About

Digital Financial Literacy Survey Questions

Correct answers are in bold. These questions are reflected in the Banking in the Digital Age report.

Financial Literacy

  • True or FALSE: I need to carry a balance on my card to increase my credit score. 
     

  • True or FALSE: It does not matter how much of my credit line is used; as long as I pay the balance in full, my score will go up. 
     

  • TRUE or False: My debt-to-income ratio is all my monthly debt payments divided by my gross monthly income.
     

  • You lend $25 to a friend one evening and he gives you $25 back the next day. How much interest has he paid on this loan? (Source: OECD)
    A. $0
    b. $5
    c. $25
    d. Not sure
     

  • 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? (Source: OECD)
    a. Less than $110
    b. Exactly $110
    C. MORE THAN $110
    d. Not sure
     

  • Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? (Source: OECD)
    a. More than today
    b. Exactly the same as today
    C. LESS THAN TODAY
    d. Not sure

Digital Literacy

  • TRUE or False: The personal data that I share publicly online may be used to target me with personalized offers. (Source: OECD, modified)

  • True or FALSE: It is safe to share passwords with close friends. (Source: OECD, modified)
     

  • TRUE or False: It is unsafe to share personal information (e.g. financial info, housing info) online, even if my social accounts are private. (Source: OECD, modified)
     

  • True or FALSE: If I am making a transaction online, it safe to assume the website is secure. (Source: OECD, modified)
     

  • Where might someone encounter a phishing scam? (Source: Pew Research Center)
    a. In an email
    b. On social media
    c. In a text message
    d. On a website
    E. ALL OF THE ABOVE
    f. None of the above
    g. Not sure
     

  • Some websites and online services use a security process known as two-step or two-factor authentication. Which of the following images is an example of two-factor authentication? (Source: Pew Research Center)
Examples of non-two-factor authentications and a two-factor authentication

Answer: A

Digital banking

What is your preferred method for managing your finances?

  • Website

  • Mobile app

  • Phone customer service

  • Texting with bank

  • Mail

  • Branch (excluding ATMs)

  • ATM

  • Other

 

  1. Are you enrolled in digital banking (e.g. mobile app and website) for your financial accounts?

  • No, I am not enrolled in digital banking for any of my accounts

  • Yes, I am enrolled in digital banking for some of my accounts

  • Yes, I am enrolled in digital banking for all of my accounts

 

  1. How often do you use digital banking (e.g. mobile app and website) for your financial accounts?

  • Never

  • Rarely

  • Occasionally

  • Often

 

  1. What digital banking capabilities (e.g. mobile app and website) do you use? (Select all that apply)

  • Check my balance or transactions

  • Pay my bill(s)

  • Handle a missed payment

  • Open new accounts

  • Contact customer support

  • Update my information or preferences

  • Dispute a charge or report fraud

  • Redeem offers or rewards

  • Replace a lost, stolen or damaged card

  • Request a credit line increase

  • Transfer money to others online

  • Recharge a prepaid card

 

  1. Have you used an online platform for any of the following tools in the past year? (Select all that apply)

  • Budgeting and savings tools (e.g. an app that breaks down your spending based on personalized limits)

  • Subscription management tool

  • Personalized automated investing portfolios (e.g. a robo advisor that accounts for personal preferences)

  • Credit score management tool