Click here to see the survey's results.

A Survey Of High School SeniorsNationwide

for the

#8601

February 4-11, 2001 / N=800 High School Seniors Nationwide / ±3.5% M.O.E.

Methodology

• N= 801 High School seniors across the country

• Interviews conducted February 4-11, 2001

• N= 401 males, 400 females

• White – 66%, African-American – 15%, Hispanic – 14%, Other – 4%

• Future plans: – College Bound 69%

– Vo-tech Bound 26%

– Employment Bound 5%


Familiarity With

6%

55%

39%

0% 10% 20% 30% 40% 50% 60%

Very

Somewhat

Not at All

Impact on Your Life

20%

46%

33%

0% 10% 20% 30% 40% 50%

Strong

Moderate

Minor


Access to Information/ Experience in Personal Financial Issues

35%

75%

87%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Employment Outsidethe Home

Financial Curriculumin School

Regular FamilyBusiness discusisonson Money Matters


What do you think is the number one problem facing the country today? That is, what is the problem that you are most concerned about?

R1

36%

5%

8%

9%

12%

15%

16%

0% 10% 20% 30% 40%

Crime/ Violence

Soft Social

Drugs

Economic

Education

Hard Social

Other


Overall, how strong of an impact would you say that financial issues has on your life? What impact would you say that the national economy has on

your life?

Q2

33%

46%

20%

0%

10%

20%

30%

40%

50%

Very strong impact Moderate impact Minor impact


How often do your parents or guardians discuss family money matters with you or in front of you?

Q3

6%

21%

37% 35%

0%

10%

20%

30%

40%

Never Rarely Sometimes Often


How familiar would you say you are with the details and specifics of personal financial issues like savings, taxes, credit, loans, insurance, and

investing?

Q4

7%

32%

55%

6%0%

10%

20%

30%

40%

50%

60%

Extremelyfamiliar

Very familiar Somewhatfamiliar

Not at allfamiliar


What would you say has been your main source of information about the details and specifics about these

personal financial issues?

Q5

3%

3%

7%

13%

22%

45%

0% 10% 20% 30% 40% 50%

Parents & family

Classes

Personalexperiences

TV/ Radio

Internet

Newspapers


Which one of these areas of personal finances do you believe that you know the most about in

terms of understanding the details and specifics?

Q6

2%

4%

6%

8%

9%

33%

34%

0% 10% 20% 30% 40%

Budgeting

Savings accounts

Taxes

Investing

Credit cards

Loans

Insurance


Which of these areas of personal finances do you believe that you know the least about in terms of

understanding the details and specifics?

Q7

3%

3%

8%

9%

15%

16%

45%

0% 10% 20% 30% 40% 50%

Investing

Taxes

Insurance

Loans

Credit cards

Budgeting

Savings accounts


Personal Finance Characteristics

11%

13%

14%

32%

33%

36%

66%

77%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Savings account

Access to car asprimary driver

ATM/ Debit card

Checking account

Allowance

Stocks

Credit Card

Mutual funds


Savings

8%

22%

48%

22%

0% 10% 20% 30% 40% 50%

Nothing

Less than $1,000

$1,000 to $5,000

Over $5,000

Monthly Expenditures

8%

4%

21%

67%

0% 10% 20% 30% 40% 50% 60% 70%

Mean

Under $200

$200 to $500

Over $500

Unsure

$191.68


Results of Personal Finance Quiz

• Percentage of earnings that should be saved each month 6%• Vehicle which earns most money from savings 25%• Entity responsible for setting interest rates in US 30%• Financial service with the highest interest rate 34%• Financial service with the lowest interest rate 8% • Who is responsible for majority of funds for your retirement 46% • Least expensive way to purchase an automobile 66%• Impact of late/missed payment on your credit history 35%• Most cost effective type of credit card (based on interest rate

& Annual fee) 16%• Accurate description of “earned income” 78%• Accurate description of “passive income” 22%• Method of calculating your net worth 47%• Accurate description of “sales tax” 48%

Mean score (out of possible 13.00) 4.52


Appendix

Personal Financial Issue Quiz

Questions And Results


Do you receive a weekly or monthly allowance from your parents or a member of your immediate

family?

Q8

Sometimes5%

No68%

Yes27%


Monthly allowance

Q9

68%

9% 13% 5% 6%0%

10%

20%

30%

40%

50%

60%

70%

80%

Noallowance

$50 to $100 Refused


Are you required to pay your expenses and credit card bills, if you have them, out of your

allowance?

Q10

Sometimes9%

No49%

Yes42%


Of the following, which would describe the bank account you have?

Q11

17%

49%

5%

28%

0%

10%

20%

30%

40%

50%

60%

Don't have one Savings but nochecking

Checking but nosavings

Both checkingand savings


Do you have any money in a checking or savings account, CD’s, or savings bonds?

Q12

Unsure1%

No21%

Yes78%


Which of the following categories fits the amount of money that you have in savings accounts, CDs,

or savings bonds?

