

Q159

Q157

Q158

Q160

Q161

Q162

Q163

Q164

Q165

Q166

Q167

Q168

Q275.

Q285.

Q295.

Q305.

Q315.

Q325.

Q335.

Q345.

Q355.

Q365.

Q375.

Q385.

Q395.

Q405.

Q415.

Q425.

Q435.

Q445.

Q455.

Q465.

Q475.

Q485.

Q495.

Q505.

Q515.

Q74

Q75

Q75

Q114

Q113

Q138

Q140

Q140

Q140

Q150

Q152

Q158

Q159

Q161

Q164

Q114

Q11

Q15

Q70

Q70

Q107

Q75

Q109

Q109

Q109

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download