Q13

5%

3%

5%

5%

9%

19%

18%

18%

18%

0% 10% 20%

Under $250

$250 to $500

$500 to 1,000

$1,001 to $2,500

$2,500 to $5,000

$5,000 to $10,000

Over $10K

Refused

Unsure


Do you have an ATM card or debit card?

Q14

No64%

Yes36%


Who is in charge of managing the account and keeping track of the cash balance for this ATM or

debit card?

Q15

82%

12% 6%0%

10%20%30%40%50%

60%70%80%90%

Self Parents Both


Which of the following is true about your ownership of stocks and mutual funds?

Q16

71%

6% 8% 5% 6% 4%0%10%20%30%40%50%60%70%80%

No stocksor mutual

funds

Stocks inmy ownname

Stocks inparent'sname

Mutualfunds in

my name

Mutualfunds inparentsname

Unsure


Aside from ATM, debit or check cards, do you have any credit cards of your own?

Q17

No87%

Yes13%


How do you handle the payment of the bills for this credit card?

Q18

58%

33%

7% 1%0%

10%

20%

30%

40%

50%

60%

Self Parents Both Other


How many dollars do you spend each month in both cash and credit card expenditures, if you

have credit cards?

Q19

67%

21%

4% 8%0%

10%

20%

30%

40%

50%

60%

70%

Under $200 $200 to $500 Over $500 Unsure


Which of these views comes closest to the view that your parents have had about you working

during high school?

Q20

63%

27%

4% 5%0%

10%

20%

30%

40%

50%

60%

70%

Encouragehaving a job

Discouragehaving a job

Both Neither


Of the following, which best describes your employment history?

Q21

Occasional working student

21%

Non-working student

13%

Regular working student

66%


What percentage of the money you make do experts believe you should save each month?

Q22

11% 8% 4% 8% 4%

66%

0%

10%

20%

30%

40%

50%

60%

70%

1-10% 11-20% 21-30% 31-50% 51% ormore

Unsure


Which of the following methods will allow you to earn the most money from your savings?

Q23

38%

15%

25% 23%

0%

10%

20%

30%

40%

Savings account Money marketaccount

CD or Certificate ofDeposit

Unsure


Which of the following individuals or organizations is most responsible for setting

interest rates?

Q24

3%

9%

30%

3%

13%

6%

36%

0%

10%

20%

30%

40%

POTUS Congress FederalReserve Board

NYSE US Treasurer Secretary ofCommerce

Unsure


Which of the following financial services typically has the highest interest rate?

Q25

10%

34%

18%14%

24%

0%

10%

20%

30%

40%

Car loan Credit card Mortgage loan Home equityloan

Unsure


Which of the following financial services typically has the lowest rate of interest?

Q26

17%21%

8%

19%

35%

0%

10%

20%

30%

40%

Car loan Credit card Mortgage loan Home equityloan

Unsure


Who is responsible for providing the majority of funds that you will need for your retirement?

Q27

27%

46%

14%

3% 1%9%

0%

10%

20%

30%

40%

50%

Federalgovernment

You, yourself Employers Parents All equal Unsure


Which of the following do you think is the least expensive way to obtain a car?

Q28

66%

12%16%

6%0%

10%

20%

30%

40%

50%

60%

70%

Pay cash Finance Lease Unsure


How much of a negative impact does missing a payment or being late in paying credit card bills

have on your credit rating and history?

Q29

35%40%

12%4% 8%

0%

10%

20%

30%

40%

50%

Extremelynegative

Somewhatnegative

Only slightnegative

No negativeimpact

Unsure


Which of the following types of credit cards is the most cost-effective type of card to have with a

balance owed of $1,000?

Q30

24%28%

16%

32%

0%

10%

20%

30%

40%

13% interest andno annual fee

10% interest and$50 annual fee

7% interest and$200 annual fee

Unsure


Which of the following is the most accurate description of “earned income?”

Q31

9%

78%

6% 7%0%

10%

20%30%

40%

50%60%

70%80%

Stocks,investments,

interest

Wages, salary,tips

Gifts Unsure


Which of the following is the most accurate description of “passive income?”

Q32

22%

15%

41%

22%

0%

10%

20%

30%

40%

50%

Stocks,investments,

interest

Wages, salary,tips

Gifts Unsure


Which of the following is the right way to calculate your net worth?

Q33

5%9%

7%

47%

31%

0%

10%

20%

30%

40%

50%

Annual salaryover life

expectancy

Total of all assets Annual salaryover life

expectancyminus money

you owe

Assests minusdebts

Unsure


Please listen as I read four different statements regarding sales taxes and tell me which one is

correct.

Q34

10%

12%

8%

48%

22%

0% 10% 20% 30% 40% 50%

Government deductssales tax from your

paycheck

Sales tax makesproducts more

expensive

Low income Americansare exempt frompaying sales tax

National sales tax wascut to 5%

Unsure

Click here to see the survey's results.

Economy & Finance

Transcript of Click here to see the survey's results.